SADC Financial Regulations Effective 1 April 2013 “Financial Year” means: (b) a period of twelve months ending on 31st March; and (c) in relation to a project and or specific action, its annual accounting period; “Funds” means resources available at any given time for application to programmes, projects and activities of SADC as provided by Article 26 of the Treaty; ‘‘Fruitless and wasteful expenditure’’ means expenditure that was made in vain and would have been avoided had reasonable care been exercised; “Grants” means(a) non-repayable receipts from Governments, Development Partners; or (b) non-repayable payments made by SADC; “Gratuity Fund” means the Gratuity Funds established under the Standing Orders; ‘‘Irregular Expenditure’’, means expenditure incurred by SADC in contravention of, or that is not in accordance with, the requirements of these regulations and schedules but excludes expenditure which falls within the definition of ‘‘Unauthorised Expenditure”; “Imprest Account” means the account authorised by the Accounting Officer for an approved vote. Controlling Officers shall spend the appropriation in the vote from imprest accounts; “Internal Control” includes the controls adopted to ensure that within SADC: (a) revenue is properly collected; (b) expenditure is valid and correctly authorised; (c) revenue, expenditure, assets and liabilities are properly recorded and accounted for; (d) financial and operating information is accurate and reliable; (e) assets are safeguarded against loss or destruction; (f) SADC resources are employed and managed in an effective, economic and efficient manner; (g) there is no waste or extravagance with respect to SADC resources; Page 10 of 100