Finance Procedures

Finance Quick Links

The Purpose of Unified Processing

FCF offers a high level of freedom and accountability to our Project & Program Directors. When it comes to finance, Directors can make their own financial decisions within the constraints of their mission, Thai law, and their advisory board. However, it is extremely important that all Directors are following the same finance processes. Thailand’s Department of Revenue is increasingly expecting foundations to follow higher levels of financial standards. This is great news for preventing corruption, but it does require more time and resources in order to comply with regulations. For this reason, it is absolutely necessary that we have unified financial processes across all of our projects and programs.

Request Funds

  • To request funds, submit a Request for Funds. This method notifies Finance of your request via email and is the quickest way to get your money.
  • We can usually complete same-day funds requests, but can only guarantee completion within 2 business days so please plan ahead. We recognize this is not always possible, but we will do our best to process transfers asap.
  • You may request funds at any time, but please try to avoid the need for multiple transfers per month.
  • FCF will not process funds requests until the project has sufficient funds in Thailand and the project is in compliance with all finance policies. Email finance@fcfthailand.org if you have questions about this.

Zero Bank Book Policy

Projects are required to transfer any unused money back to the FCF bank account each month. The purpose of this is so that every project’s finances can be reconciled each month and submitted to our 3rd party auditor for review. A copy of your project bank book’s information page and the page showing a zero balance must be included with the monthly receipts submitted by the 5th of every month. This is a 5 day grace period so if you can consistently get it done sooner, our accountant will be very grateful. Transfers can be made quickly and easily using the SCB app. The FCF bank account is:

  • Bank Name: Siam Commercial Bank
  • Bank Branch: Changklan Chiangmai 0840
  • Owner Name: The Family Connection Foundation
  • Account Number: 840-207730-0

Example: Let’s say you request 10,000b on Jan 1st. You have 9,000b in receipts. Our auditor wants to see the remaining 1,000b transferred back to FCF. That 1,000b does not stay in your bank account to go towards February expenses. It must come back to FCF as if we had handed you cash and you’re now giving us change. It is ok to request money for February expenses at the end of January to ensure you don’t have a gap in funding, but that 1,000b from January still needs to be transferred back no later than Feb 5th. The only time you might have a gap in funding is a few hours on New Year’s Day because December is special and all money needs to be transferred back to FCF by midnight of New Year’s Eve.

Why do we do it this way? This is a fraud prevention method that allows Directors to use personal bank accounts for project or program cash flow. One person can open the account, use a convenient phone app, have a debit card for online purchases, and view balances with online banking. The alternative is that we open 30+ foundation bank accounts which would be a processing nightmare for everyone involved.

Monthly Receipts Submission Procedure

Every month, FCF sends all receipts and expense reports from every project to a 3rd party auditor for review and compliance with Thai law. This means that receipts must be reconciled every month. In order to accomplish this, all projects are required to submit original receipts to FCF no later than the 5th of each month.

  • Make a copy of the Monthly Receipts Submission Form, fill it out electronically, print it, and include it along with all physical receipts that are turned into the FCF main office. It might be helpful to print your annual budget out for reference so you can remember which expense categories you like to use. We highly recommend bookmarking that link and starting with a fresh Google Sheet each month so you can take advantage of the convenient formulas built into it. If you need any training on this, email finance@fcfthailand.org
  • Please fill out this form for missing receipts and include a payment voucher (purchasable at Lotus) in place of each missing receipt along with a copy of the ID card or passport of the person who made the purchase. Each receipt or payment voucher needs a signed copy of the ID card or passport of the person who made the purchase.
  • Turn in all original receipts, the monthly receipts submission form, and the zero bank book copies to the FCF office. If you work outside of Chiang Mai, you can mail them to 397/2 Moo 7, T. Mae-Hia, A. Mueang, Chiang Mai 50100.
  • For questions about submitting receipts, it is best to sit down with our accountant at the FCF main office so she can show you the best way to complete all requirements and give you pointers on how to make it easier.
  • If you visit a store that can issue a tax receipt, a copy of ID won’t be required with the receipt. Usually this can be done at customer service in large stores like Lotus & Makro. Many Director’s save the tax number on their phone which is 0993000056299 and will be requested by customer service.

Donation & Income Claim Procedure

If you receive cash donations, please transfer them to the FCF bank account below and send an email to finance@fcfthailand.org with a picture of the transfer slip and tell us which fund it belongs to. If someone requests a receipt, please contact the Finance Division and we can help you issue a receipt to the donor.

  • Bank Name: Siam Commercial Bank
  • Bank Branch: Changklan Chiangmai 0840
  • Owner Name: The Family Connection Foundation
  • Account Number: 840-207730-0

Annual Budget

  1. Each project and program must submit an annual budget showing projected expenses and income for the coming year.
  2. Project budgets must be approved by your advisory board and included in the minutes prior to submitting the budget to FCF. During the year it’s ok to spend more or less than you budgeted provided you have the funds in your project account, but any large deviations from your budget should be approved by your advisory board first.
  3. Project budgets are due by December 5th and branch office budgets are due by October 15th each year. An email reminder will be sent out prior to the due date.
  4. The purpose of doing this is
    • to help each project and program better plan for the future
    • to project FCF cash flow for the coming year and
    • to help your advisory board and FCF gauge the financial health of each project and program.

Advisory Board

In order to ensure that FCF is compliant with local and international law in regards to funds control, FCF requires that all projects have an advisory board that meets a minimum of every 95 days. In order for the Finance Division to process your funds requests, you must be in compliance with the Advisory Board Policy.

We’d Love to Help!

If you ever need help understanding your financial reports in Aplos, need help working on your fundraising plan, or just have general questions about finance, we’d love to help! You can always email us at finance@fcfthailand.org.