GF/B07/DP7
Approved by the Board on: 19 March 2004
Report of the Monitoring, Evaluation, Finance and Audit Committee (MEFA)
Audited Financial Statements 2003
Decision Point 1
The Board approves the 2003 Financial Statements of the Global Fund which have been audited by Ernst & Young.
From the 2004 audit, any Board member can contact the MEFA Committee to bring to the Board an item that the auditor should analyze.
Performance on Operating Expense Budget & Work Plan
Decision Point 2
The Board mandates MEFA to propose a policy regarding the timeframe from approval to signature of Grant Agreements.
2004 Operating Expense Budget & Work Plan
Decision Point 3
The Board approves the 2004 Operating Expense Budget in the amount of
US$ 52,668,000 as set out in Annex 10 of the Monitoring, Evaluation, Finance & Audit (MEFA) Report GF/B7/8.
Decision Point 4
The Board approves that, with regard to Secretariat flexibility to transfer
budget between functions and expense types within the overall budget, the following rules shall apply :
- Maintain the separation between the budget for LFA Fees and that for Secretariat Expenses. No transfers are allowed between these two items.
- Within the budget for Secretariat Expenses, allow transfers between the following five groups of functions (Portfolio Management and TRP; Strategy, Evaluation and Program Support; External Relations; Executive Director and Board Relations; and Operations) subject to the approval of MEFA.
- Within the budget for each functional grouping, allow unlimited transfers between expense lines.
- That MEFA shall review and, if considered necessary, adjust this policy in the light of experience during 2004.
- MEFA shall have the final approval authority for the use of contingency funds.
Decision Point 5
Each recommendation submitted to the Board for adoption will include an annex to inform the Board of its budgetary implications.
Decision Point 6
The Board instructs the Secretariat to conduct, under MEFA oversight, an analysis of Secretariat staffing levels and skills mix, including a mix of fixed and temporary staff and the profile of salaries and benefits, to inform the preparation of the 2005 budget, and that this analysis together with the Secretariat recommendations for the profile of a mature Secretariat for Global Fund operations, be submitted to the Ninth Board meeting together with the 2005 budget for approval.