Financial Management System Financial Management System of BASIC

Financial Management of BASIC is based on the following basic principles:

Transparency, Accountability, Access to information by all stakeholders, Inconformity with the Generally Accepted Accounting Principles, Close and regular monitoring, Internal and external audits, Incompliance with the law of the financial management etc.

All transaction of the organization is maintained through bank account, which operated, by joint signature of Executive Director and a Member nominated by the EC. Government approved accounting system is followed to operate the financial management. Double entry system is followed regarding maintenance of books of accounts. Accounts of each year is dully be audited by a certified Chartered Accountant and is placed to the General Body of the organization for its approval. There is a provision to open separate bank account for each project as per suggestion of the donor. Monthly financial statement is prepared on regular basis with its relevant bank reconciliation. Immediate steps are being taken if any dispute occurs at the branch level. Internal Audit teams are frequently visits the branch office and keeps close monitoring on the accounts including micro finance operated at the field level.

Financial management is maintained under the rule of existing finance manual of the organization. The mother Bank Account of the organization is at her following Bank:

Account Name: Bangladesh Advance Student for Inter-relation Council (BASIC)

Account No. STD: 311 210 20 00 309

Pubali Bank Ltd.

Fulbari Branch

Fulbari, Dinajpur