The funding made available by the Common Fund is public money. The management of financial resources must at all times be transparent and the use of funds be fully accounted for. It is the responsibility of the Project Executing Agency, by accepting the funding through its signature of the Project Agreement between the Project Executing Agency, the Common Fund for Commodities and the Supervisory Body, to have in place all appropriate administrative procedures and a stable financial management structure.
The revised version of the Financial Procedures Manual outlines the Common Fund’s requirements in respect to administrative and financial management. The Manual contains guidelines on the project account, procedures for the procurement of goods and services, and mandatory financial reporting and auditing requirements. The Manual also includes a range of annexes that provide information and specific examples to facilitate prudent management and accounting of project funds.
The Common Fund will be pleased to provide additional clarification and further guidance in order to ensure project funds are used in the most efficient way and in accordance with the Common Fund’s requirements.