9 Financial. Resources Mobilization, Management and Oversight. The Board s Role in Financial Oversight GOVERNANCE HANDBOOK IN THIS SECTION

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1 VERSION 2 May 2014 GOVERNANCE HANDBOOK 9 Financial Resources Mobilization, Management and Oversight IN THIS SECTION This section provides information on: the role of the Board and its committees in financial decision-making and oversight; how the Global Fund mobilizes and manages financial resources; the role of the Trustee; how the forecasting of resources available for Global Fund investments is made; and the policies supporting financial decisions. The Board s Role in Financial Oversight As directors of a financing institution, all Global Fund Board Members play a key role in financial oversight. Donors, implementers, technical experts, advocates, partners and other stakeholders must all be aware of the Global Fund s financial situation and of how funds are raised, managed, spent and accounted for. The Board must approve the following financial decisions on how to raise and invest Global Fund resources: The resource mobilization strategy. The parameters to apportion available resources for the three diseases and individual country allocations over the Allocation Period, and the eligibility criteria for access to funding over the Allocation Period. Funding requests based on the recommendations of the Technical Review Panel and the Secretariat. The Global Fund s annual operating expenses budget. Policies that dictate the inflow and outflow of Global Fund resources. The annual financial report and audited financial statements of the Global Fund.

2 FINANCIAL MANAGEMENT AND FORECASTING KEY DEFINITIONS Replenishment Period refers to a defined (fixed) period of typically three years over which donors pledge resources to the Global Fund. Replenishment Conference refers to the periodic meeting in which donors convene to pledge resources to the Global Fund for a defined Replenishment Period. Announced Replenishment Results refers to the amount of donor pledges publicly announced, in the aggregate and on a per-donor basis, during or subsequent to a Replenishment Conference and related to the Replenishment Period. Pledges refers to public, legally non-binding, statements from donor governments about planned Contributions to the Global Fund. Actual paid-in Contributions may differ in their timing, amount and asset form when compared to the original Pledges. Pledges are adjusted by the Secretariat based on revisions to the expected timing and amount of Contributions. Contributions Actual income in a cash or non-cash form received from donor governments, foundations and other private Sources of Funds (including innovative financing mechanisms). Allocation Period the defined (fixed) typically three-year period in which Sources of Funds are notionally allocated to Uses of Funds to finance funding initiatives authorized by the Board. Applicants must submit a funding request and receive Board authorization within this period to access their allocation of Sources of Funds for such period. The three-year Allocation and Replenishment Periods are aligned. Sources of Funds refers to the adjusted amount of Replenishment Results announced at the Replenishment Conference and other authorized sources, on hand or expected to be received, that may be allocated to finance Uses of Funds (defined below) during the Allocation Period. Sources of Funds shall be denominated in a freely convertible currency. Uses of Funds refers to the notional, unfunded liabilities, approved or to be approved by the Board and attributable to funding initiatives or categories authorized by the Board over an Allocation Period (e.g. operating expenses, grants and other authorized activities). Disbursements refers to cash actually paid out by the Global Fund to grant recipients or designated third parties, either in U.S. dollars or in euros. Amounts actually disbursed may be less than maximum funding approved for a grant, depending on country performance or adjustments to program goals over the lifetime of the grant. Annual Funding Decision refers to the process of determining grant funds to be disbursed on a staggered basis over the subsequent period for which such funding is approved for utilization, which shall not exceed 12 months. The Committees Role in Financial Oversight In making those decisions, the Board is supported by its committees. As a general principle, committees recommend any material changes to financial policies and strategies to the Board for final approval. The full Board retains decisionmaking authority on program funding decisions throughout each Allocation Period and plays a critical role in supporting resource mobilization by shaping fundraising mechanisms. In particular, the Finance and Operational Performance Committee oversees and reviews: the Global Fund s financial position throughout the Allocation Period; and the feasibility of accommodating any other Board-approved Uses of Funds and the amount of additional resources that may become available for eligible programs. (See Section 3 for more detailed information on the funding allocation to countries and other Board-approved Uses of Funds). the status and effectiveness of replenishment activities on behalf of the Board; the methodology for the forecast of resources and evaluates each forecast to provide analysis and insight to the Board on the amount of resources available for allocation to countries at the start of the Allocation Period; 2 GOVERNANCE HANDBOOK

