Accounting

The following sets of financial reports will be prepared by NGO:

A. Quarterly financial reports will be prepared for review by each individual project manager of the NGO’s specific projects as well as of its core activities. This quarterly report will be reviewed by the Board of NGO. Financial reports to donors will be submitted as prescribed in the agreement between donors and NGOs.

B. Annual Balance Sheet and Statement of Income and Expenditures will be prepared for each financial year.

C. Separate Annual balance sheet and statement of Income and Expenditures will be prepared for the foreign contributions.

Auditing

Books of Accounts of NGO shall be audited annually by an independent auditor appointed by the General Body.