booklet 5 - fsmbo-wiego.org
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Booklet 5Sustainability for MBOs: Resource Books for Organizations
Transparent Financial Management for MBOs
Transparent Financial Management for MBOs iii
This series of resource books on sustainability was written in response to the expressed needs of Membership Based Organizations (MBOs) of informal workers looking for a basic guide on operational practices and achieving sustainability. The project was initiated by WIEGO (Women in Informal Employment: Globalizing and Organizing), as part of the Inclusive Cities project, a collaboration of local/national MBOs of informal workers, international alliances of MBOs, and support organizations working together as partners to improve the situation of the working poor.
Written and illustrated by: Pauline ConleyEdited by: Krystal RoyCover Photo: WIEGODesign and Layout: Valentina ReidSeries Editor: Rhonda Douglas, Global Projects Advisor, WIEGOPublication date: October 2014ISBN number: 978-92-95095-97-7Published by Women in Informal Employment: Globalizing and Organizing (WIEGO)A Charitable Company Limited by Guarantee Company No. 6273538, Registered Charity No. 1143510
www.wiego.org
Table of Contents
Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
In this Booklet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1
Section One: Financial Policy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
Section Two: Internal Controls . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
Internal Controls for Collecting Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9
Internal Controls for Purchasing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
Internal Controls for Petty Cash. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
Section Three: Forecast Budgets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
Step One: The Three-Year Forecast Budget. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
Step Two: Breaking the Year into Months . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
Step Three: Calculating the Running Cash Balance. . . . . . . . . . . . . . . . . . . . . . . . . 22
Step Four: Using the Budget Forecast Spreadsheet as a Tool . . . . . . . . . . . . . . . . 23
Step Five: Monthly Updates. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26
Step Six: Rolling Forward . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29
Conclusion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
Appendix 1: The ‘The Forecast Budget’. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .31
iv Sustainability for MBOs: Resource Books for Organizations Transparent Financial Management for MBOs v
Acknowledgments
Thank you to the many workers, organizers and their organizations that contributed, directly or indirectly, to the production of this series of Booklets. Special thanks are due to Davine Thaw who contributed many hours imparting her deep knowledge of the Logical Framework Approach to WIEGO and its partner organizations around the world; and to WIEGO’s partner organizations Asiye eTafuleni (AeT) and the Self Employed Women’s Association, Delhi (SEWA Bharat) for allowing us to share their planning processes in order to illustrate the instructions written herein. Last but not least, sincere thanks to The Bill & Melinda Gates Foundation for their generous support.
Overview
Sustainability for MBOs: Resource Books for Organizations
The Booklets
There are currently five Booklets in the series:
1. Writing a Project Plan Part ONE: Developing Outcomes and Objectives
2. Writing a Project Plan Part TWO: Measuring and Sharing the Impact of Your Project Results
3. Writing a Project Plan Part THREE: Operational Planning and Activity-Based Budgets
4. Introduction to Proposal Writing
5 . Transparent Financial Management for MBOs
Further books will be added to the series as funding allows. Check with www.wiego.org for updates.
The Aim
This series aims to assist leaders and managers of MBOs to build more sustainable organizations through strengthening administrative and financial management, as well as establishing more effective planning, monitoring and evaluation systems. The series will also look at issues related to fundraising.
vi Sustainability for MBOs: Resource Books for Organizations Transparent Financial Management for MBOs 1
Using the Booklets
These resource Booklets provide ideas, guidelines and examples that will help decision-makers in your organization address project planning and some administrative systems in your MBO. You will find the following symbols throughout:
Tips: Quick tips to apply to day-to-day operations.
Checklists: Quick evaluation tools to make sure you’re ready to move to the next step.
Examples: Case studies and examples showcasing practical applications.
Definitions: Clear descriptions of key words and terms.
Learning Activities: Exercises to help you make the methods and strategies your own, or to help you teach them to others.
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Introduction
In this Booklet
This resource book introduces three basic methods for promoting transparent financial management in your MBO; specifically setting Financial Policy, Internal Control Systems and a Rolling Forecast Budget. Financial Policies set the standard for how your governing body and members make financial decisions. Internal Controls ensure that your MBO will have open and honest procedures for handling cash, while budget forecasting will ensure that you are planning how to use your cash as effectively as possible. In addition, this Booklet will draw on previous Booklets in the series (particularly Booklet Three on writing Activity-based Budgets from a Log Frame) to offer some suggestions on how to use a Project Budget for monitoring, including the use of cash flow projections for budget forecasting.
This Booklet is not a bookkeeping guide. The systems that will be discussed here are parts of a financial management system, not a financial accounting system. Though we won’t be discussing financial accounting or bookkeeping methods here, it must be understood that meticulous financial records are the foundation of all financial management systems. We strongly recommend that your MBO team has an accounting specialist to oversee financial systems, including a dual-entry1 bookkeeping system. Whether you have a qualified bookkeeper on your regular staff, or a third party bookkeeper working on contract, the additional services of a designated accountant to prepare an audit report at the end of your fiscal year is also strongly recommended (and may be required). This person will be aware of International Accounting Standards (IAS), or Generally Accepted Accounting Principles (GAAP), and can be a reliable advisor on any matters to do with finances.
1 Dual-entry (or double-entry) accounting systems require two balanced entries for each financial transaction. For instance, a payment to a vendor for office supplies would require a credit to a ‘Cash’ account, and a debit to the ‘Office Supplies’ account. This system is the standard for bookkeeping and financial accounting.
2 Sustainability for MBOs: Resource Books for Organizations 3Transparent Financial Management for MBOs
Good financial accounting practices are essential to the health of your MBO. Think of this Booklet as a map to guide you through some important things to consider when setting up financial systems for your MBO. Deciding exactly how the systems operate will be up to you, your members and your accountant.
Section One: Financial Policy
Setting Financial Policy For Your MBO
Internal Controls should be set out in your MBO’s Financial Policy. A Financial Policy gives both your members and outside stakeholders a detailed explanation of your finance systems and procedures. A Financial Policy also sets the standard for how financial information is recorded and kept. The Financial Policy gives your internal decision-makers a foundation and framework for when and how to take action, including (and especially) in times when cash is tight. Last but not least, a Financial Policy—along with good internal controls—ensures that systems are in place to prevent fraud and corruption.
The Financial Policy for your MBO should answer the following questions:
a) When was the Policy approved by the Board of Directors, and/or when was it revised? All policies should be dated to show that they are current.
b) Where are your financial records kept and maintained?
c) What method is used for recording financial transactions? An accrual-based dual-entry accounting system is the standard. If you’re using bookkeeping software, list the name here. You should also mention whether the books will be kept in-house or by a third party.
d) Where are your bank accounts?
e) Who has access to the bank accounts; who makes the deposits; and who and how many people sign the cheques?
f) Under what circumstances would your organization borrow money or use lines of credit?
g) Who does the bank reconciliations and how often?
h) What kind of Financial Reports are delivered to managers, your members and your Executive or Board of Directors; and how often?
