Financial Policy

Introduction: This Financial Policy establishes the principles, procedures, and guidelines for managing the financial operations of Embizo Solution Developers. The policy is designed to ensure financial sustainability, transparency, and compliance with South African laws and regulations.

Purpose

• Establish a framework for effective financial management including planning, budgeting, procurement, and reporting.
• Ensure compliance with relevant legal and regulatory requirements.
• Provide clear guidance to employees on financial responsibilities and procedures.

Scope

This policy applies to all employees, departments, and financial transactions of Embizo Solution Developers.

Governance Structure

• Board of Directors: Approves budgets, statements, and key decisions.
• Finance Committee: Oversees financial reporting and reviews policies.
• CFO: Responsible for financial operations and compliance.

Key Sections:

• Financial Planning: Includes 5-year strategy and annual budgets approved by the Board.
• Cash Management: Bank account oversight, reserves, petty cash policy.
• Revenue Management: Invoicing, forecasting, and recognition aligned with IFRS/GAAP.
• Procurement: Includes transparent bidding, contract management, and expense approval.
• Assets: Register, depreciation, maintenance, and disposal protocols.
• Financial Reporting: Monthly & annual audits, both internal and external.
• Compliance: Tax submissions, regulatory filings with CIPC and SARS.
• Risk & Insurance: Risk framework, insurance coverage, and fraud prevention.
• Records & Systems: 5-year retention, secure document management, IT support in finance.

Annual Review

The Financial Policy is reviewed annually. Updates must be approved by the Board. All employees sign acknowledgment forms to confirm receipt and understanding.

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Refund Policy

Purpose

This policy outlines the terms under which E-mbizo Academy processes learner refunds, ensuring fairness and compliance.

Scope

Applies to learners who have made payments for tuition, registration, assessment, or certification fees.

General Refund Conditions

• Requests must be in writing to the Finance Office.
• No refunds after first exam unless exceptional case is proven.
• Proof of payment required.
• Refunds go to original payer unless authorized otherwise.
• Processing within 21 working days of approval.

Documents Required

• Completed refund form (get it at embizo.academy/campus/)
• Proof of payment (e.g., bank statement or card slip)
• Stamped confirmation of banking details (for EFT)
• Supporting documentation if needed (e.g., rejection letters)

Refund Eligibility

• Overpayment
• Registration cancellation before course starts
• Withdrawal within eligible period
• Non-delivery of materials
• Technical access issues

Fees & Deadlines

• R250 admin fee for all approved refunds
• Course-specific withdrawal deadlines in study guides

Disputes

Appeals must be submitted in writing within 7 working days of a refund decision. Final decisions rest with executive management.

Contact

For questions, email the Finance Department at sharon@embizo.co.za