Financial Procedures & Controls
Ensuring transparent, efficient, and accountable financial management across Numva’s operations in Liberia and the United States.
A disciplined approach to financial governance
Numva Mining Union Inc. enforces strict financial procedures to ensure every transaction — from procurement to payroll — is transparent, justified, and compliant with international and Liberian accounting standards. Our policies integrate best practices from nonprofit, cooperative, and corporate frameworks to maintain accountability to both members and partners.
- Clear segregation of duties and approval levels
- Documented authorization trails for all expenditures
- Monthly reconciliation and quarterly internal audits
- Dual oversight: Liberia operations and U.S. finance team
- Promote fiscal transparency and ethical stewardship
- Ensure resources are used solely for approved activities
- Prevent fraud, waste, and abuse through strong controls
- Maintain records that support external audits
Financial control pillars
1. Authorization & Approval
Each expense must be pre-approved according to the Delegation of Authority Matrix. Signatures are required for every disbursement, based on thresholds.
2. Segregation of Duties
No single person handles all steps of a financial transaction. Request, approval, and payment responsibilities are separated for accountability.
3. Recordkeeping & Reconciliation
All financial documents are filed systematically. Bank and cash balances are reconciled monthly by separate officers.
4. Procurement & Bidding
Purchases over a defined threshold require three quotations and documented vendor evaluations before selection.
5. Asset Management
All assets are tagged and inventoried annually. Depreciation follows accounting standards, and disposal is approved by the Board.
6. Reporting & Auditing
Monthly management reports and quarterly statements are submitted to the Finance Committee and subject to independent review.
Financial SOPs and templates
| Procedure | Ref. Code | Owner | Last Updated | Download |
|---|---|---|---|---|
| Cash Disbursement Procedure | NV-FIN-001 | Finance | 2025-09-25 | |
| Procurement & Payment Authorization | NV-FIN-002 | Finance / Operations | 2025-09-15 | |
| Travel & Per Diem Management | NV-FIN-003 | Finance | 2025-08-22 | |
| Bank Reconciliation Procedure | NV-FIN-004 | Finance | 2025-08-12 | |
| Budgeting & Forecasting Framework | NV-FIN-005 | Finance | 2025-07-18 |
Need a financial template or guidance?
Members and auditors may request editable versions of Numva’s financial forms — such as petty cash logs, payment vouchers, or procurement templates — through the Finance Office.