Financial Accountability Procedures.
During our fact-finding mission in February 2009, we asked our Nigerian Partners to set up a bank account in order to receive the funds wired for the US for the project. A system of financial accountability and reporting was devised, whereby they would send us an estimate of material and labor costs. Designated funds would be wired to their dedicated bank account in Nigeria. After the funds were exhausted, photos and an accounting of expenses would be sent to AEP. After board review, the next installment would be wired to Nigeria.
We opened an account in the name of AEP with our bank in Connecticut to receive donations from US supporters.
This system has worked very well for the last nine years.
At our first fundraising banquet we received pledges amounting to a total of $39,000. These funds were used start on the first phase of the project.
In addition to the pledge drive, we also made the needs of the project known as widely as possible through newsletter, website and word of mouth. These efforts have brought in a steady flow of donations from individuals.
We have also approached several small foundations and received grants for specific needs such as textbooks, a copy machine and computers for the school office.