BEA Foundation has accumulated considerable experience in management of grants and loans extended to the Russian Federation by international financial organizations, in particular by the IBRD.
BEA Foundation financial management system complies with the requirements of the Ministry of Finance of Russia and international financial organizations.
The task of BEA Foundation financial management system is the most effective management of funds and efficient completion of project goals. BEA Foundation offers the following services in the financial management sphere:
- Planning and budgeting of sources and uses of funds
- Monitoring cost estimate and budget execution in compliance with specific project financial rules and procedures
- Maintenance of accounts including separate balance sheets and charts of accounts
- Maintenance of tax registers and tax reporting
- Currency financial transactions
- Separate maintenance of project bank accounts for different projects including special currency and ruble accounts
- Payment settlements with contractors and suppliers
- Aggregated accounting for payroll calculations and tax deductions, calculation of remuneration (including non-residents), accounting and reporting on unified social tax, allocation of social insurance funds, personified personnel accounting
- Petty cash transactions, including petty cash currency transactions
- Reporting to off-budget funds
- Separate maintenance of contracts and other documentation
- Preparation of financial statements (incl. statements according to international financial reporting standards)
- Internal control procedures
- Financial monitoring of goods and services procurement
- Financial monitoring of funds disbursement
- Monitoring of attaining project goals.
BEA Foundation financial management system ensures separate accounting and reporting for proceeds and property owned by the Foundation as a legal entity and for transactions with project cash and property entrusted to BEA Foundation by Minfin of Russia according to respective agency agreements. While implementing the projects BEA Foundation acts in compliance both with the Russian national legislation and currency regulations and the World Bank rules and regulations.
Internal control system developed in BEA Foundation enables to take all needed measures for preventing financial mistakes, ineligible disbursement, fraud and corruption in the course of project implementation and providing for financial transparency.
