As an organisation takes on more grants, informal ways of working stop being enough. These controls scale well and are not expensive to introduce.
1. Segregation of duties
The person who requests a payment should not be the one who approves it or releases it.
2. Approved procurement procedures
Written thresholds for quotations and tenders, applied consistently and documented.
3. Monthly bank reconciliations
Prepared by one person and reviewed by another, with unusual items followed up promptly.
4. Budget monitoring
Monthly comparison of actual spending against each grant budget, discussed with project managers.
5. An asset register
A current list of equipment bought with grant funds, checked physically at least once a year.