3 The Secretariat s operating expenses budget process is also overseen by the Finance and Operational Performance Committee, which recommends the annual operating expenses budget to the Board for approval before the start of each fiscal year. Operating expenses are reported on a quarterly basis to the Finance and Operational Performance Committee and in the financial statements, which are audited by an external auditor. The Audit and Ethics Committee reviews and recommends to the Board for its approval the annual audited financial statements of the Global Fund. Sources of Funding 1 The vast majority of Global Fund income is from donor government Contributions. Since 2002, donor governments have pledged US$40.12 billion, representing 95 percent of all Pledges received by the Global Fund. Cumulatively, over 98 percent of the Pledges from donor governments come from members of the Organization of Economic Co-operation and Development s Development Assistance Committee (OECD-DAC). Innovative Financing Innovative financing mechanisms provide a means of increasing, diversifying and complementing financial support to the Global Fund by building new partnerships to raise additional resources from nontraditional sources. Examples of current innovative financing mechanisms are: Debt2Health a debt swap mechanism in which creditor nations relinquish a part of their rights to re-payment of bilateral loans on the condition that the beneficiary country invests the freed-up resources in its programs against AIDS, tuberculosis and malaria through the Global Fund system. To date 2, claims swapped under Debt2Health agreements total close to US$220 million. (PRODUCT)RED (RED) engages business and consumer power in the fight against AIDS in Africa. There are currently about 25 (RED) partners including: Bank of America, Apple, the Coca-Cola Company, Mars Galaxy, and Starbucks. To date, (RED) has generated over US$275 million for the Global Fund. Contributions from (RED) have helped to support HIV/AIDS grants in eight countries in Africa. Since the Global Fund s inception, private sector and non-government actors from businesses, corporations and social enterprises to philanthropic foundations and individuals have contributed to the work of the organization in a variety of ways, including through Contributions of cash and non-cash resources. Other income sources are innovative finance and interest income earned on cash contributions that have been deposited with the Global Fund s Trustee, the World Bank. 1 Figures as of 30 September Figures as of 30 September 2014 SECTION 9 Financial Resources 3

4 Resource Mobilization The Replenishment Mechanism In its early years, the Global Fund relied on ad hoc contributions from donors. Starting in 2005, the Global Fund adopted a periodic voluntary replenishment model designed to improve the reliability and regularity of income streams and to ensure sustained and predictable support to countries. At three-year intervals since then, the Global Fund has organized a series of donor meetings to reflect on results achieved, consider country demand, program investment opportunities and future funding need. These meetings culminate in a Pledging Conference during which donors publicly pledge their multiyear support to the Global Fund for the coming Replenishment Period. Although the replenishment is aimed primarily at public donors, the private sector and foundations also participate. In addition, ad hoc Pledges and Contributions continue to be received outside of the pledging conferences. PLEDGES AND CASH RECEIPT PER REPLENISHMENT PERIOD (Pre-Replenishment) 4,926 4,943 Donor Pledges Cash Receipt (1 st Replenishment) 4,708 4,732 Replenishment Period (2 nd Replenishment) 9,759 9, (3 rd Replenishment) 10,500 10, (4 th Replenishment) 3, , ,000 4,000 6,000 8,000 10,000 12,000 14,000 US$ (Million) 1 As of 30 September GOVERNANCE HANDBOOK

5 The Fourth Replenishment Conference for the period was held in December 2013 and resulted in an initial amount of US$12.0 billion pledged, the largest amount ever committed to fight AIDS, TB and malaria. By design, a three-year Replenishment Period for which funding is pledged typically coincides in length and timing with the Allocation Period over which funding is utilized to fight the three diseases. Resource Forecasts Following the Replenishment Conference to replenish the Global Fund s resources for the next three-year Allocation Period, the Finance and Operational Performance Committee recommends to the Board the level of available resources for the Initial Allocation to countries. Countrybased allocations rely on their disease burden and ability to pay (i.e. ability to contribute to their national health programs). In addition to approving the amount of the Initial Allocation, the Finance and Operational Performance Committee also recommends financing for special initiatives and regional programs to support strategic objectives of the Global Fund. Additional information on these special initiatives can be found in Section 3 FUNDING MODEL. On a quarterly basis the Secretariat reports to the Finance and Operational Performance Committee on the following items: conversion rate of Pledges made by donors at the Replenishment Conference, and any additional Contributions made by public and private donors for the current Allocation Period; forecast of timing and amount of remaining inflow and outflow of resources; and forecast of the Sources and Uses of Funds throughout the Allocation Period. On an annual basis, the Finance and Operational Performance Committee assesses the amount of additional resources that may be available to finance items on the Unfunded Quality Demand 1 register or other funding initiatives approved by the Board. The resource forecast enables the Secretariat to conduct efficient cash and foreign exchange management, supports the Trustee s strategy to invest resources held at the Global Fund Trust Fund, and helps the Board to understand the resource picture so that it can make informed decisions about policies that will affect the Global Fund s financial situation in the future. evolution of the Initial Allocation approved by the Board in terms of rate of disbursements made to eligible country programs; update on funds disbursed to any other funding initiatives authorized by the Board; 1 See Section 3 FUNDING MODEL SECTION 9 Financial Resources 5

