Effective Date: May 12, 2025
The Equality Pathway Initiative (“TEPI,” “we,” “our,” or “us”) values the time, commitment, and support of our community members, donors, partners, and participants. This Financial Management and Website Compliance Policy has been developed by The Equality Pathway Initiative (TEPI) to ensure accountability, transparency, compliance, and proper financial administration within the organization.
The policy establishes procedures for financial management, donor accountability, online transactions, organizational compliance, and website-related operations. It also outlines the standards expected in handling organizational funds, donations, grants, procurement, payroll, and electronic transactions.
The policy is intended to support TEPI in maintaining integrity, transparency, and professionalism in all financial and operational activities.
2. SCOPE AND APPLICABILITY
This policy applies to:
- TEPI staff and management
- Board members
- Volunteers and consultants
- Vendors and service providers
- Donors and funding partners where applicable
- Users making payments or donations through TEPI platforms or payment gateways
All staff and representatives are expected to comply with the provisions outlined in this policy.
3. FINANCIAL OVERSIGHT AND RESPONSIBILITIES
The Executive Director and Financial Manager shall oversee all financial activities of TEPI.
Their responsibilities include:
- Financial management and oversight
- Budget monitoring
- Payroll administration
- Expense reconciliation
- Donor financial reporting
- Procurement supervision
- Asset and inventory monitoring
- Compliance with donor and regulatory requirements
- Ensuring accurate financial documentation and record keeping
The Financial Manager shall ensure that expenditures remain within approved budgets and are used solely for approved organizational activities.
4. ACCOUNTING SYSTEM
TEPI shall maintain a practical accounting system in accordance with accepted accounting standards and donor requirements.
The accounting system shall include:
- Funding agreements
- Budget records
- Financial reports
- Bank reconciliations
- Procurement documentation
- Payment vouchers
- Receipts and invoices
- Payroll records
- Audit records
All records shall be stored securely and retained for organizational and compliance purposes.
5. BUDGET MANAGEMENT
All organizational and project activities shall operate within approved budgets.
The budget shall:
- Reflect approved project activities
- Include administrative and operational costs
- Be reviewed periodically
- Require authorization for adjustments
- Align with donor agreements and deliverables
No expenditure shall be made outside approved budget lines without prior authorization.
6. BANK ACCOUNTS AND FINANCIAL TRANSACTIONS
TEPI shall maintain official organizational bank accounts for all project and operational transactions.
The following principles shall apply:
- All transactions should preferably be conducted electronically
- Multiple signatory authorization shall be required where applicable
- Monthly bank reconciliation shall be conducted
- Project-specific accounts may be maintained when required by donors
- Financial records shall be supported by receipts, invoices, and authorization documents
7. PETTY CASH MANAGEMENT
Petty cash shall be used only for minor operational expenses.
The following controls shall apply:
- Petty cash must be secured at all times
- Petty cash requests must be documented
- Supporting receipts must be submitted after every transaction
- The Financial Manager shall reconcile petty cash balances regularly
- Any discrepancy must be investigated immediately
8. PROCUREMENT AND ASSET MANAGEMENT
All procurement activities shall follow principles of transparency, fairness, accountability, and value for money.
The following procedures shall apply:
- Purchase requests must be documented
- Purchase orders shall be approved before procurement
- Goods received must be verified
- Payments must be supported by invoices and approvals
- Asset registers shall be maintained for organizational property
9. RECORDING AND REPORTING OF ACTIVITIES
TEPI shall maintain narrative and financial records for all activities.
Narrative reports may include:
- Attendance registers
- Activity reports
- Evaluation forms
- Photographic evidence where applicable
Financial reports shall include:
- Venue costs
- Transportation expenses
- Consultant fees
- Training materials
- Refreshments and logistics
- Administrative costs
10. PAYMENTS AND FINANCIAL CONTROLS
All payments shall follow approved financial procedures.
The following controls shall apply:
- Payments require proper authorization
- Supporting documents must accompany payment requests
- Duplicate payments are prohibited
- Cash payments should be minimized where possible
- Payment records must be retained for audit purposes
11. MONTHLY FINANCIAL REPORTING
Monthly summaries of expenses shall be prepared to:
- Compare budget versus actual expenditure
- Monitor spending trends
- Identify over-expenditure or under-utilization
- Support management decision-making
12. EXTERNAL AUDIT AND ANNUAL FINANCIAL STATEMENTS
TEPI shall conduct annual external audits where required.
