FISCAL RESPONSIBILITY AND ACCOUNTABILITY Paper Presented @ D.9125 PETS – Abuja by PDG Richard Giwa-Osagie 30/3/2012.

FISCAL RESPONSIBILITY AND ACCOUNTABILITY

Paper Presented@

D.9125 PETS – Abujaby

PDG Richard Giwa-Osagie 30/3/2012

• RI Fiscal Agent – Nigeria – Part 1

• Accountability – Part 2

Part 1

ROTARY INTERNATIONAL

Fiscal Agent, Nigeria

How To Pay Your SAR• Payments need to be remitted at the RI exchange rate at the time of payment. The current rate can be

obtained at www.rotary.org/exchange rates

• Please remit your payment to our Standard Chartered Bank Ltd account or through its partner bank, Keystone Bank Limited using the customized payment teller. The customized payment teller (bank deposit slip) can be obtained via your District Governor or RI Fiscal Agent Office at:

Rotary Centre, 8 Ladoke Akintola Street, G.R.A, Ikeja, Lagos, Nigeria.

Phone: (01) 810 5173 Email: [email protected] OR [email protected]

• You may also make payment by bank transfer to RI account below:

Beneficiary: Rotary International

A/C No (NUBAN): 0000223919

Currency: NGN

Bank Name: Standard Chartered Bank

Bank Address: 142, Ahmadu Bello Way, Victoria Island, Lagos, Nigeria

SWIFT: SCBLNGLAXXX

How To Pay Your SAR – (cont’d)

• When using a standard (non-customized) deposit slip of Keystone Bank Limited (partner bank of Standard Chartered Bank Nigeria), please remit the payment with the following bank account information:

Beneficiary: Standard Chartered Bank

A/C No: 1000594568

Currency: NGN

Further Credit to: Rotary International (Account No. 0000223919)

IMPORTANT: • Always use the Customized Payment Teller indicating name of Club and purpose of payment (e.g. SAR,

RI Convention Fee, Charter fee, Reinstatement fee, Publications etc).

• Where a different teller is used, the club name and/or number and the invoice number must be clearly indicated.

• Example: C000012345/SAR-0000123456

How To Pay Your SAR – (cont’d)

IMPORTANT:• Copies of Deposit Slips are to be sent directly to Mr. Emmanuel Idehen in RI

Europe & Africa Office at the mail address shown below.

• Without adequate information, it may not be possible to apply the transaction accurately and timely to your club account. Consequently, an unidentified bank deposit may lead your Rotary club to be terminated from RI for unpaid financial obligations.

INFORMATION:• All questions related to the Semiannual Report (SAR) or the financial situation of

the club can be addressed by contacting your financial representative at the RI Europe & Africa Office in Zurich:

• Mr. Emmanuel Idehen - [email protected] / Phone: +41 44 387 71 78

Proposed Improvements To SAR

• With effect from July 2012, in addition to the standard paper copy, the Semi-Annual Report (SAR) will now be sent electronically to the Club email address and the following Rotary Club Officers (if available): President, Secretary, Executive Secretary, and Treasurer.

• In compliance with the CBN directive on electronic banking, it is proposed to introduce direct debit scheme for collection of RI membership dues with effect from May 2012

This would bring about:• Improved service to all clubs• Faster, secure and more effective international delivery and payment of SAR• Significant cost savings• Potential improvements to cash flow• Increased efficiency at all RI office locations• Enhanced support and protection of our environment

Proposed Improvements To SAR What It Means for You and Your Club

• July 2012 will be the first electronic SAR delivery for Clubs with email addresses

• In addition to the electronic copies, Clubs will continue receiving the standard paper SAR, unless they have chosen to “opt out” of receiving the paper copy, which is highly encouraged

• If a Club has opted out and confirmed successful e-mail delivery by one or more Club Officers, the paper SAR package will not be distributed for January 2013

• To opt out, we request that you go to the Member Access Portal (MAP) on Rotary.org and update your club preferences from receiving the paper SAR packet effective with the January 2013 SAR. This option will become available in the month of June.

• Please note the electronic SAR will be distributed through a third party vendor from the following email address: [email protected].

• Your help and participation is the key to our success in going paperless. It is important that RI has all the most current e-mail addresses of all Club Officers.

How To Pay To TRF

• OR joesan When using a standard (non-customized) deposit slip of Keystone Bank Limited (partner bank of Standard Chartered Bank Nigeria), please remit the payment with the following bank account information:

Beneficiary: Standard Chartered BankA/C No: 1005308067Currency: NGNFurther Credit to: Rotary Foundation (Account No. 0000417129)

IMPORTANT: • Always use the Customized Payment Teller indicating name of Donor, Club and purpose of payment (e.g.

