The financial management of FBDS follows a systematic approach that requires multiple layers of approval to ensure transparency and accuracy in the acquisition of goods and services, cash flow management, and financial resource allocation.
In the case of acquiring goods and services, the procedures established by FBDS’s Procurement and Contracting Regulations are followed.
The management of cash flow and the application of any surplus resources are carried out by the Foundation’s Financial Manager and submitted for approval by the Executive Director. The risk profile for these applications is determined jointly by the FBDS Board and its Board of Trustees, always prioritizing conservative options.
All payments related to any project require initial approval by the Director responsible for the project together with the Financial Manager, with final approval given by the Executive Director.
The financial software in use is Nibo - Financial Control and Business Management Software, which has effectively met FBDS’s needs.
Accounting is conducted by cost center and is currently managed by an external accounting firm, a company with extensive experience and an excellent reputation in the market.
All projects are managed through specific cost centers, with a dedicated bank account for each project.