4 Sustainability for MBOs: Resource Books for Organizations Transparent Financial Management for MBOs 5
i) What are your audit procedures? Who appoints the external auditor, and how often is a new auditor appointed?
j) What controls are in place (such as Internal Controls and Voucher Systems to be discussed in detail a little later in this booklet)?
k) Do you have a Procurement Policy? Who is allowed to make contracts with vendors? Does your Conflict of Interest Policy (see definition below) take procurement into account? How many quotes are required when making major purchases?
l) What method is used for maintaining separate financial records for each project or programme area?
m) Do you allow for salary advances? If so, what are the circumstances and limitations?
n) How do you handle reserves2 and restricted funds3?
o) Is there a minimum cash balance that the organization wants to maintain?
p) How do you handle Petty Cash? Can staff borrow from Petty Cash? How often is Petty Cash reconciled and by whom?
2 Reserves are basically the ‘savings’ of an organization. They are funds that are held for future use, sometimes from one period (year) to the next.
3 Restricted funds are pots of money that can only be used for a particular purpose or in a particular way. Often, restricted funds result from contracts with funders. For example, a funder might give grants that can be used for travel and skills training; but that cannot be used for core costs.
& Definition
ConflictofInterest
A Conflict of Interest is any situation where a corporation or an individual acting on behalf of your MBO also stands to gain from the activities of your MBO. It’s when money changes hands that Conflict of Interest can most often become an issue. For example, the Secretary General of your MBO is tasked with choosing between three quotes for a major equipment purchase, but her father-in-law owns one of the businesses submitting a quote. In another example, a member of your Executive Council will vote on a decision that could commit your MBO to a contract relationship with her own business.
In order to handle these situations, your MBO needs to have a Conflict of Interest Policy in place. Usually these policies will either disqualify paid staff and elected leaders (and their families) from gaining financially from the MBO (e.g., from selling things or providing services to the MBO), or will bar individuals from voting or being including in decision-making in situations where they stand to gain. For instance, in the first example above, the MBO could decide either that they would not consider a quote from the company of the Secretary General’s father-in-law, or that the Secretary General would be excused from making the decision on which quote was accepted. By the same token, in the second example, the MBO could decide not to have dealings with a business owned by a Council member, or to ask that member to leave the room when a decision regarding her business was being made.
The policy needs to be tailored to the needs of your organization, but should include your MBO’s definition for ‘Conflict of Interest’, the procedures that you will follow to avoid a Conflict of Interest, and the date that the policy was approved. As with many other things, the Internet is an excellent source for examples and information.
6 Sustainability for MBOs: Resource Books for Organizations Transparent Financial Management for MBOs 7
Section Two: Internal Controls
Internal Controls are systems and procedures for handling cash in your MBO. These systems protect your MBO from losing money through error or fraud. With the correct procedures in place, you’ll be able to show your members that their dues are being put to the intended use; and you’ll be able to show funders and government regulatory agencies that your operations are free of collusion4 and fraud5, and that your records are accurate.
Internal Control Systems are as varied as the MBOs that use them. The larger the organization, the larger the control system—including the numbers of staff and elected leaders involved. No matter what your MBO’s needs are, there are some basic principles that govern most Internal Control Systems:
1. One person is clearly defined (and approved) to perform each task.
2. Adequate records are kept to show that all people who have access to the MBO’s cash are following procedure.
3. Duties to do with handling cash are always kept separate from duties to do with recording cash transactions.
4. Responsibility for actions related to handling cash (for example, receiving cash payments, issuing receipts and making cash bank deposits) should be divided amongst at least two or three people.
5. Cash and goods or inventories are physically verified.
6. Independent reviews of records are done to check that the Internal Control System is working.
4 Collusion is an agreement or conspiracy between two or more parties to misrepresent facts for personal gain. The separation of duties in the handling and recording of cash (as per Internal Control Systems) is intended to eliminate opportunities for individuals to collude.
5 Fraud is a wrongful deception resulting in personal gain for the fraudulent individual.
+Tip
Considering the Limitations of Internal Control Systems
There are three major limitations to all Internal Control Systems:
1. Human error: People making innocent mistakes
2. Fraud: People divert cash dishonestly, and for their own gain
3. Cost vs. Benefit: If the Internal Control System is too big, the cost of keeping it running will outweigh any potential benefits
All three of these factors should be considered when designing your Internal Control System. You want to make sure that you avoid losses due to error and fraud, without it costing more than the potential losses to do so.
8 Sustainability for MBOs: Resource Books for Organizations Transparent Financial Management for MBOs 9
Internal Controls for Collecting Cash
The basic steps for collecting cash are as follows:
1. An amount is paid to the MBO.
2. A receipt is issued (the amount is verified by the person paying cash).
3. The cash is deposited into a bank account.
4. The receipt record is entered into the financial records by a bookkeeper.
5. When the bank reconciliation is done, the deposit and receipt records agree.
In order to fulfill the first principle of Internal Controls (as per above) you must first decide which of your staff members have approval to do things like issue receipts, receive cash and make bank deposits; and then assign the tasks. In addition, these duties must be spread over two or three people in order to separate the collecting of the cash from the recording of the transactions.
If your MBO doesn’t have paid staff, or has only one staff member, you still need to have Internal Controls. However, in this case you may have to divide tasks among staff and elected leaders, or just among elected leaders. Having a bookkeeper on contract would be important, as soon as your MBO can manage to do so financially.
There are three types of situations where it’s easy for your MBO’s cash to go missing:
1. When someone is collecting cash for your MBO (such as membership fees or cash donations);
2. When someone is making a purchase on behalf of your MBO; and
3. When your office has a petty cash system.
Internal Controls for each of these situations will protect all of your staff from errors and fraud that can harm your MBO.
+Tip
Three Golden Rules for Controlling Cash
1. Separate duties to do with handling cash from duties to do with recording of cash transactions.
2. Cash should be deposited to a bank account regularly (daily if possible).
3. Wherever possible, make cash disbursements/payments by cheque (so there is a paper trail).
10 Sustainability for MBOs: Resource Books for Organizations Transparent Financial Management for MBOs 11
Internal Controls for Purchasing
Any time your MBO agrees to pay for goods and services, it creates an obligation or a contract. Internal Controls create rules about who is allowed to obligate the MBO in this way, while ensuring that the purchases were made with the best interests of the organization and its members at heart, and for a good price.
Internal Controls must also ensure that the goods and services were actually exchanged for payment; bogus or fraudulent invoices are one known way of misdirecting an organization’s cash. Good financial records match an objective and verifiable document (such as a receipt or a paid invoice) with each cash expenditure. In smaller MBOs, it’s relatively easy to verify that the invoice is real and that the goods or services were actually received. However, in larger organizations something called a Voucher System is used as an Internal Control for purchasing. The Voucher System ensures not only that goods were exchanged for cash, but that the purchase was appropriate and that it was approved.