The Financial Manager shall:
- Prepare annual financial records
- Cooperate with external auditors
- Provide all requested documentation
- Ensure timely completion of audits
Audit reports may be shared with donors and regulatory authorities where applicable.
13. DONOR REPORTING AND COMPLIANCE
All donor-funded projects shall comply with donor agreements and reporting timelines.
TEPI shall:
- Submit narrative and financial reports as required
- Seek approval for major project modifications
- Maintain transparency in the use of donor funds
- Retain supporting financial documents
14. STAFF ADMINISTRATION AND PAYROLL
Employees shall receive salaries according to approved employment agreements.
Payroll records shall include:
- Employee information
- Salary details
- Tax deductions
- Payment records
- Payslips
All applicable statutory deductions shall be remitted in accordance with relevant laws.
15. CONSULTANTS AND HONORARIUM PAYMENTS
Consultants engaged by TEPI shall operate under written agreements.
Consultancy agreements shall include:
- Scope of work
- Duration of assignment
- Agreed fees
- Deliverables
- Payment terms
Payments shall only be made upon satisfactory completion of agreed tasks.
16. EQUIPMENT AND ASSET RECORDS
TEPI shall maintain accurate records of organizational assets and equipment.
Asset records shall include:
- Date of purchase
- Description of item
- Funding source
- Assigned custodian
- Condition and location of asset
Annual inventory checks may be conducted where necessary.
17. REFUND POLICY
TEPI values transparency and accountability in all financial transactions.
Refunds may only be considered under the following circumstances:
- Duplicate payments
- Incorrect payment amounts
- Unauthorized transactions
- Technical errors during online payment processing
Refund requests must be submitted formally through TEPI’s official communication channels within 14 days of the transaction.
Approved refunds shall be processed within a reasonable timeframe after verification.
Donations made voluntarily to support TEPI programs and activities are generally non-refundable unless exceptional circumstances apply.
18. CANCELLATION POLICY
TEPI reserves the right to cancel or reschedule programs, trainings, events, or services where necessary.
Participants or service users may request cancellation subject to:
- Written notification
- Applicable timelines
- Administrative review
Where payments were made for services or events, TEPI may determine whether partial refunds or rescheduling options are appropriate.
19. TERMS OF SERVICE
By accessing TEPI’s website, platforms, or services, users agree to comply with the following terms:
- Users shall not misuse TEPI platforms or services
- Fraudulent or illegal activities are prohibited
- Information provided to TEPI must be accurate
- TEPI reserves the right to suspend access where misuse occurs
- TEPI content may not be copied or reproduced without permission
TEPI reserves the right to update these terms periodically.
20. PRIVACY AND DATA PROTECTION POLICY
TEPI is committed to protecting the privacy and confidentiality of users, donors, beneficiaries, and partners.
TEPI may collect limited personal information for:
- Donations and payment processing
- Communication and reporting
- Program participation
- Organizational administration
TEPI shall:
- Protect personal data from unauthorized access
- Use collected information only for legitimate organizational purposes
- Avoid sharing personal information without consent unless legally required
- Maintain reasonable digital and administrative safeguards
21. ONLINE PAYMENT POLICY
TEPI may receive donations and payments through authorized payment platforms including Paystack and other secure gateways.
The following principles apply:
- Payments are processed securely through third-party providers
- TEPI does not store sensitive card information
- Users are responsible for ensuring payment details are accurate
- Fraudulent transactions shall be investigated and may be reported to relevant authorities
All online transactions are subject to verification and compliance checks.
22. ANTI-FRAUD AND ETHICAL COMPLIANCE
TEPI maintains a zero-tolerance policy toward fraud, corruption, theft, bribery, and financial misconduct.
Any suspected fraudulent activity shall:
- Be investigated promptly
- Be documented appropriately
- Result in disciplinary or legal action where necessary
All staff and representatives are expected to uphold ethical conduct and accountability.
23. LIMITATION OF LIABILITY
TEPI shall not be held liable for:
- Technical interruptions affecting online transactions
- Delays caused by third-party payment platforms
- Indirect losses resulting from unauthorized access beyond reasonable organizational control
Users engage with TEPI platforms at their own discretion subject to applicable laws.
24. POLICY REVIEW AND AMENDMENT
This policy may be reviewed periodically to reflect:
- Regulatory changes
- Donor requirements
- Operational improvements
- Website and payment compliance updates
Any amendments shall be approved by organizational management and communicated appropriately.
25. CONTACT INFORMATION
For cancellation requests or questions regarding this policy, please contact:
The Equality Pathway Initiative
Email: admin@equalitypath.org