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GEF Funds Flow

GEF Funds Flow. “Intro to the GEF” Training for WWF-US and CI November 1, 2013 Multilateral Trusteeship and Innovative Financing (CFPMI) Concessional Finance & Global Partnerships (CFP). Roadmap. The GEF Funds Flow Financial Procedures Agreement Reporting Requirements.

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GEF Funds Flow

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  1. GEF Funds Flow “Intro to the GEF” Training for WWF-US and CI November 1, 2013 Multilateral Trusteeship and Innovative Financing (CFPMI) Concessional Finance & Global Partnerships (CFP)

  2. Roadmap • The GEF Funds Flow • Financial Procedures Agreement • Reporting Requirements

  3. Cash received (USD) Returned Funds from Agencies Released from Commitment Release from set-aside “Billing”: IoC deposited with Trustee Funding Approvedby Council Funding Endorsed by CEO Funding Committed by Trustee “Pledge”: Recorded Funding Set aside by Trustee Note received Note encashed Restricted resources The GEF Funds Flow [for Full size Project] Implemen-tation Funding Decisions Replenishment and Contribution Management Transferred toAgencies Funding Availability for programming decision

  4. Financial Procedures Agreements A set of legal documents governing the business relationship between the IBRD as the Trustee of the GEF Trust Fund and the GEF Agencies, setting definitions and rules for: • Commitment of funds by Trustee • Amount, date of Council approval/CEO endorsement • Letters of Commitment • Setting financial liability for Agencies including adjustments for cancellation and closed projects and fees • Transfer of funds to GEF Agency • Use of funds by GEF Agency • In accordance with Agency’s policies and procedures • Trustee is not responsible for use of funds by Agency • Reflows from GEF Agency to the Trustee • Investment income arrangements • Reporting requirements (Quarterly, Semi-annual and Annual)

  5. Reporting Requirements • To comply with External Auditors, Internal Audit Unit and Controllers requirements, there is a need for a more consistent flow of information between Trustee and the Agencies. • Quarterly reports within 30 days after the end of each quarter informing the Trustee of: • Individual projects (FSPs, MSPs, EAs only) approved by the Agency Board, ready to receive GEF funds; • Individual projects (FSPs, MSPs, EAs, PPGs, PDFs) and Special Initiatives that were dropped, cancelled or financially closed (including closing date, final amount used and amounts unused); • Individual fees cancelled; • Reflows of funds received by Agency from GEF projects. The Trustee uses these reports to adjust its liabilities towards the IAs/EAs.

  6. Reporting Requirements • Semi-annual Investment income reportswithin 60 days after the end of each semester and returns funds to Trustee, as requested. • Annual audited Financial Statementswithin six months after the end for Agency’s fiscal year. • Annual Reconciliation Reportsupon request by Trustee.

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