+Tip
Purchasing Fixed Assets
Getting more than one quote (three is common) when purchasing fixed assets or making other major purchases ensures that the MBO gets a good price, and that no favoritism is being shown to any particular vendor. Your Financial Policy can stipulate the number of quotes required, as well as how and by whom the final decision is made.
In addition, your MBO might want to consider keeping a separate fixed Asset Register. If your MBO owns many fixed assets, there should also be an Annual Inventory Report to verify that what exists ‘on the books’ (or in the register) is actually in your possession.
Cash Numbered receipts
CashNumber receiptbook (copies)
Members pay cash for memberships
and verify receipt amount is correct
One staff member at area meetings
collects cash
Another staff member observes
cash payments and issues receipts
Cashier or staff member assigned
with making deposits
Bookkeeper
) Example
Internal Controls for Collecting Cash Payments for Membership Fees
An MBO collects membership fees from each member twice a year at area meetings. The membership fees are due in January and June of each year, so there are many relatively small cash transactions during those months. This is a situation where—without good Internal Controls—human error could be a big problem, or a little cash could easily slip into the wrong pocket.
With the basic principles of Internal Controls as a guide, the MBO and their bookkeeper devised the following procedures, which were reviewed and approved by the MBO’s accountant:
12 Sustainability for MBOs: Resource Books for Organizations Transparent Financial Management for MBOs 13
A Voucher is basically a folder containing documents to support each stage of purchasing. This can include:
1. A Purchase Requisition documenting a request for goods or services;
2. An Approval Form that OKs the purchase;
3. A Purchase Order documenting the request for goods or services from the vendor;
4. A Receiving Report that verifies all the goods on the Purchase Order arrived in good condition;
5. An Invoice from the vendor; and
6. A record of payment (a cancelled cheque, or a paid receipt).
If each of these steps is performed by a different and designated person, and if the tasks to do with purchasing goods and paying for the goods are kept separate, then there is very little opportunity either for error, or for the cash to get paid into the wrong hands. Your accountant or auditor can guide you on when your organization is large enough to warrant this kind of system. For smaller organizations, you may shorten the process while ensuring that the proper approvals are in place, and that more than one person is involved in the transaction.
) Example
Internal Controls for Purchasing New Sewing Machines foraRemoteFieldOffice
An MBO has a skills training project running for home-based workers in a remote village. The field staff in that location decide that in order to continue the skills training, they are going to need to buy six new sewing machines. This MBO has chosen to use a Voucher System for purchases, and has a policy of getting three quotes for each purchase of assets. The following diagram describes how the Voucher System works in this scenario:
Vendor
Finance Clerk
Secretary General
(approval)
PurchaseRequisition
PurchaseOrder
Field Office1.
Merchandise
VendorInvoice
Vendor
Field Office
Finance Clerk
2.
Vendor
Finance Clerk
Secretary General
(approval)
ReceivingReport
PaymentCheque
Field Office3.
14 Sustainability for MBOs: Resource Books for Organizations Transparent Financial Management for MBOs 15
Internal Controls for Petty Cash
Many organizations keep a small amount of cash around for making day-to-day purchases where the use of a cheque or a credit card is impractical. A Petty Cash System also ensures that smaller purchases throughout the year are recorded in your bookkeeping system. Without regulation, however, Petty Cash is another area where an MBO’s money can easily go missing. Internal Controls for Petty Cash—like collecting cash and purchasing—rely on assigning tasks to specific people, good record-keeping and separation of duties.
A basic set of rules for Petty Cash are as follows:
1. Petty Cash is kept in a locked box in a secure location.
2. A limited number of staff members (usually a designated ‘Petty Cash Manager’ and one other) have access to Petty Cash.
3. All disbursements are recorded in a Petty Cash Journal with accompanying receipts.
4. If no receipt exists, then an Affidavit Form or other written record is used in lieu.
5. The Petty Cash Manager makes requests for the fund to be replenished when needed.
6. Accounting staff perform Petty Cash reconciliations regularly and randomly (with a minimum frequency set as per policy).
7. Policy includes whether staff can take loans from petty cash or not (for emergencies) and what the acceptable amounts and payment terms are.
Pictured here is an example of a Petty Cash Journal:
Petty Cash JournalFor period beginning:
and ending:
Voucher No. Date Amount Purpose
Total Receipts for Period
Total receipts amount:
Cash on hand:
Subtotal:
Petty Cash fund amount:
Cash short/over:
(established amount)
(this # should be zero)
Signed by:
Approved by:
(Petty Cash manager)
(Supervisor)
16 Sustainability for MBOs: Resource Books for Organizations Transparent Financial Management for MBOs 17
Section Three: Forecast Budgets6
An Annual Budget gives your MBO a basis on which to make day-to-day financial decisions. It’s approved by the board (usually annually), and so is a fixed document that does not change throughout the year. On the other hand, a Rolling Forecast Budget allows an MBO to look into the future, to test solutions, to make adjustments when the unexpected happens, or to test the ability of the MBO to rise to a new challenge when an opportunity presents itself.
The Rolling Forecast Budget is a cash-basis7 report that monitors the levels of ready cash throughout the year, and usually covers three to five years (including the current year). It is broken into months and can be updated with actual figures at the end of each month, which helps with planning for or avoiding temporary cash flow problems throughout the year. It’s a working document that managers can manipulate with ‘what if’ scenarios.
6 WIEGO has created web resources to enhance the learning in these Booklets. For this Booklet in particular, the web resources include views of the entire spreadsheets used in examples, and videos further demonstrating some of the concepts discussed.
7 Accrual vs . Cash-Basis Accounting MethodsThe main difference between accrual and cash-basis accounting is the timing of when revenue and expenses are recognized in your bookkeeping system. Under the accrual method, revenues are recognized when they are earned (but not necessarily received), and expenses are recognized when the obligation is incurred (not when money is paid out). For example, if you were to mail invoices to your members for collecting membership fees, under the accrual method the revenue would be recognized as soon as the invoices were sent out, but under the cash-basis method would be recognized only when the cash was paid from the member to the MBO. Under the accrual method, an expense would be recognized as soon as the invoice for goods or services was issued by the vendor; but under the cash-basis method it wouldn’t be recognized until the money was actually paid to the vendor.
& Definition
Organizational Budget vs . Project Budget
The Annual Budget referred to in the example below is an Organizational Budget; it’s a summary for all of the Revenues and Expenditures of the entire organization for the year. A Project Budget—like the examples used in Booklet Three in this series—includes expenses that pertain only to one project. An organization can—and usually does—have many projects running simultaneously, and expenditures will be assigned to those projects by the bookkeeper, based on the instructions of the Project Manager. A description of a system like this is beyond the scope of this Booklet. For the purposes of the example to follow, we can assume that all project and core/operational expenses have been included in this summarized Annual Budget. A rolling forecast for the entire Organizational Budget gives the best overview of the bottom-line, over time.
