FCDS is committed to INTEGRITY, TRANSPARENCY, and ACCOUNTABILITY in all levels of our operations.
Our Mission Statement:
There are individuals in this world that live with challenges trapped by bad habits or social dilemmas. These entrapments can lead to various vices and addictions, increasing the individual’s vulnerability to a life that limits their potential. Situations like these and other life patterns can contribute to life cycles of extreme poverty manifested not just physically but also emotionally or spiritually. We exist to bring hope by whatever means possible so that some may experience a better future and partner with like-minded individuals and organizations to do so. We are a Guatemalan non-profit with a mission to help as many in Guatemala as possible.
– Methods of receiving funds are as follow:
- In the U.S. – We partner with The Guatemalan Dream, Inc. (theGDC), a 501(c)3 non-profit established to collect and transfer funds for the benefit of FCDS. theGDC collects funds through an online giving portal, ACH bank transfer, and checks received. Funds are then sent via direct transfer to the FCDS bank account in GUA for disbursement and use.
- In Guatemala – Funds are received directly to FCDS and then disbursed for use.
– Once received, funds are managed in the following manner:
- The Board of Directors of FCDS will annually approve an operating budget. Resourcing will be disbursed following the operating budget and GUA regulations.
- Designated resourcing given to FCDS, will be used for said purpose. GUA regulations state that aid given to the beneficiaries must be given in kind. Purchases for beneficiaries will be made by FCDS personnel with invoices requested in the foundation’s name, using NIT 9638658-4. Designated funds will be disbursed as soon as possible upon receipt in the U.S. and the subsequent transfer to GUA.
- As an organization, FCDS can only make gifts and donations for a total of less than Q. 500,000.00 per year. This amount will be the maximum to be gifted on an annual basis.
- If one desires to help one of our partner (or other) projects outside FCDS’s coverage, the expenses must be given directly to the institution’s name. Cash aid directly from FCDS is not allowed.
Reporting of Funds:
- The usage of funds will be reported in corporate monthly, quarterly and annual financial statements.
- These same reports will be available for download from our website and on request.
- Compliance manual for the prevention of money laundering or other assets and terrorist financing.
Glossary of Terms
- Donation: Act by which a natural or legal person freely and irrevocably transfers part of their assets.
- Donor: Natural or legal person who performs the act of donating.
- Beneficiary: Natural or legal person who receives the donation. Those individuals who have possession or control of a client (constituted as a person or legal structure).
- Bribery: Commits the crime of bribery
- Money or Asset Laundering: Also known as corruption, money laundering, or operations with resources of illicit origin, it is an operation that consists of making the funds or assets obtained through illicit activities appear as the fruit of legal activities and circulate without problem in the financial system. For there to be money laundering, it is necessary to have previously committed a serious criminal act and obtain illegal profits that want to be introduced into the financial markets or other economic sectors.
Beneficiary or donee.
- Comply with the Donation Agreement and agreed budget
- Deliver a copy of the budget to enter the accounting system.
- Opening a specific account for the project
- Report of activities, income, and expenses, according to an established agreement.
- Preparation of monthly bank reconciliations
- Make sure to comply with the legal and accounting policies of Guatemala
- Deliver donation receipt, ISR deductible
- Submit a monthly work plan and budget.
- Request money advances for execution by requesting funds.
- Ensure the accounting invoices settle the advances received on the scheduled date and comply with the accounting requirements.
- Respect the established budget.
- Present narrative and financial report quarterly, or when requested
- Pay administrative costs and bank transfers.
- Donation agreement and approved budget.
- Money funds transfer
- Review of technical and financial reports