Key Actions by:

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Standard 13: Effective financial management during project implementation.

Achieve financial consistency, accountability and stewardship through adequate, continuous financial planning, monitoring, controls and reporting.

Phase:

Category:

Financial management

Key Action 1	Prepare annual and quarterly financial projections based on the updated detailed implementation plan.
Who	Budget manager; Procurement/supply chain staff, human resources staff, finance manager, head of operations, head of programming, country representative
When	Prepare annual budget projections: During development of the Annual Program Plan (APP). Over the course of the year, for carryover funds from the prior year (October), and for awards/modifications and other spending authorizations or re-allocation of resources (e.g. for discretionary funds) that are received and were not anticipated in budgets. Finalize quarterly forecast projections per the annual agency planning calendar, typically: By the 15^th of each quarter for cash forecasts (15 October, January, April, July) February, May, and July/August for expense forecasts

Key Action 2	Analyze monthly budget/forecast comparison and aging reports to review spending against the detailed implementation plan, and make decisions accordingly.
Who	Budget manager; finance manager; other members of the project programming team; head of programming; head of operations; country representative
When	Monthly, with budget comparison and aging reports circulated within 5 days of month-end financial close. Quarterly reviews coincident with re-forecasts are also opportunities for financial analysis and decision making.

Key Action 3	Monitor sub-recipients' finances, and accompany partners to implement financial management capacity strengthening plans.
Who	Head of operations, or operations manager; Finance manager or designated finance staff; project manager or Chief of Party or CoP’s designate
When	Per the requirements in the Subrecipient Financial Management Policy (SRFMP) and individual partners’ Internal Control Improvement Plans (ICIPs)

Key Action 4	Prepare financial reports that reflect all project expenditures in the financial system, for project manager review and submission to donors as required.
Who	Finance manager or headquarters (HQ) Overseas Finance staff; project manager/chief of party; head of programming; IDEA staff if applicable; HQ Overseas Finance grants analyst; senior management team
When	As requested by the PM/CoP based on donor deadlines (see Standard 8, key action 5 for information on establishing a calendar of project financial management tasks and deadlines) See Standard 16 for information on project final financial reports

Key Action 5	Ensure timely project advances and review of partners' liquidation reports, documenting and providing feedback on good practices and needs for improvement.
Who	Project manager; finance manager or other designated finance staff; country representative or designate
When	Following the first project advance, advances should be issued within 15 calendar days from receipt of the partner’s liquidation report (see Subrecipient Financial Management Policy).