) Example
A Three-Year Rolling Forecast Budget for the Informal Workers’ Association
Every January, the Secretary General of the Informal Workers’ Association (with help from the bookkeeper and accountant) creates an Annual Budget for the upcoming year. Once this Budget is approved by the board of directors, it becomes a guide for all spending and purchasing decisions for that year. The Informal Workers’ Association’s fiscal year followed the calendar year: 12 months ending on December 31st.
However, the management team found that they needed more information than could be supplied by the Annual Budget. A
18 Sustainability for MBOs: Resource Books for Organizations Transparent Financial Management for MBOs 19
The headings on this report match the Income Statements that are provided to the Executive at monthly meetings. This will make updating the actual expenses in the form much easier at the end of each month (this will be explained below under Step 5).
+Tip
Conservatism
In order for budgets to be useful, they must be conservative: revenues should only be entered in a budget if you are sure of them, and all anticipated expenses should be included.
In addition, times when you expect to pay and receive funds should be as accurate as possible. Recording revenues a month early or expenses a month late could seriously skew your bottom-line and make the Budget document unreliable.
major skills training project was coming to an end. Some expensive equipment needed to be replaced. Due to an increased workload, the Association would like to hire some part-time staff person; but this had not been budgeted for. Some grants were coming to an end and some were starting, but the team needed to make sure if and where gaps still existed, and to make fundraising plans accordingly.
For these reasons, the Informal Workers’ Association built a Three-Year Rolling Forecast Budget.
Step 1: The Three-Year Forecast Budget
First, the Association extrapolated a Three-Year Budget from their current year’s Annual Budget. They made some small adjustments for growth and cost of living increases, and included increases for the equipment purchases, and decreases after the end of the skills training project.
The resulting Three-Year Forecast Budget looked like this:
INFORMAL WORKERS’ ASSOCIATION 3 Year Forecast Budget (USD)
2016 2017 2018
REVENUE
Grant Revenue Jones Foundation 80000 80000 0 HIVOS 125000 0 0
USAID 141000 149000 141000
Star Foundation 0 110000 140000
Other (pending) 70000 30000 25000
Total Grant Revenue 416000 369000 306000
Donations Corporations 40000 48780 65000 Spring Fundraising Event 18000 0 17400
Private Donations 2000 2200 2400
Total Donations 60000 50980 84800
Earned Revenue Membership Fees 34000 36000 40000 Interest Revenue 6000 3000 2000
Total Earned Revenues 40000 39000 42000
TOTAL REVENUE 516000 458980 432800
EXPENSE Salaries and Benefits 155000 170500 187000 Training Expense 131000 60000
Rent 73000 73000 73000
Meeting Expense 64000 54900 67200
Telecommunications 36000 37500 41000
Professional Fees 12000 13200 14500
Utilities 3000 3300 3600
Book keeping and Audit Expense 9000 9900 10800
Promotions and Advertising 7800 8580 9400
Insurance 7600 8360 9200
Website 6200 3600 3600
Fundraising Expense 4000 0 4400
Office Supplies 3400 3740 4200
Equipment 2600 10860 3200
Postage and Courier 1400 1540 1700
TOTAL EXPENSE 516000 458980 432800
Total Revenue less Expense 0 0 0
20 Sustainability for MBOs: Resource Books for Organizations Transparent Financial Management for MBOs 21
INFORMAL WORKERS’ ASSOCIATION 2016
3 Year Rolling Forecast Budget January February March April May June July
REVENUE
Grant Revenue
Jones Foundation 0 0 60000 0 0 0
HIVOS 0 0 0 125000 0 0
USAID 0 0 0 0 0 141000
Star Foundation 0 0 0 0 0 0
Other (pending) 0 20000 0 0 0 0
Total Grant Revenue 0 20000 60000 125000 0 141000
Donations
Corporations 0 0 0 0 0 40000
Spring Fundraising Event 0 0 0 4000 10000 4000
Private Donations 150 150 150 150 350 150 150
Total Donations 150 150 150 4150 10350 44150 150
Earned Revenue
Membership Fees 3000 3000 3000 4000 4000 3000 2000
Interest Revenue 4000 2000 0 0 0 0
Total Earned Revenues 7000 5000 3000 4000 4000 3000 2000
TOTAL REVENUE 7150 25150 63150 133150 14350 188150 2150
EXPENSE
12000 12000 12000 12000 12000 12000 12000
Training Expense 0 0 43000 0 0 45000
Rent 6080 6085 6085 6085 6085 6085 6085
Meeting Expense 22000 3200 1200 4300 3200 1200 1200
Telecommunications 3000 3000 3000 3000 3000 3000 3000
Professional Fees 2000 0 6000 0 0 4000
Utilities 250 250 250 250 250 250 250
Book keeping and Audit Expense
300 300 300 5700 300 300 300
Promotions and Advertising 650 650 650 650 650 650 650
Insurance 3600 0 0 0 0 4000
Website 300 300 300 300 300 300 300
Fundraising Expense 0 250 500 500 1000 1750
300 300 300 300 300 300 300
Equipment 0 0 0 0 0 2000 600
Postage and Courier 100 100 200 200 100 100 100
TOTAL EXPENSE 50580 26435 73785 33285 27185 80935 24785
Total Revenue less Expense (43430) (1285) (10635) 99865 (12835) 107215 (22635)
Cash Balance Beginning of Month 23245 (20185) (21470) (32105) 67760 54925 162140
Cash Balance at End of Month (20185) (21470) (32105) 67760 54925 162140 139505
Salaries and Benefits
Office Supplies
June July August September October November December Total 2018 Budget 2018
Variance of actual over
budget
0 0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0 0
141000 0 0 0 0 0 0 141000 141000 0
0 0 0 0 0 0 0 140000 140000 0
0 0 0 0 0 0 25000 25000 25000 0
141000 0 0 0 0 0 25000 306000 306000 0
40000 0 0 0 25000 0 0 65000 65000 0
0 0 0 0 0 0 0 17400 17400 0
200 170 220 220 220 220 170 2400 2400 0
40200 170 220 220 25220 220 170 84800 84800 0
3400 2800 3000 3000 3800 3700 2600 40000 40000 0
0 0 0 0 0 0 0 2000 2000 0
3400 2800 3000 3000 3800 3700 2600 42000 42000 0
184600 2970 3220 3220 29020 3920 27770 432800 432800 0
15000 15000 15000 15000 15000 15000 22000 187000 187000 0
0 0 0 0 0 0 0 0
6085 6085 6085 6085 6080 6080 6080 73000 73000 0
3200 3200 6000 6000 14300 3400 0 67200 67200 0
3400 3400 3400 3400 3400 3400 3600 41000 41000 0
4900 0 0 0 0 0 0 14500 14500 0
300 300 300 300 300 300 300 3600 3600 0
400 400 400 400 400 400 400 10800 10800 0
785 785 785 785 785 785 785 9400 9400 0
4800 0 0 0 0 0 0 9200 9200 0
300 300 300 300 300 300 300 3600 3600 0
0 0 0 0 0 0 0 4400 4400 0
350 350 350 350 350 350 350 4200 4200 0
0 0 0 0 0 0 0 3200 3200 0
142 142 142 142 142 142 142 1700 1700 0
39662 29962 32762 32762 41057 30157 33957 432800 432800 0
144938 (26992) (29542) (29542) (12037) (26237) (6187) 0 0
8844 153782 126790 97248 67706 55669 29432
153782 126790 97248 67706 55669 29432 23245
Step 2: Breaking the Year into Months
In the next step, the Informal Workers’ Association broke the three years into thirty-six months, and Revenues and Expenses were entered in the months accordingly.
