Transparency and Accountability
The Khmer Foundation follows the international transparency and financial accountability standards. The Khmer Foundation has two governing bodies, the General Assembly and the Board of Directors and one advisory body: the Leadership Council.
The General Assembly consists of founding members, partner organizations and former beneficiaries (graduated students). The Board of Directors consists of local and international professionals that have access to all financial accounts, financial reports and budgets, on a yearly basis and so provide oversight to the Foundation. The Leadership Council is comprised of members that devote a significant amount of their time, on a volunteer basis, to contribute to the development and sustainability of the Khmer Foundation and its activities. Most of the members have themselves contributed financially to fund the Khmer Foundation.
The members of those three bodies can request any financial reports, accounting reports, and budget documents at any time, and have full access to them and can report at any time to the Board of Directors any irregularities that would occur intentionally or unintentionally.
An internal policy is applied to ensure that the diversity of profiles and a background check of each member of the three bodies to ensure that there is no collusion or conflict of interests.
Each financial donation, whatever the amount, is recorded, along with the donor’s name. The donation can be allocated for a specific purpose, if the donor wishes to, and the use of the funds can be traced and communicated to the donor.
The Khmer Foundation uses the financial and banking services of ANZ Royal Bank, an international Australian bank which is a regional leader in its sector. ANZ complies with very high international banking and financial management standards (www.anzroyal.com/en/About-Us/Our-Company/ANZ-Cambodia)
Independent auditors/professionals are being engaged and have been conducting audits and spot check missions to verify that all the Khmer Foundation operations are complying with the standard management rules and regulations and to possibly detect management irregularities.
We aim to maintain this practice on a yearly basis and to engage in a Corporate Social Responsibility agreement with an international audit firm that could provide auditing services to the Khmer Foundation.
The Khmer Foundation takes very seriously any misbehavior, intentional mistakes or fraud from any of its staffs. Since its creation, the Khmer Foundation’s has never been involved in any misuses of funds and is actively preventing any conflict of interests to take place.
The Board of Directors’ members can mandate, on demand, specific audit missions, that are being conducted by independent professionals from the development organizations or the private sector. The yearly accounts are posted on the website.