Implemented. We accept the Audit Report recommendation. The CRC Board of Directors has directed the management team to develop a new budgeting process and schedule. The proposed annual budget will be presented to the CRC Board of Directors in April of each year and will be approved and adopted prior to the beginning of the fiscal year on July 1 [beginning FY 2017]. This schedule will allow time for the President of the University to review the budget and provide her consent prior to its effective date.
Implemented. See the Joint Venture Agreement and Amendment 3 to the CollaborationAgree- ment. Law on the fiscal, customs and parafiscal regime of non-tax and foreign exchange revenues applicable to Collaboration Agreements and cooperation projects. 17 The Congolese State Exemption from fees and payments related to the application, granting, transfer and and assignment of mining rights and titles, exploration and exploitation permits (‘Mines’Project); Convention de collaboration de janvier 2008 (Cfr article 14.2.2) N/A Nothing to report 18 The Congolese State To exempt the costs of mining royalties (‘Mines’ Project). Collaboration Agreement of January 2008 (see- Article 14.2.3) Implemented. Seethe 2010-2017 EITI reports. SICOMINES does not pay royalties because it is exempt from all taxes and duties according to the Collaboration Agreement and the 2010-2017 EITI reports. The only fees or payments it makes are the lease pay- ments and service provision to GECAMINES, the contribution for local development since 2015 and the import and export duties and taxes. 19 The Congolese State Obtain from the National Assembly to adopt a law to secure the tax, customs and exchange regime applicable to the cooperation project. If the National Parliament of the Democratic Republic of Congo does not adopt the said law within the time limit, SINOHYDRO will have the right to decide to carry out or terminate the present Agreement (‘Mines’Project). Collaboration Agreement ofJanu- ary 2008 (seeArti- cle 14.2.3) Completely Implement- ed (seeLaw n°13/005 of February 2014 on the tax and customs regime applicable to Collabora- tion Agreements) Law No. 13/005 of February 2014 on the Tax and Customs Regime applicable to Collaboration Agreements is a response to this obligation. It should be noted, however, that this law only concerns the tax, parafiscal and exchange regime. 20 The Chinese Compa- xxxx Group Lend to GECAMINES the necessary funds for its participation in the social capital of the mining JV and the possible increases of it (‘Mines’Project) Collaboration AgreementofJanu- ary 2008 (seeArti- cle 17.2)
Implemented. Seethe 2010 et 2017 EITI reports) The 2010 and 2017 EITI reports indicate that the Consortium, through the SICOMINES JV, had granted a 32,000,000 US$ loan as a repayable partner loan. 21 The ChineseCompa- xxxx Group In particular, ensure that the JV is able to meet the rapid repayment of mining investments and Govern- ment Infrastructure Works (‘Mines’ Project). Collaboration Agreement ofJanu- ary 2008 (seeArti- cle 17.4) Partially implemented. Seethe 2015-2017 EITI reports. In addition to the fact that this commitment was poorly worded, it should be noted that to date, there has only been a repay- ment in 2017. And this amount represents only about 1.5% of the loan. Therefore, the rate of fulfillment is very low and it cannot be concluded that this obligation has been fulfilled. 22 The ChineseCompa- niesGroup To make every effort to reduce the cost of construction, save financial resources, ensure mod- ern design, quality, high performance, reliability and durability of infrastructure works and services through its participation in the ongo- ing national reconstruction in DRC (‘Infrastructures’ Project). Convention de Collaboration de janvier 2008 (Cfr article 17.5) It is difficult to verify this obligation from the 2010-2017 EITI reports. The implementation of this commitment is underway and the Chinese party has almost disbursed over 70% of the bud- get line for infrastructure. Many NGO reports and media articles stigmatize the overpricing and poor quality of infrastructure. XXXXXX published a report on this. Clearly, the impact of the project's involvement in building the DRC is questionable. This is probably where we can point to the issue of lack of indepen- dent auditing on the quality, costs and performance of the infrastructure, most of which is Lubumbashi 000, xxxxxx Xxxxxx, X/ Makutano, Commune et ville de Lubumbashi, Province du Haut-Katanga. Contact: +000 00 00 00 000 Email : firstname.lastname@example.org xxx.xxxxxxxxx.xxx CONTACT 48 xxx.xxxxxxxxx.xxx Kinshasa 00 xxxxxx Xxxxxx, Xxxxxxx, Kinshasa. Contact: +000 00 000 00 000
Implemented. 4.1 Hypervisor
Implemented. 9 As set out in its’ terms of reference, the cluster governors’ committee is responsible for: • agreeing and approving draft budgets in time for submission to the LA by 1 May each year • all financial appraisals • forecasting cluster numbers on roll and future resources • monitoring and adjusting in-year expenditure • ensuring accounts are properly closed and reviewing the outturn position • evaluating the effectiveness of financial decisions 10 Any review of staffing should be recommended by the cluster finance headteacher to the cluster governors’ committee, which should assess the budgetary implications of the recommendations prior to agreeing to the recommendations. The Cluster finance headteacher 11 The cluster governors’ committee delegate responsibility for the day-to-day operational management of the cluster finances to the cluster finance headteacher. 12 The cluster finance headteacher ensures compliance with the financial regulations in Norfolk’s Scheme for Financing Schools. 13 The cluster finance headteacher ensures that sound systems of internal control are in place. 14 The cluster finance headteacher compiles draft budgets. 15 The cluster finance headteacher monitors the budget monthly and supplies the cluster governors’ committee with monitoring information. The information for the cluster governors’ committee takes the form of Norfolk’s budget proforma, includes committed expenditure and is accompanied by the cluster finance headteacher’s written commentary.
Implemented. The Staff 16 Staff comply with financial regulations in Norfolk’s Scheme for Financing Schools and any cluster specific requirements. 17 Staff are responsible for any budget whose management is delegated to them. Expenditure Limits 18 The inclusion of an item in the approved budget plan gives authority to spend, save that the cluster finance headteacher seeks approval from the cluster governors’ committee for any individual transaction in excess of £…….. 19 The cluster finance headteacher authorises virements up to £……. Above this amount cluster governors’ committee approval is sought. All virements are minuted. Orders 20 Quotations are obtained or tenders sought for purchases exceeding the limits set out in Norfolk’s Scheme for Financing Schools. Minutes 21 Minutes are taken which record the basis for any decisions made and clearly state the decisions themselves. Draft minutes are circulated to members of the committee within one week of its meeting and are agreed and signed at its next meeting. The minutes of all meetings are reported to the cluster governors’ committee and thence to the meetings of individual schools’ governing bodies. Register of Business Interests 22 The cluster finance headteacher maintains a register of business interest for governors and for staff who influence financial decisions. The register is attached at Appendix 2. (See appendices 2 & 3 of the CFPM) Key Financial Tasks 23 The finance committee undertake the key financial tasks each term as outlined in the document at Appendix 3. (See Appendix 4 of the CFPM) B FINANCIAL PLANNING Implemented 1 The cluster development plan includes a statement of its educational priorities to guide the planning process. The cluster development plan states the priorities in sufficient detail to provide the basis for constructing budget plans. 2 There is a clear, identifiable link between the cluster’s annual budget and the cluster development plan. 3 For each of the key issues in the cluster development plan, costs and other inputs are identified and budgets prepared. 4 The cluster development plan is reviewed in the autumn term to ensure that educational priorities are stated for the next three years and shows how the use of resources is linked to achieving the goals. 5 The cluster budget is revised after the review of the development plan and resources identified within the budget to deliver the plan’s priorities 6 The cluster budget is maintained for the current financial year and two further ...