Financial Statements
As a Canadian charitable organization, direction and control comes from Canada. Because all administrative costs, other than bank charges, incurred in Canada are pro bono, all of Partners’ expenses are paid out of our Ethiopian bank. However, all facility development transactions are approved by the CFO in Canada prior to any payments being made. For construction invoices, a consultant engineer inspects the site and certifies quantities used and quality of work prior to the invoice being submitted to the Executive Director, and then the CFO for approval. The Ethiopian financial statements are prepared by the CFO and audited by an auditor approved by the Ethiopian government. The CFO translates those statements into Canadian dollars, adds in the Canadian bank charges and any capital purchases made in Canada, and prepares the Canadian version of the financial statements.