Committies

Functions of the Committies

1. Develop and implement procurement strategies and policies
2. Oversee the selection of suppliers and vendors through a process. Evaluate vendor proposals based on quality, price, delivery schedules, and other relevant criteria
3. Approve purchase orders and contracts that exceed certain financial thresholds.
4. Ensure that purchases comply with company policies and are within budgetary limits
5. Lead negotiations with vendors for pricing, terms, delivery schedules, and other contract details
6. Ensure that contracts are legally sound and protect the organization’s interests.
7. Monitor and track spending against the approved procurement budget.
8. Ensure that purchases do not exceed budgeted amounts and help control costs
9. Oversee the maintenance of inventory levels, ensuring optimal stock levels are maintained to avoid shortages or excess inventory.
10. Monitor the consumption rates of supplies and adjust purchasing plans accordingly.
11. Ensure all procurement processes are compliant with legal, regulatory, and internal policy requirements. Maintain accurate documentation of all purchasing transactions for auditing and accountability purposes.
12. Develop and approve the organization’s annual budget.
13. Monitor financial performance against the budget, ensuring that expenditures are in line with forecasted income. Recommend adjustments to the budget as needed throughout the year.
14. Review and approve financial statements, including balance sheets, income statements, and cash flow statements.
15. Ensure that the organization’s financial reporting is accurate, timely, and in compliance with applicable accounting standards.
16. Monitor cash flow to ensure the organization has adequate liquidity for operations and planned investments