• Gweru Aerodrome,Bulawayo Road
  • +2638644264900
  • shcolarship@zimflight.org.zw

Financial Policy

Zimbabwe Flight Crew Co-operative Society Financial and Control Policies

Philosophy

The purpose of financial management in the operation of all ZFCCS activities is to fulfill the organization’s
mission in the most effective and efficient manner and to remain accountable to stakeholders, including clients, partners, funders, employees, and the community. In order to accomplish this, ZFCCS commits to providing accurate and complete financial data for internal and external use by the Executive Director and the Board of Directors.

Authority

The Board of Directors is ultimately responsible for the financial management of all activities. The Treasurer is authorized to act on the Board’s behalf on financial matters when action is required in advance of a meeting of the Board of Directors.

• The Executive Director is responsible for the day-today financial management of the organization. The Board authorizes the Executive.Director to hire and supervise staff and independent consultants, pay bills, receive funds,and maintain bank accounts.

• The Executive Director is authorized to sign checks up to $2,500. Checks for amounts greater than $2,500 shall require the signature of the Treasurer or Board Chair.

• The Executive Director is authorized to enter into contracts for activities that have been approved by the Board as a part of budgets or plans. The Board of Directors must authorize any contracts outside of these parameters and contracts with a financial value greater than $15,000.

The Board of Directors shall:

• Review financial reports at each board meeting.

• Provide adequate training to members to enable each member to fulfill his or her financial
oversight role.

Financial Transactions with Insiders

No advances of funds to employees, officers, or directors are authorized. Direct and necessary
expenses including travel for meetings and other activities related to carrying out responsibilities
shall be reimbursed. In no case shall ZFCCS borrow funds from any employee, officer, or director of the organization
without specific authorization from the Board of Directors.

Budget

In order to ensure that planned activities minimize the risk of financial jeopardy and are consistent with board-approved priorities, long-range organization goals, and specific five-year objectives, the Executive Director shall:

• Submit operating and capital budgets to the Finance Committee in time for reasonable approval by the Board prior to each fiscal year.

• Use responsible assumptions and projections as background, with the general goal of an unrestricted surplus.