Expenses like rent and utilities are disbursed in equal monthly amounts across all months, while expenses like insurance and professional fees are paid in lump sums. Further, expenses like salaries and benefits are much higher in some months than in others.
On the Revenue side, there are even more fluctuations from month to month. All of the Association’s funding partners pay the awards in lump sums or annual disbursements. In addition, cash flow from membership fees and donations fluctuate throughout the year based on event and meeting schedules.
The Forecast Budget is an excel worksheet, and is too big to fit here. The full spreadsheet appears as Appendix 1 on page 31 of this Booklet, or can be viewed online (instructions for accessing web resources can be found on page 29 of this Booklet). However, here is an excerpt to demonstrate what the finished spread sheet looks like:
22 Sustainability for MBOs: Resource Books for Organizations Transparent Financial Management for MBOs 23
Step 3: Calculating the Running Cash Balance
The last row in this spreadsheet shows the running cash balance by adding a month’s Total Revenue less Expenses to the ending Cash Balance from the previous month. For the first month of this new spreadsheet, the Informal Workers’ Association’s cash balance at the close of the previous year was entered: $23,245.
Right away the management team at the Association can see a problem. Though the Budget for the year is balanced, the month-to-month breakdown reveals a serious cash crunch in the first quarter of 2016.
INFORMAL WORKERS' ASSOCIATION 20163 Year Rolling Forecast Budget
January February March April May June July August September October November December Act
ual
Tot
al 2
01
6
Bu
dg
et 2
01
6
Var
ian
ce o
f ac
tual
ov
er b
ud
get
REVENUEGrant Revenue
Jones Foundation 0 0 60000 0 0 0 0 0 0 20000 0 0 80000 80000 0HIVOS 0 0 0 125000 0 0 0 0 0 0 0 0 125000 125000 0USAID 0 0 0 0 0 141000 0 0 0 0 0 0 141000 141000 0Star Foundation 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Other (pending) 0 20000 0 0 0 0 0 0 0 0 0 50000 70000 70000 0
Total Grant Revenue 0 20000 60000 125000 0 141000 0 0 0 20000 0 50000 416000 416000 0
DonationsCorporations 0 0 0 0 0 40000 0 0 0 0 0 0 40000 40000 0Spring Fundraising Event 0 0 0 4000 10000 4000 0 0 0 0 0 0 18000 18000 0Private Donations 150 150 150 150 350 150 150 150 150 150 150 150 2000 2000 0
Total Donations 150 150 150 4150 10350 44150 150 150 150 150 150 150 60000 60000 0
Earned RevenueMembership Fees 3000 3000 3000 4000 4000 3000 2000 2000 2000 3000 3000 2000 34000 34000 0Interest Revenue 4000 2000 0 0 0 0 0 0 0 0 0 0 6000 6000 0
Total Earned Revenues 7000 5000 3000 4000 4000 3000 2000 2000 2000 3000 3000 2000 40000 40000 0TOTAL REVENUE 7150 25150 63150 133150 14350 188150 2150 2150 2150 23150 3150 52150 516000 516000 0
EXPENSESalaries and Benefits 12000 12000 12000 12000 12000 12000 12000 12000 12000 12000 14000 21000 155000 155000 0Training Expense 0 0 43000 0 0 45000 0 0 43000 0 0 0 131000 131000Rent 6080 6085 6085 6085 6085 6085 6085 6085 6085 6080 6080 6080 73000 73000 0Meeting Expense 22000 3200 1200 4300 3200 1200 1200 5000 5000 14300 3400 0 64000 64000 0Telecommunications 3000 3000 3000 3000 3000 3000 3000 3000 3000 3000 3000 3000 36000 36000 0Professional Fees 2000 0 6000 0 0 4000 0 0 0 0 0 0 12000 12000 0Utilities 250 250 250 250 250 250 250 250 250 250 250 250 3000 3000 0Book keeping and Audit Expense 300 300 300 5700 300 300 300 300 300 300 300 300 9000 9000 0Promotions and Advertising 650 650 650 650 650 650 650 650 650 650 650 650 7800 7800 0Insurance 3600 0 0 0 0 4000 0 0 0 0 0 0 7600 7600 0Website 300 300 300 300 300 300 300 300 300 300 300 2900 6200 6200 0Fundraising Expense 0 250 500 500 1000 1750 0 0 0 0 0 0 4000 4000 0Office Supplies 300 300 300 300 300 300 300 300 300 300 200 200 3400 3400 0Equipment 0 0 0 0 0 2000 600 0 0 0 0 0 2600 2600 0Postage and Courier 100 100 200 200 100 100 100 100 100 100 100 100 1400 1400 0
TOTAL EXPENSE 50580 26435 73785 33285 27185 80935 24785 27985 70985 37280 28280 34480 516000 516000 0Total Revenue less Expense (43430) (1285) (10635) 99865 (12835) 107215 (22635) (25835) (68835) (14130) (25130) 17670 0 0 0
Cash Balance Beginning of Month 23245 (20185) (21470) (32105) 67760 54925 162140 139505 113670 44835 30705 5575Cash Balance at End of Month (20185) (21470) (32105) 67760 54925 162140 139505 113670 44835 30705 5575 23245
Step 4: Using the Budget Forecast Spreadsheet as a Tool
Now that the spreadsheet is complete, the Association can use it as a planning tool.
Scenario 1: Monitoring and Fixing Cash Flow Problems
The Informal Workers’ Association would like to find a way to avoid the negative cash balances that are showing up in the first quarter of 2016. There is very little flexibility on the Revenue side of things. The Association will continue to fundraise, but cannot enter any pending amounts until grants have been confirmed. In the meantime, they need to take measures to avoid potential problems, and to look at similar tight months in 2017 and 2018.
