Financial Management Officer

Rolling Plans Pvt. Ltd (RPPL) announces the vacancy for Rural Enterprises and Remittance Project (RERP) . SAMRIDDHI is a seven-year project funded by International Fund for Agriculture Development (IFAD) and executed by the Ministry of Industry (MOI). Government of Nepal (GON) that aims at providing sustainable sources of income to poor households, migrant families and returnees in the Eastern and Central Regions of Nepal, by supporting the creation and expansion of family, micro, small and medium rural enterprises, both in the farming and off farming sectors. The goal of the project is reducing poverty and achieving sustainable peace through employment-focused, equitable and inclusive economic development.

APPLICATION PROCEDURE:

Application should include a cover letter, updated Bio-data and self-verified copies of necessary documents that qualify the CV. The application through email and/or by post should mention the job position and vacancy code in the subject line or in the envelope respectively. 

Fill the Application Form online from the link: www.rollingplans.com.np/samriddhi

The TOR may be revised at the time of employment agreement.

The organization reserves the right to reject any/all applications without assigning any reason whatsoever. Canvassing at any stage of the process shall lead to automatic disqualification.

DEADLINE:

The application needs to be received latest by 17:00Hrs, October 30, 2016 (Kartik 14, 2073) 

Financial Management Officer

Position’s Key Features

Job Title: Financial Management Officer (FMO)

Duty Station: PMO Itahari, Sunsari with frequent travel to Kathmandu and the project areas (about 30% of the time)

Mode of Contract: Annual, with six-month’ probation period, and extendable up to the project period based on satisfactory performance

Reporting to: Chief of Accounts (government deputed) 

PROJECT OVERVIEW

Rural Enterprises and Remittances (RER) - SAMRIDDHI is a seven years’ project signed between the Government of Nepal (GON) and International Fund for Agricultural Development (IFAD) on 10 December 2015 covering 16 hills and Terai districts. It aims at providing sustainable sources of income to poor households, migrant families and returnees in the Eastern and Central Regions of Nepal, by supporting the creation and expansion of family, micro, small and medium rural enterprises, both in the farming and off-farming sectors. Ministry of Industry (MOI) is the Executing Agency. Agro Enterprise Center (AEC) under Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Helvetas Nepal, selected financial institutions and the business development service providers extending services to the rural areas are the key implanting partners. The Project comprises three inter-linked components encompassing the full set of interventions required to support RMSEs’ profitable and sustainable growth:

• Component 1: Promotion of RMSEs aims at (i) strengthening micro and small entrepreneurs, migrants and their families with sustainable access to adapted Business Development Services (BDS), i.e. non-financial services in support to enterprise creation and/or expansion; and (ii) vocational training and apprenticeship to poor households to build their skills and to secure gainful wage employment in RMSEs. Activities will be driven by an assessment of markets, business opportunities and available services and by an inventory and classification of existing RMSEs through a validation process.
• Component 2: Productive Investment builds on results of component 1 and aims at (i) facilitating RMSEs/migrants/remittance recipient households’ access to financial services at an affordable cost by sustainable financial institutions; and (ii) mobilizing migrants’ resources and skills for creating assets and promoting profitable rural enterprises. It will develop innovative financial instruments designed to offset major constraints faced by RMSEs in accessing investment loans at an affordable cost and to stimulate migrants’ savings and investment in profitable business development.
• Component 3: Institutional Support and Project Management aims at promoting a favorable policy and institutional environment supporting the development of RMSEs at a national scale and the contribution of migration to sustainable development.

Implementation Arrangements

The MOI is overall responsible for coordination and oversight. A Project Management Office(PMO), located at Itahari is responsible for day-to-day implementation of project activities with support from two Corridor Teams providing technical and management support to Enterprise Service Centers (ESCs) and migration-related activities at the district level. Technical partners - Helvetas Nepal and South Asia will support to implement of vocational training and knowledge management aspects. Besides, selected financial institutions and business development service providers’ are expected to support the implementation. A Project Steering Committee headed by MOI Secretary at the national level will provide oversight and guidance.

Expected Results

The development objective of the Project is that viable RMSEs, in both farming and off-farming sectors, provide sustainable sources of income to poor households, migrant families and returnees. Main indicators are: (i) 60,000 RER supported rural entrepreneurs expand their existing business or create a new one; (ii) 30,000 rural youth access job placement services; (iii) 30,000 RER-supported enterprises are still in business after 3 years, of which 33% owned by women/30% owned by migrant returnees; and (iv) 21,000 RER supported vocational trainees and apprentices, of which 33% of women, are in gainful employment over at least 6 months

Scope of Assignment:

The FMO supports the project in streamlining the accounting procedures including in generating necessary reports using computerized accounting software and helps ensure a smooth flow of funds by ensuring the compliance of the financial rules of the Government of Nepal and the IFAD. The FMO is expected to work alongside the government deputed chief of accounts and ensure that the seamless flow of project resources and timely execution of project activities.

