BasicInternet:Economy

Financial Management Manual

Introduction 

The Basic Internet Foundation, established in 2014 by the University of Oslo and Kjeller Innovation, is committed to ensuring sound financial management practices consistent with Norwegian foundation regulations. This manual outlines the procedures and responsibilities for financial management within the Foundation, including oversight, daily operations, accounting, and auditing.

Governance Structure

• Steering Board

1. The Steering Board is responsible for overseeing the Foundation's operations and ensuring adherence to financial regulations and procedures.
2. The Board will conduct regular internal audits to assess financial compliance and operational efficiency.

Board members will receive financial reports periodically to facilitate informed decision-making.

• Secretary General

The Secretary General is tasked with managing the daily financial operations of the Foundation, including cash flow, budgeting, and financial reporting. The Secretary General will implement financial policies and ensure that all financial transactions comply with established rules and regulations.

Financial Management Processes

• Budgeting

1. An annual budget will be prepared by the Secretary General, outlining projected revenue and expenditures for the upcoming year.
2. The budget must be approved by the Steering Board before the start of the financial year.
3. Any amendments to the budget during the year require Board approval.

• Cash Flow Management

1. The Secretary General will manage cash flow, ensuring the Foundation can meet its financial obligations while maintaining adequate reserves.
2. Regular cash flow forecasts will be prepared to project future cash needs and identify potential shortfalls.

• Accounting

1. All accounting activities will be conducted through Elverum Regnskap (ECIT).
2. The Foundation will maintain proper accounting records, including:

- General ledger entries.

- Documentation of all income and expenditures.

- Receipts, invoices, and contracts related to financial transactions.

• Monthly financial statements will be prepared and reviewed by the Secretary General to ensure accuracy and compliance.

Financial Reporting

• Internal Reporting

The Secretary General will prepare internal financial reports for the Steering Board on a quarterly basis. Reports will include:

1. Budget vs. actual spending.
2. Cash flow statements.
3. Any discrepancies financial risks identified.

• External Reporting

The Foundation will prepare annual financial statements in compliance with Norwegian accounting standards. Financial statements will be submitted for auditing by Tandberg Revisjon.

Auditing

• Internal Audits

1. The Steering Board will conduct regular internal audits to evaluate the effectiveness of financial management practices and ensure compliance with policies.
2. Internal audit findings and recommendations will be documented and addressed by the Secretary General.

• External Audits

1. Annual financial audits will be carried out by Tandberg Revisjon, ensuring accuracy, completeness, and compliance with applicable laws and regulations.
2. The Secretary General will collaborate with the external auditors during the audit process, providing necessary documentation and answers to inquiries.

Compliance and Risk Management

• Compliance

1. All financial activities must comply with Norwegian foundation regulations and applicable laws.
2. The Secretary General is responsible for staying informed about financial regulations and ensuring compliance within the Foundation.

• Risk Management

1. The Foundation will identify potential financial risks, including cash flow shortfalls and budget overruns.
2. Appropriate measures, including contingency planning, will be implemented to mitigate identified risks.

Review and Amendments

• This financial management manual will be reviewed annually by the Steering Board to ensure its relevance and effectiveness.
• Any amendments to the manual must be approved by the Steering Board.

Conclusion

The Basic Internet Foundation is committed to maintaining transparent, accountable, and effective financial management practices. This Financial Management Manual serves as a guide for all financial operations and governance within the Foundation.

Adopted: 15 Jan 2024


Review Date: 05 Oct 2025