The team goes through all the expenses, and in the end takes the following measures to avoid the cash crunch:
1) Reschedule the larger training sessions from March to May in order to defer the $43,000 expense.
2) It’s too late to reschedule the annual meetings in January 2016, but by making a few calls, the Association was able to convince some of the vendors to receive payment in March (and the annual meeting is rescheduled for future years as well).
3) The insurance provider agreed to take a smaller payment in January 2016, and a cheque for the balance post-dated for March, and to continue this arrangement in future years.
4) A professional training consultant has agreed to have her entire annual fee of $8,000 (including expenses) paid in one lump sum in March, rather than in two installments, and has also agreed to continue this payment schedule in future years.
24 Sustainability for MBOs: Resource Books for Organizations Transparent Financial Management for MBOs 25
28500 13500 13500 13500 13500 13500 22000 18550020000 0 0 0 20000 0 0 600006085 6085 6085 6085 6080 6080 6080 730001200 1200 5000 5000 8200 1200 1200 549003100 3100 3100 3100 3200 3200 3200 375004400 0 0 0 0 0 0 13200275 275 275 275 275 275 275 3300375 375 375 375 375 375 375 9900715 715 715 715 715 715 715 8580
4380 0 0 0 0 0 0 8360300 300 300 300 300 300 300 3600
0 0 0 0 0 0 0 0300 300 300 300 340 350 350 3740
0 0 0 0 0 0 0 10860130 130 130 140 150 150 150 1540
69760 25980 29780 29790 53135 26145 34645 473980122440 (23310) (27060) (27120) (29465) (22425) (1975) (15000)
17160 139600 116290 89230 62110 32645 10220139600 116290 89230 62110 32645 10220 8245
(June) (December)
EXPENSESalaries and Benefits 12000 12000 12000 12000 12000 12000Training Expense 0 0 0 0 43000 45000Rent 6080 6085 6085 6085 6085 6085Meeting Expense 4300 3200 1200 22000 3200 1200Telecommunications 3000 3000 3000 3000 3000 3000Professional Fees 0 0 8000 0 0 4000Utilities 250 250 250 250 250 250Book keeping and Audit Expense 300 300 300 5700 300 300Promotions and Advertising 650 650 650 650 650 650Insurance 1000 0 0 0 0 6600Website 300 300 300 300 300 300Fundraising Expense 0 250 500 500 1000 1750Office Supplies 300 300 300 300 300 300Equipment 0 0 0 0 0 2000Postage and Courier 100 100 200 200 100 100
TOTAL EXPENSE 28280 26435 32785 50985 70185 83535Total Revenue less Expense (21130) (1285) 30365 82165 (55835) 104615
Cash Balance Beg. of Month 23245 2115 830 31195 113360 57525Cash Balance at End of Month 2115 830 31195 113360 57525 162140
(January 2016) (February) (March) (April) (May) (June)
The monthlly Budget amounts were therefore reallocated as follows:
However, if the employee is paid monthly, this additional salary adds to the cash flow problems at the beginning of the year.
These changes did not affect the end of year budget balances, but allowed the Informal Workers’ Association to avoid potential cash flow problems.
Scenario 2: Adding a Staff Position
The Association would like to hire three additional part-time staff members to help cope with an ever-increasing workload. The full cost for these positions is estimated at $15,000 USD per year, or $1,250 per month. This salary expense would be considered a core cost, and so must be covered by core funding. The Rolling Budget Forecast is an excellent tool for looking at the long-range effects of taking on this additional expense.
A quick check to test if and when it would be possible to add these positions was done by adding the entire amount in June of 2017 and 2018. If the entire salary were to pay out in June of 2017, for example, the end of the year cash balance still looks healthy.
(January to March 2017)14750 14750 14750
0 0 200006080 6085 60851200 1200 12003100 3100 3100
0 0 0275 275 275375 375 375715 715 715
0 0 0300 300 300
0 0 0300 300 300
10680 0 0100 100 100
37875 27200 47200(31705) (4030) 21470
23245 (8460) (12490)(8460) (12490) 8980
Increased MonthlySalary ExpenseLeads to cash�ow problems
Further, there are some cash flow problems in the first part of 2018 that need to be addressed in order for the position to continue. Based on this information, it’s decided that the part-time positions will be filled in April of 2017, but that the contracts will only be valid until December 31st, 2017 with an option to renew. The Association management team is confident that they’ll be able to raise additional funds by that time in order to keep all three positions going, but want to be careful not to obligate the MBO to promises that it’s not completely sure it can keep.
26 Sustainability for MBOs: Resource Books for Organizations Transparent Financial Management for MBOs 27
So, the equipment purchase is moved to May when there is more cash available.
Scenario 3: Buying Equipment
The Informal Workers Association needs to purchase new equipment with an estimated cost of $10,680. Having the equipment in January would be ideal given programme plans. However, plugging this amount into January 2017 causes a negative cash balance in the following month.
& Definition
Income Statement and Balance Sheet
Every organization has particular needs regarding Financial Reports, which are often influenced by funders and other regulatory agencies. However, two very basic reports that are standard requirements (and that you will need to monitor cash flow in your MBO) are the Income Statement and the Balance Sheet.
The Income Statement describes your Revenues and Expenditures (money in and out) during a period in time, as well as any surplus or deficit created during that period. It does not describe an overall cash position. For example, the Informal Workers’ Association Income Statement for January (in the example below) shows a deficit of -$21,052, but this does not mean that the organization is in trouble, or that there will be a deficit at the end of the year – only that the Association spent more money than it received during this particular month.
The Balance Sheet shows accumulations of assets, equity and liabilities in your organization at a point in time. While the Income Statement shows activity over a period, the Balance Sheet shows what your MBO has accumulated in terms of cash and other assets (such as equipment, land and buildings) as well as liabilities (such as accounts payable) and a cumulative equity or deficit (which is taken from the Income Statement at the end of each year). The Informal Workers’ Association’s Balance Sheet, as of January 31, 2016 (as in the example below), shows a Current Asset (ready cash) balance of $2,193. It’s this Balance Sheet information that tells us how much money is in the bank at a given time.
375 375 375 5775 375 375715 715 715 715 715 715
0 0 0 0 3980 4380300 300 300 300 300 300
0 0 0 0 0 0300 300 300 300 300 300
0 0 0 0 10680 0100 100 100 130 130 130
25945 25950 45950 44530 64690 56010(19775) (2780) 22720 68670 (52240) 136190
23245 3470 690 23410 92080 398403470 690 23410 92080 39840 176030
(January 2017) (May 2017)
Salaries and BenefitsTraining ExpenseRentMeeting ExpenseTelecommunicationsProfessional FeesUtilitiesBook keeping and Audit ExpensePromotions and AdvertisingInsuranceWebsiteFundraising ExpenseOffice SuppliesEquipmentPostage and Courier
TOTAL EXPENSETotal Revenue less Expense
Cash Balance Beginning of MonthCash Balance at End of Month
(January 2017)13500 13500
0 06080 60851200 12003100 3100
0 0275 275375 375715 715
0 0300 300
0 0300 300
10680 0100 100
36625 25950(30455) (2780)23245 (7210)(7210) (9990)
Step 5: Monthly Updates
A good Forecast Budget is used to predict what is likely to happen in the future. However, even the most educated assumptions can sometimes end up being quite different from what actually happens. In order to keep the Forecast Budget current, you can substitute your assumed numbers with actual ones when monthly reports are issued.
