Caroline Kariuki, Director, Finance and Administration, International Open Society Initiative for Eastern Africa
The IFR4NPO Country Champion in Kenya, Caroline Kariuki recently hosted a meeting for those with an interest in non-profit financial reporting. We asked her to share her reflections.
The interest has been quite inspiring considering the high number of participants and that so may stayed for the full 2 hours. Some said this project is long overdue and even felt that waiting until 2025 is too long for a country like Kenya with no national reporting guidelines for NPOs in place. In terms of the benefits, participants looked forward to consistency in treatment of gifts-in-kind, and notes to the financial statements that are relevant to the users of the reports. They cited greater efficiency in preparation of reports that are acceptable by key stakeholders like Government and donors, and also noted that consistency would enhance peer to peer learning, even across borders.
We will need to engage Kenya Revenue Authority, Non-Governmental Organizations Co-ordination Board, Members of Parliament and banks. Fortunately, the Institute of Certified Public Accountants of Kenya is already keenly supportive. Switching over to the new reporting guidelines will certainly present a challenge, and participants wondered whether the framework will accommodate actors like churches and small Community Based Organisations.
The clarion call on participants to actively engage with the project’s online platforms and subscribe to the bimonthly newsletter not only for networking but to engage with other professionals and participate in the consultation process in 2021.
I learned the need to use different networks to reach as many participants as possible. This is because buy-in from stakeholders is key to the success of the project, hence the need to identify key change agents as support.
We are so grateful to Caroline Kariuki and all our Country Champions for their wonderful voluntary service in reaching out to stakeholders all over the world! You can find details of the meeting, including a video recording here.