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Finance Policy
In pursuing
its financial strategy, Rights and Equality West Midlands
seeks:
To avoid
dependency on any single funder by actively seeking out
different and multiple sources of income.
To plan for
replacement income to come on stream when other sources are
due to cease.
To increase
income by selling professional services in order to reduce
the proportion of the budget supported by grants from public
bodies or charities.
To increase
the amount of unrestricted income in the budget.
To build a
financial reserve equivalent to six months of the full-time
staffing budget.
To monitor
closely expenditure of restricted funds, bearing in mind the
requirement to return unspent income to the funding body at
the end of the financial year.
With the
exception of expenditure on a nucleus of core staff, to
avoid incurring fixed costs, particularly on staffing.
When
delivering time-limited service contracts, to make maximum
use of sub-contracting possibilities through, for example,
drawing on a list of approved REWM consultants and advisers.
To make use
of surplus unrestricted income to raise new funds by, for
example, spending time on writing funding applications and
tendering for contracts.
If and when
income levels allow, and subject always to deliberation and
agreement by the Board, to pay reasonable expenses to
honorary officers and forum members.
To attend,
as before, to the need to raise funds for the Forum's
constituent organisations and to focus on the development of
collaborative, mutually supportive regional and sub-regional
ventures in which race equality and other suitable
organisations are expected to participate and from which
they reap financial benefit.
To abide
strictly by REWM financial regulations, submitting regular
financial reports on income and expenditure to meetings of
the Board and Forum.
To manage
separately project funds that restrict expenditure under
pre-arranged budget heads, if necessary, by keeping separate
bank accounts (with the intention of simplifying record
keeping, auditing arrangements and returns to funding
bodies).
To have
annual accounts systematically and professionally audited,
to submit audited accounts to the Annual General Meeting,
and to have them published.
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