Each month, when the Association’s bookkeeper generates the Income Statement and Balance Sheet, she also uses these reports to update the Forecast Budget.
28 Sustainability for MBOs: Resource Books for Organizations Transparent Financial Management for MBOs 29
To update the January amounts, projected numbers are replaced with real ones from the expenses listed in the Income Statement for the month of January. When this is done, the cash balance on the Forecast Budget worksheet should agree with the cash balance on your Balance Sheet8 from the same period. To keep it clear, updated actual figures are in a large font and italicized.
8 If your MBO has outstanding accounts payable or receivable, the cash balance will need to be adjusted from accrual to cash-basis. Your accountant or bookkeeper will be able to do this, and most accounting software can generate cash-basis reports.
Help Association 20163 Year Rolling Forecast Budget
January February March April May June
REVENUE
Grant Revenue
Jones Foundation - 0 60000 0 0 0
HIVOS - 0 0 125000 0 0
USAID - 0 0 0 0 141000
Star Foundation - 0 0 0 0 0
Other (pending) - 20000 0 0 0 0
Total Grant Revenue - 20000 60000 125000 0 141000
Donations
Foundations - 0 0 0 0 40000
Spring Fundraising Event - 0 0 4000 10000 4000
Private Donations 630 150 150 150 350 150
Total Donations 630 150 150 4150 10350 44150
Earned Revenue
Membership Fees 2,750 3000 3000 4000 4000 3000
Interest Revenue 4,120 2000 0 0 0 0
Total Earned Revenues 6,870 5000 3000 4000 4000 3000
TOTAL REVENUE 7,500 25150 63150 133150 14350 188150
EXPENSE
Salaries and Benefits 11,889 12000 12000 12000 12000 12000
Training Expense - 0 0 43000 45000
Rent 6,080 6085 6085 6085 6085 6085
Meeting Expense 6,200 3200 1200 20300 3200 1200
Telecommunications 2,100 3000 3000 3000 3000 3000
Professional Fees - 0 0 8000 0 4000
Utilities 299 250 250 250 250 250
Book keeping and Audit Expense 254 300 300 5700 300 300
Promotions and Advertising - 650 650 650 650 650
Insurance 1,000 0 0 0 0 7600
Website 300 300 300 300 300 300
Fundraising Expense - 250 500 500 1000 1750
Office Supplies 310 300 300 300 300 300
Equipment - 0 0 0 0 2000
Postage and Courier 120 100 200 200 100 100
TOTAL EXPENSE 28552 26435 24785 57285 70185 84535
Total Revenue less Expense (21052) (1285) 38365 75865 (55835) 103615
Cash Balance Beginning of Month 23245 2193 908 39273 115138 59303
Cash Balance at End of Month 2193 908 39273 115138 59303 162918
Help Association
INCOME STATEMENT
January 1 to 31, 2016
REVENUEGrant Revenue
Jones Foundation - HIVOS - USAID - Star Foundation - Other (pending) -
Total Grant Revenue -
DonationsCorporations - Spring Fundraising Event - Private Donations 630
Total Donations 630
Earned RevenueMembership Fees 2,750 Interest Revenue 4,120
Total Earned Revenues 6,870 TOTAL REVENUE 7,500
EXPENSESalaries and Benefits 11,889 Training Expense - Rent 6,080 Meeting Expense 6,200 Telecommunications 2,100 Professional Fees - Utilities 299 Book keeping and Audit Expense 254 Promotions and Advertising - Insurance 1,000 Website 300 Fundraising Expense - Office Supplies 310 Equipment - Postage and Courier 120
TOTAL EXPENSE 28,552 Total Revenue less Expense (21,052)
Help Association Balance SheetJanuary 31, 2016Cash Based
AssetsCurrent AssetsBank Account 1 1193Bank Account 2 900Petty Cash 100Total Current Assets 2193
InvestmentsGIC 50000Term Deposit 20000Total Investments 70000
Non Current AssetsOffice Furniture 8000Computers 6000Total Non-Current Assets 14000
Total Assets 86193
LiabilitiesCurrent LiabilitiesAccounts Payable 0Total Current Liabilities 0
Equity 85000
Total Liabilities and Equity 85000
Each month the Rolling Forecast Budget will be updated and reconciled with the financial reports to maintain accuracy. When these changes are made, values will begin to appear in the ‘Variance’ column, enabling your MBO to track how well you’re able to follow the Budget. By the end of the year, there will be a completed comparison between actual and budget figures for the year.
Step 6: Rolling Forward
Each year, a new forecast year must be added to maintain this as a Three-Year Rolling Budget. For example, when the year changes from 2016 to 2017, the Association would create a new Three-Year Budget and Rolling Forecast (2017 to 2019). In many cases, an organization may find that a Five-Year Rolling Forecast better meets their needs.
+Tip
WIEGO has created web resources to enhance the learning in these Booklets. For this Booklet in particular, the web resources include views of the entire spreadsheets used in examples, and videos further demonstrating some of the concepts discussed. We hope you’ll take advantage of these companion resources while creating some financial management tools for your MBO. You can get access to this members-only website by contacting WIEGO directly through the contact form at www.wiego.org.
30 Sustainability for MBOs: Resource Books for Organizations Transparent Financial Management for MBOs 31
Conclusion
There is much more to the world of financial management than Policy, Forecast Budgets and Internal Controls. The information contained in this Booklet is meant as an introduction only, with a focus on tools and procedures (with the foundation of a good bookkeeping system) that will contribute to transparent handling of cash in your organization, and in turn afford your MBO credibility and more sustainable operations.
We know that not all MBOs are at a stage in their development where they need to have the full set of systems described in this booklet in place. We have tried to describe a proper financial system for a slightly larger MBO with several sources of income so as to offer a complete picture. Please do consult an accountant on the proper systems for your organization. Even if your organization is smaller than the examples we have used here, an accountant can give you a good sense of the necessary requirements, according to your size, history and stage of development, as well as in the context of local laws and regulations governing your MBO. You may be able to ask an accountant to give you an initial consultation for free. No matter the size, solid and transparent financial systems are a must for every effective and representative MBO—your members will expect it from you before a donor ever asks!
