TFMI follows a specific methodology to achieve effective financial management within an organization to achieve effective financial management.

Review Governance

• Determine accountability,
• review existing policies and procedures,
• review the existing authorization framework,
• establish if transparency exists,
• review for proper documentation and support, and
• document management.

Establish Deliverables

• Establish the overall goal of the organization, in a financial context,
• break it down into its components and programs,
• establish expected results and deliverables for each program,
• create a methodology to reach them, and
• get the entire organization involved – create buy-in.

Develop Forecasts

• Establish what each of the deliverables will cost,
• determine which resources or funding is available to support them, and
• establish possible cost sharing across programs.

Create the Budget

• Must be effective – What we expect more than what we want,
• match activities with costs,
• understand core vs. program costs, and
• ensure the program can help support the overall organization.

Collect the Data

• Follow Policy and Procedure.
• Processes:
  • PO Systems,
  • expense reports,
  • authorization framework, and
  • gather documentation and support.

Understand the data

• Internal reporting always against the budget, and
• conduct a variance analysis.

Reporting the data

• Meet the funder’s requirements,
• make sure it is timely,
• make sure it is accurate, and
• follow the required format.