Annual Programs Fund, Permanent Fund, Polioplus, Matching Grant No. etc). • Where a different teller is used, the Donor name, Donor ID and Club name must be clearly indicated.

• In addition, always complete a TRF Contribution Form showing details of Donor and Recipient which must be sent together with a copy of the bank deposit slip to:

Ann-MarieCarton - [email protected] / Phone: +41 44 387 71 61 Copy to RI Fiscal Agent - [email protected], [email protected]

How To Pay To TRF – (Cont’d)

IMPORTANT:• Without adequate information, the TRF Contribution

details may not be properly applied which could lead to delays and/or non-receipt of recognition materials.

INFORMATION:• Any questions related to TRF contribution record for Clubs

and Rotarians can be addressed by contacting the following staff at the RI Europe & Africa Office (EAO) in Zurich:

Ann-MarieCarton - [email protected] / Phone: +41 44 387 71 61 or

Marta Wild - [email protected] / Fax: +41 44 422 5041

Fiscal Agent, Nigeria – History

• FA Nigeria started originally as National Joint District Treasurer (NJDT) at a time when it was very difficult for clubs to pay their various dues to RI because of Central Bank of Nigeria’s foreign exchange regulations

• In addition, poor communication was also a great hindrance to the coordination of activities of Clubs and Districts in Nigeria.

• The NJDT subsequently became RI Fiscal Agent in Nigeria, with its activities and roles now defined by RI directly

Fiscal Agent, Nigeria – History

• Furthermore, PRIP Jon B. Majiyagbe also had a dream of finding a forum to unify Rotarians in Nigeria in the first instance, then in West Africa and thereafter in Africa in general

• In pursuance of this, PRIP Jon B. Majiyagbe as you all know, got the Federal Government of Nigeria to donate the premises now known as Rotary Centre, GRA Ikeja where all Rotarians in Nigeria can feel welcome and which will promote the rapid growth of Rotary in Nigeria

Fiscal Agent, Nigeria – Recent Developments

• With the impact of advancement of technology on banking services and recent developments in the banking industry in Nigeria, we are now in a position to pass back to RI (EAO) Zurich, the collection and disbursement of RI funds.

• Although some functions of the Fiscal Agent’s office have reduced as a consequence of this development, we still mediate and answer all queries relating to collection and disbursement of RI funds

Fiscal Agent, Nigeria – Future Roles

• The question to be considered now is the future role that would meet the needs of Clubs and Rotarians. This would entail the views of Rotary Leaders on the following issues:

- How has the FA office served you in the past - How relevant is the FA office to you today. - What do you expect from the office now - What other services do you think the FA Office can continue to give you in the future

Fiscal Agent, Nigeria – Future Roles

• A questionnaire which has been designed to obtain your comments and assist in evaluating the future roles of the FA office will be distributed for you to complete.

• The completed questionnaire together with your comments may be sent by email to:

- PDG J. Sanwo, (Fiscal Agent) – [email protected] - PDG R. Giwa-Osagie – [email protected] - PAG O. Bola-Sadipe – [email protected] OR • Hard copy may be dropped at the FA Office, Rotary Centre, GRA Ikeja, or through

your District Governors.

Important: Please ensure that the completed questionnaires are returned not later than 15th April 2012.

Part 2

CLUB BUDGET

Budget (projected income and expenditure) is divided into (2) two:a) Operationsb) Service Projects

• Draft Budget – Pre PET• Final Budget – Club Assembly (May/June)

CLUB BANK ACCOUNTS

• Administration Account• Project Accounts• TRF Accounts etc etc• Signatories Per Club’s Bylaws

- President and Treasurer or Secretary

BOOKS OF ACCOUNTS

• Members Nomination Register• Cash Book• Treasurer’s Weekly Collection Register• General Ledger• PV, Receipt Books etc etc

CLUB DUES

$a) RI

- Per Capital Dues 52 - Rotarian Magazine 24 - Council of Legislation 1

$77 @ 160 N

12,320

b) DISTRICT 10,000

c) CLUB - Admin (Min) 3,000 - Projects (Min) 3,000

Per Member (Minimum) N28,320

District Recommended N35,000

Not IncludedEREY USD100 per annumDistrict Dedicated Levy & Other LeviesClub Investiture Levy etc etcMatching Grant Levy

FINANCIAL STATEMENTS

Approval by the Board and at Business Meeting and/or Club’s Assembly

1) Monthly (Actual Performance/Budget)2) Audited Financial Statements at June 30

WATCH WORD

Probity and Accountability - Prudent Financial Management

- TRF Guidelines- Letters of Appreciation- Minimum Reserve Fund (for incoming administration)