1. Financial Transparency

To maintain public trust and donor confidence, we adhere to strict financial reporting standards, including:

• Accurate and timely financial reporting to ensure accountability.
• Public disclosure of financial statements, including revenue, expenditures, and funding sources.
• Independent audits and reviews to validate financial integrity and compliance.

2. Budgeting and Financial Planning

Our organization follows a structured budgeting process that includes:

• Annual budget development based on strategic priorities.
• Board approval of financial plans to ensure alignment with our mission.
• Regular financial reviews to monitor spending and make necessary adjustments.

3. Fund Management and Allocation

We ensure that all donations and grants are managed responsibly by:

• Allocating funds strictly in accordance with donor intent and grant agreements.
• Maintaining separate accounts for restricted and unrestricted funds.
• Implementing internal controls to prevent financial mismanagement or misuse.

4. Financial Compliance and Auditing

To uphold our commitment to financial integrity, we:

• Conduct annual independent audits to verify financial accuracy and compliance.
• Adhere to Bahamian nonprofit financial regulations and global best practices.
• Maintain a whistleblower policy to encourage reporting of financial irregularities.

5. Donor Stewardship and Reporting

We believe in keeping our donors informed and engaged by:

• Providing detailed financial reports on how funds are utilized.
• Issuing impact reports to demonstrate how contributions make a difference.
• Ensuring compliance with donor recognition and acknowledgment policies.

6. Internal Controls and Risk Management

To safeguard financial resources, we have implemented:

• Strict financial controls to prevent fraud and mismanagement.
• Dual authorization requirements for major expenditures and fund disbursements.
• Regular risk assessments to identify and address potential financial risks.

7. Access to Financial Information

As part of our commitment to transparency, Friends of PHA Bahamas makes key financial documents available upon request, including:

• Annual reports and audited financial statements.
• Tax filings and compliance documents.
• Fund allocation breakdowns for major projects.

Commitment to Accountability

We are dedicated to responsible financial management and upholding the highest standards of accountability. By ensuring transparency and ethical stewardship of funds, we remain committed to our mission of strengthening healthcare services in the Bahamas.

For financial inquiries or requests for financial reports, please contact us at info@friendsofphabahamas.org.