St.Albans City ABC
Funding Usage Policy
This Funding Usage Policy outlines the principles and procedures by which St.Albans City ABC manages and allocates the funds it receives. The policy is designed to ensure that all funds are used efficiently, responsibly, and transparently to further the club’s mission and objectives, thereby maximising the benefits to our members and the community we serve.
Scope
This policy applies to all funds received by St.Albans City ABC, including donations, grants, sponsorships, and other forms of financial support.
Policy Statement
St.Albans City ABC is committed to upholding the highest standards of fiscal responsibility. We recognise the trust placed in us by our funders and investors requires a clear, accountable approach to managing and utilising funds; this policy ensures that all financial resources are managed judiciously and directed towards achieving the club’s strategic objectives.
Funding Allocation Principles
Accountability
The club is accountable for every pound received and spent. Regular financial reports will be provided to our funders, detailing how their contributions have been utilised.
Transparency
Funders, auditors, and regulatory bodies will document and make all financial transactions and allocations available for review as required.
Compliance
All fund usage will comply with the stipulated guidelines of funders or regulatory bodies and align with the legal and ethical standards governing charitable funding.
Efficiency
Funds will be allocated and used in ways that maximise impact, ensuring the most effective use of resources to achieve desired outcomes.
Funds Management Procedures
Allocation
Funds will be allocated based on the budget and directed towards:
● Program and service delivery, including training and coaching.
● Maintenance and improvement of club facilities.
● Administrative expenses necessary to support the club’s operations.
● Special projects or initiatives approved by the board.
Budgeting
The club will prepare a detailed budget that outlines expected income and expenditures each year. This budget will be reviewed and approved by the board of trustees and will reflect strategic priorities for the year.
Reporting
Comprehensive financial reports will be compiled and shared quarterly with funders, providing a detailed account of expenditures and the progress of funded projects or activities.
Monitoring and Evaluation
The use of funds will be monitored regularly to ensure alignment with the budget and strategic objectives. Adjustments will be made to address any discrepancies or respond to changing needs.
Stakeholder Engagement
The club is committed to engaging stakeholders in transparent and meaningful dialogue about how funds are used and the outcomes achieved.
Regular meetings will be held with funders to discuss funding usage, address concerns, and gather feedback to improve funding strategies and impacts.
Review and Adaptation
Any changes to the policy or the club’s financial management procedures will be approved by the board of trustees and communicated to all relevant parties.
This policy will be reviewed annually to ensure it remains relevant and effective in managing the funds entrusted to the club.
St.Albans City ABC pledges to manage the funds received with the utmost responsibility and integrity, ensuring that every contribution significantly advances our mission to promote and develop boxing within the community. We are grateful for the support of our funders and investors, and we commit to utilising these resources wisely, responsibly, and transparently.