Policy Statement Finance


London Muslim Mosque Board of Directors is responsible for ensuring that all financial activities are aligned to the organization’s objectives and strategic plan. The London Muslim Mosque Board of Directors is accountable to the Members for management of the organization’s finances.



  • Each year, the Board of Directors will provide information about deadlines and any parameters required for departmental budget submissions.

  • Individual departments will develop budgets based on required parameters and submit them to the identified contact for the Board of Directors by the deadline provided.

  • The Departmental budgets are consolidated into an overall annual budget for London Muslim Mosque, and the Board of Directors approves both the individual department budgets and the overall annual budget for London Muslim Mosque.

  • The overall annual budget for London Muslim Mosque must be ratified by the Members at a duly called and constituted member’s meeting.

Financial Management and Reporting

  • Each department will report results monthly on a schedule to be provided annually, to the individual noted in the schedule. This report will include any variation from budget either actual or expected and provide the rationale for such variance.

  • Departments must bring to the London Muslim Mosque Board of Directors for approval any out-of-budget requests that will cause the expense budget to be exceeded.

  • Departments must bring to the London Muslim Mosque Board of Directors any anticipated shortfalls in revenue that will cause the bottom-line of the budget to be negatively impacted as soon as they are aware that there is a likelihood that this will occur.

  • The London Muslim Mosque Board must bring to the Members any expenditure or potential funding shortfall that exceeds the total annual organizational budget by 5% or more.

Financial Procedures

  • Cash donations/payments to London Muslim Mosque may only be accepted by the Finance Manager or their designate. Any exceptions to this must be approved by the Finance Manager in advance. If a staff member or volunteer is asked to accept cash for any purpose for London Muslim Mosque, they must not accept it and connect the individual with the Finance Manager.

  • Donations or payments by cheque or other non-cash means may only be accepted by staff or volunteers who have been specifically delegated this responsibility by a key leader (a Principal, Imam, or the Operations Manager) who will then forward it to the Finance Manager.

  • Any individual accepting donations or payments to London Muslim Mosque must have received training on the appropriate way to handle such transactions to ensure transparent accounting and tracking.

Bank Accounts/Financial Instruments

  • No bank account may be opened, or financial instrument (e.g., credit card, investment) acquired without approval of the London Muslim Mosque Board of Directors who will also set the signing authorities for the account or instrument.

  • All bank accounts and financial instruments must be in the name of London Muslim Mosque (any funds directed for a particular purpose will be tracked through the accounting process).