Fund utilization audit in the CSR department or Foundations refer to the confirmation that utilization of funds contributed to a project is as per the agreed commitments. These financial audits are focused on ensuring that the csr funds have been utilized to cater to the agreed number of beneficiaries in a transparent and legal manner.
It is important to have a long term CSR vision and strategy, focused on community development and change. We help organizations to align their CSR strategy to their organization's vision.
While sporadic efforts can bring change, but in order to uplift a community, a sustainable and planned approach is required. We have team of experts who help the organizations to create partnerships aligned to the bigger vision for short, medium and long term.
A change in community happens through planned and sustainable efforts. The evolving concept of CSR focuses on organizations to plan for interventions impacting communities positively and sustainably. The interventions could be long term in nature with small and medium term milestones.
Fund utilization audit approach begins by understanding the project performance indicators, budget submitted at the beginning of the project and budget utilization documents shared with the CSR department or Foundation. We review the co-funding commitments in the existing projects which is then followed by the checklist based review and discussion with stakeholders on the financial management system for the project. We share our findings with the implementing partner of the project for initial feedback and discuss the same with the CSR department or Foundation along with the recommendations.
The company works together with SoulAce to chart the best course of action to improve the CSR initiatives.
Imagine you have conducted a baseline study and allocated a budget for your organization’s CSR practices. What comes next? Ensuring your CSR funds reach the cause and are utilized to their best capacity may seem like a daunting task. This article will present you with some tips to make sure you move forward in the right direction.