Policies and procdures to monitor funds overseas
iHOPE has in place robust and strict internal and external money monitoring policies. This include but not limited to the following:
- As dictated by the number of scholarship awards and other public and social welfare services, iHOPE estimates to be sending $7000-10,000 (AUD) in the next two (2) financial years, being 2017 and 2018 respectively. However as the organisation is intended to add more scholarships here in Australia and overseas, the above estimated amount may change to around $10,000-15,000.
- iHOPE trabsfers money through its overseas representatives via Western Union. This money is received in local currencies of Kenya, Uganda and South Sudan respectively. The overseas representatives shall pay the money direct into schools’ bank accounts and obtain receipts which is then sent to iHOPE’s treasurer here in Australia.
- iHOPE also estimates to send $5,000 whose of assets including camers, phones, computers/laptops, tablets/ipads and stationeries in the next two (2) financial years.
- Please refer to underneath link for our Accountability and money management