Appendix 1
The ‘Forecast Budget’ (see page 21)
2016
Janu
ary
Feb
rua
ry
Ma
rch
Ap
ril
Ma
yJu
neJu
lyA
ugus
tSe
pte
mb
er
Oc
tob
er
No
vem
be
rD
ec
em
be
rA
ctu
al T
ota
l 20
16Bu
dg
et
2016
Va
rianc
e o
f a
ctu
al o
ver
bud
ge
tJa
nua
ry
0 0
6000
0 0
0 0
0 0
0 20
000
0 0
8000
0 80
000
0
0 0
0 12
5000
0
0 0
0 0
0 0
0 12
5000
12
5000
0
0 0
0 0
0 14
1000
0
0 0
0 0
0 14
1000
14
1000
0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0
0 20
000
0 0
0 0
0 0
0 0
0 50
000
7000
0 70
000
0
0 20
000
6000
0 12
5000
0
1410
00
0 0
0 20
000
0 50
000
4160
00
4160
00
0
0 0
0 0
0 40
000
0 0
0 0
0 0
4000
0 40
000
0
0 0
0 40
00
1000
0 40
00
0 0
0 0
0 0
1800
0 18
000
0
150
150
150
150
350
150
150
150
150
150
150
150
2000
20
00
0
150
150
150
4150
10
350
4415
0 15
0 15
0 15
0 15
0 15
0 15
0 60
000
6000
0 0
3000
30
00
3000
40
00
4000
30
00
2000
20
00
2000
30
00
3000
20
00
3400
0 34
000
0
4000
20
00
0 0
0 0
0 0
0 0
0 0
6000
60
00
0
7000
50
00
3000
40
00
4000
30
00
2000
20
00
2000
30
00
3000
20
00
4000
0 40
000
0
7150
25
150
6315
0 13
3150
14
350
1881
50
2150
21
50
2150
23
150
3150
52
150
5160
00
5160
00
0
1200
0 12
000
1200
0 12
000
1200
0 12
000
1200
0 12
000
1200
0 12
000
1400
0 21
000
1550
00
1550
00
0 13
500
0 0
4300
0 0
0 45
000
0 0
4300
0 0
0 0
1310
00
1310
00
6080
60
85
6085
60
85
6085
60
85
6085
60
85
6085
60
80
6080
60
80
7300
0 73
000
0
2200
0 32
00
1200
43
00
3200
12
00
1200
50
00
5000
14
300
3400
0
6400
0 64
000
0 22
000
3000
30
00
3000
30
00
3000
30
00
3000
30
00
3000
30
00
3000
30
00
3600
0 36
000
0
2000
0
6000
0
0 40
00
0 0
0 0
0 0
1200
0 12
000
0
250
250
250
250
250
250
250
250
250
250
250
250
3000
30
00
0
300
300
300
5700
30
0 30
0 30
0 30
0 30
0 30
0 30
0 30
0 90
00
9000
0
650
650
650
650
650
650
650
650
650
650
650
650
7800
78
00
0
3600
0
0 0
0 40
00
0 0
0 0
0 0
7600
76
00
0
300
300
300
300
300
300
300
300
300
300
300
2900
62
00
6200
0
0 25
0 50
0 50
0 10
00
1750
0
0 0
0 0
0 40
00
4000
0
300
300
300
300
300
300
300
300
300
300
200
200
3400
34
00
0
0 0
0 0
0 20
00
600
0 0
0 0
0 26
00
2600
0
1086
0
100
100
200
200
100
100
100
100
100
100
100
100
1400
14
00
0
5058
0 26
435
7378
5 33
285
2718
5 80
935
2478
5 27
985
7098
5 37
280
2828
0 34
480
5160
00
5160
00
0 63
785
(434
30)
(128
5)(1
0635
)99
865
(128
35)
1072
15
(226
35)
(258
35)
(688
35)
(141
30)
(251
30)
1767
0 0
0 0
(576
15)
2324
5 (2
0185
)(2
1470
)(3
2105
)67
760
5492
5 16
2140
13
9505
11
3670
44
835
3070
5 55
75
2324
5
(201
85)
(214
70)
(321
05)
6776
0 54
925
1621
40
1395
05
1136
70
4483
5 30
705
5575
23
245
(343
70)
2016
Janu
ary
Feb
rua
ry
Ma
rch
Ap
ril
Ma
yJu
neJu
lyA
ugus
tSe
pte
mb
er
Oc
tob
er
No
vem
be
r
0 0
6000
0 0
0 0
0 0
0 20
000
0 0
0 12
5000
0
0 0
0 0
0
0 0
0 0
0 14
1000
0
0 0
0
0 0
0 0
0 0
0 0
0 0
0 20
000
0 0
0 0
0 0
0 0
0 20
000
6000
0 12
5000
0
1410
00
0 0
0 20
000
0 0
0 0
0 40
000
0 0
0 0
0 0
0 40
00
1000
0 40
00
0 0
0 0
150
150
150
150
350
150
150
150
150
150
150
150
150
4150
10
350
4415
0 15
0 15
0 15
0 15
0
3000
30
00
3000
40
00
4000
30
00
2000
20
00
2000
30
00
4000
20
00
0 0
0 0
0 0
0 0
7000
50
00
3000
40
00
4000
30
00
2000
20
00
2000
30
00
7150
25
150
6315
0 13
3150
14
350
1881
50
2150
21
50
2150
23
150
1200
0 12
000
1200
0 12
000
1200
0 12
000
1200
0 12
000
1200
0 12
000
0 0
4300
0 0
0 45
000
0 0
4300
0 0
6080
60
85
6085
60
85
6085
60
85
6085
60
85
6085
60
80
2200
0 32
00
1200
43
00
3200
12
00
1200
50
00
5000
14
300
3000
30
00
3000
30
00
3000
30
00
3000
30
00
3000
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INFO
RMA
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ASS
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0 27
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5 27
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5 27
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5
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300
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300
300
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5313
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(141
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7764
5
INFO
RMA
L W
ORK
ERS’
ASS
OC
IATI
ON
3 Y
ea
r Ro
lling
Fo
rec
ast
Bud
ge
t
REV
ENU
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Gra
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nue
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About WIEGO: Women in Informal Employment: Globalizing and Organizing is a global research-policy-action network that seeks to improve the status of the working poor, especially women, in the informal economy. WIEGO builds alliances with, and draws its membership from, three constituencies: membership-based organizations of informal workers, researchers and statisticians working on the informal economy, and professionals from development agencies interested in the informal economy. WIEGO pursues its objectives by helping to build and strengthen networks of informal worker organizations; undertaking policy analysis, statistical research and data analysis on the informal economy; providing policy advice and convening policy dialogues on the informal economy; and documenting and disseminating good practice in support of the informal workforce. For more information see www .wiego .org.
WIEGOGlobal @WIEGOGlobal