KEY RESPONSIBILITIES AND DUTIES

The Financial management Officer should be responsible for managing the accounts of the Project to ensure the  regular flow of funds and meeting the reporting  standards of GON and IFAD.  Her/his responsibility (but not limited to) include:

Project  planning:

• Assist the PM and P M&E specialist in preparing the Annual Work plan and Budget 
• Prepare annual Fund flow plan on the basis of the annual work plan and budget, get it approved from Accounts Chief,  PM  and intimate the same to IFAD
• Guide the corridor team and the ESC in preparing the annual fund requirement for their activities as per the  Annual Work plan 
• Check the fund requirement plans submitted by the corridor team and  develop a consolidated plan
• Design the reporting formats meeting the requirements of the GON and IFAD. 

Project Management

• Manage the PMO Accounts 
• Identify the changes needed in the software and ensure that these changes are executed
• In close consultation and under the guidance of the Account Officer and the PM,  assess the necessary accounting and management report requirements including trial balance, bank reconciliation (cash flow statements),  withdrawal applications as per IFAD needs and identify the accounting software capable of meeting these needs 
• Assist the Account officer in getting  of a project wide Accounting software that will be capable of  project expenditure by category, by component and activity and the MIS requirement
• Maintain essential financial recording, stock management and reporting system as per the PIM
• Assist the Project Manager and the Account Officer in timely withdrawal applications at least once in each trimester for replenishment of Designated Accounts in USD or reimbursement in GON treasury, and ensure that correct supporting documents are submitted; currency conversions are done in accordance with IFAD requirement and sent to IFAD within the agreed time schedules
• Ensure that all program consolidated reports are prepared and sent to IFAD and meet the IFAD reporting requirement and deadline 
• Ensure that flow of funds from IFAD to PMU, as well as from PMU to district program offices and other line agencies are disbursed in accordance with the approved AWPB.
• Ensure that the budgets as well as the actual expenditure are in accordance with the Financing Agreement between the GON and IFAD.
• Facilitate audit by the Auditor General's office and Ensure that the project accounts are audited in time and audit reports are sent to IFAD.
• Participate in the preparation and maintenance of consolidated program Log of Audit Observation and Table of Summary Report of Audit Observations.
• Assist corridor and district program accountants in the preparation of statements of accounts for regular reporting and auditing, and in the speedy resolution of audit objections and observations. (Monthly)
• Ensure collection of timely statements from the corridor and the district teams

Monitoring and evaluation:

• Work with the M&E Expert in setting up the mechanism that allows the measuring the extent of financial  fund flow too various project activities
• Prepare financial reports to be submitted to the GON and IFAD
• Conduct periodic visits to the Districts and ascertain that the activities are undertaken as per the normal financial rules and report the discrepancies if any
• Work to remove the discrepancies if any. 

Training and skill development:

• Identify the skill requirement of the corridor and ESC accountants
• Provide orientation and necessary training to the Corridor/District Project Accountants and other staff involved in program financial management.
• Train /help partner organizations to prepare/submit accounts/reports the accounts as per project requirement

Others: 

• Do other work as assigned by the Project Manager, Chief of Accounts

QUALIFICATION, EXPERIENCE AND COMPETENCIES:

• Post Graduate or proffessional degree in  Accounts, Finance, Financial Accounting or related field from a reputed institution
• 3 years’ of professional experience in managing finances of a development project/program and/or private sector company
• Proven experiences of preparing withdrawal applications, project financial statements and other periodic financial reports  for any international financial institution
• Experience of working with donor agencies and knowledgable about their requirements
• Knowledge of Nepalese and International Accounting Standards
• Full working knowledge of MS Office suite including MS project and conputarised accounting software including ERP softwares.
• Ability to work in a multi disciplinary team and facilitate the working of other teammembers
• Excellent communications skills - spoken and written, both in English and Nepali

Desirable

• Understanding of the financial rules and procedures followed by IFAD

Salary and Benefits

• The salary will be paid for only twelve (12) months and is negotiable within the range between NPR 120, 000 to NPR 145,000 as decided by the Project Manager. 
• Tax on the salary will be applicable as per the prevailing GON rules and regulation. 
• Travel and the Daily Subsistence Allowance (DSA) will be as per the prevailing GON rule as applied for the gazetted class II officer while traveling out of the work station for official purpose.

Other Entitlements

• Leave: The Specialist will be provided with 21 days of home leave and 6 days of casual leave annually, which will not be carried over to the next year. S/he will also be provided 12 days of sick leave per year, which if not consumed, will be carried over to the next year. The unspent sick leave will be compensated as per the existing salary scale at the time of termination of the contract or closing of the Project. In addition, s/he will also be provided with Mourning Leave – 15 days, Maternity Leave -2 months for women (15 days for men, for maternity care leave) and all public holidays.
• Insurance: The Specialist has to insure his/her life including accidental insurance. The Project will reimburse 50 % of the monthly premium for the period working with the Project, not exceeding Rs. 300 per month, upon submission of copy of insurance policy and receipts.

Performance Assessment

The performance assessment of the Admin/Finance Officer will be based on the quality and timely completion of the tasks assigned and contributions to the Project outputs and outcomes. Details on the indicators for performance assessment will be negotiated and agreed upon on a later stage once s/he signs contract with the Project. The Project reserves the right to terminate the contract if the performance of the MS is assessed as unsatisfactory.

These Terms of Reference are subject to revision/update annually per requirement of the Project based on planning trajectory, modification in project design, or as recommended by Joint Reviews/Supervision Missions and lessons learned during the course of implementation.