The Financial Management Services Unit is responsible for the effective stewardship, management, and safeguarding of the financial resources, R100m in Revenue and R1.5bn asset base, of the Ingonyama Trust (ITB). The unit supports the achievement of the Board's strategic objectives through sound financial planning, budgeting, financial reporting, compliance management, revenue administration, expenditure management, and financial governance.
The unit operates within the framework of the Public Finance Management Act (PFMA), Ingonyama Trust Act and Financial Regulations, National Treasury Regulations, Generally Recognised Accounting Practice (GRAP), and other applicable legislative and regulatory requirements.
The mandate of Financial Management Services is to:
- Ensure prudent and transparent management of the Trust resources entrusted to the Board.
- Provide strategic financial planning and budgeting support.
- Maintain effective financial controls and governance systems.
- Ensure compliance with all applicable financial legislation and reporting requirements.
- Support decision-making through accurate and timely financial information.
- Promote accountability, value for money, and sustainable financial management.
Financial Management Services provides the following key services:
- Annual budget preparation and coordination
- Medium-term financial planning
- Budget monitoring and reporting
- Cash flow forecasting
- Preparation of annual financial statements
- Monthly and quarterly financial reporting
- GRAP compliance and financial disclosures
- Asset and liability management
- Revenue administration and monitoring
- Debtor management
- Revenue reporting and analysis
- Supplier payments and creditor administration
- Disbursements to Amakhosi and beneficiaries
- Expenditure monitoring and control
- Compliance with procurement-related financial requirements
- Banking and cash management
- Investment attraction and administration
- Financial risk management
- PFMA compliance monitoring
- Irregular, Fruitless and Wasteful Expenditure management
- Consequence management support
- Financial policy development and implementation
- Coordination of internal and external audits
- Audit action plan monitoring
- Support to governance and oversight committees