Fiscal Responsibility & Accountability

• There are a series of internal process controls governing the issuance of charitable donation receipts, petty cash limits, approvals process for capital purchases over a specified amount, two signatures for cheques over a specified amount etc.
• Receipting duties and authority to spend money are separated responsibilities
• Monthly financial transactions are reviewed and booked by a Financial Controller who does not receive donations or disperse funds.
• The Board conducts quarterly reviews of operating balance sheets and adjusts budgets as required
• Annual Financial Statements are prepared in accordance with generally accepted accounting principles and presented to the membership at the annual meeting.
• An "Audit Review Committee" composed of at least three "arm's length" members is appointed by the governing board at the end of each fiscal year to review all activities and make a written report to the governing board with respect to the condition of financial records, completeness and transparency of the financial statement and make recommendations as appropriate.
• The Board is working towards establishing an operation reserve equal to 1 year's program expense. This is to enable the Board to make firm project funding agreements with overseas partners in advance of funds being raised.
• Donated securities are sold upon receipt to ensure that Lifewater assets are protected and are not speculative.
• Lifewater donates assets (drill rigs, trucks etc) to its overseas agents and does not retain significant capital assets on its books.
• Equipment is provided on a matched funding basis to ensure local ownership and necessity.
• Memorandums of Understanding must be in place with overseas partners for them to act as our agents before project work can begin
• Project sponsorship funds are only released once appropriate documentation has been released.