6 How does the Forecast for the Allocation/Replenishment Period Work? The forecast prepared by the Secretariat provides an overview of the financial picture of the Global Fund over the three-year horizon of the Allocation/Replenishment Period. The forecast for each Allocation Period begins by adjusting the Announced Replenishment Results to determine the Sources of Funds that may be available, in addition to any other Sources of Funds that remain unutilized at the start of an Allocation Period, including those that may have originated from a prior Replenishment Period. Adjustments are made to Announced Replenishment Results by the Secretariat based on aligning donor and Global Fund fiscal years, deductions for technical assistance and certain donor conditions. The forecast is further updated based on the payment schedule and amount of donor contributions as they evolve over the course of the Replenishment Period. Before recommending to the Board the level of resources available for the Initial Allocation to countries, based on their disease burden and ability to pay over a fixed Allocation Period, the Finance and Operational Performance Committee endorses the following deductions from the Sources of Funds: operating expenses for the entire Allocation Period, amounts available for special initiatives, and amounts available for regional programs and any other initiatives authorized by the Board. The balance is the estimated amount of assets, or Sources of Funds, that are available for the Initial Allocation over the next Allocation Period. By definition, forecasts are subject to risk. Primary risks include the volatility in the timing and amount of Contributions that materialize from donor Pledges, and the accuracy of other projected donor Contributions. Other risks include the volatility in the exchange rates of the donor currencies versus the currencies in which the Global Fund denominates grant agreements or makes payments, and the level of investment returns generated on the assets managed by the Trustee. Beginning in 2014, a Foreign Exchange Policy aimed at minimizing the impact of foreign exchange volatility risks has been in effect. 6 GOVERNANCE HANDBOOK

7 How Funds are Managed: the Role of the Trustee and the Secretariat The World Bank has served as the Global Fund s Trustee since its launch in The Trustee reports to the Board through the Finance and Operational Performance Committee and has primary responsibility for administering and managing the investment of the funds received from donors. The Trustee s main functions are: Collection Contributions from all Global Fund donors are collected in the Trust Fund administered by the World Bank. Most Contributions are converted into U.S. dollars but some may be held in euros or other relevant currencies to accommodate Global Fund disbursement needs in selected non-u.s. dollar currencies. Investment the Trustee holds and manages donor Contributions in the Global Fund Trust Fund. Global Fund assets are invested according to the Global Fund Investment Framework and the World Bank s investment practices and procedures, to maximize investment returns, subject to maintaining adequate liquidity and preserving capital. Reporting the Secretariat integrates the World Bank s report on the performance of investments into periodic treasury reports. As of 2014, the Secretariat has established a new Treasury function, with the aim of transferring some of the services traditionally provided by the Trustee to the Secretariat. Since that time, the Secretariat exercises full control over cash management and disbursement of funds to Global Fund recipients. The Treasury s main functions are: Commitment/Disbursement the Trustee transfers funds to the Secretariat s bank account for the Global Fund s operating expenses and for Board-approved programs on the instruction of the Secretariat. The Secretariat manages the operating expenses budget approved by the Board for the current fiscal year, and commits and disburses funding to Principal Recipients in implementing countries in accordance with Annual Funding Decisions, whereby periodic cash transfers are processed. It may also disburse funds to third parties on behalf of grant recipients for the procurement of goods and supplies. Foreign-exchange Risk Management the Secretariat applies a Foreign Exchange Management Policy to minimize the risks borne by the Global Fund related to fluctuations on the value of donor Contributions received in different currencies. SECTION 9 Financial Resources 7

8 How the Money Goes From Donors to Countries Contribute Disburse Review Donor Contributions 1 Trustee (World Bank) 2 Secretariat 4 Local Fund Agent 5 3 Principal Recipient 6 Sub Recipient Sub Recipient Donors deposit cash and promissory 1 notes (which are later encashed) with the Trustee, who then invests funds and generates investment returns based on an investment approach and risk tolerance level agreed with the Global Fund. 2 On the instruction of the Global Fund, the Trustee transfers funds to the Global Fund s bank accounts to be available for operating expenses, grant funding, special initiatives or other Board-authorized categories of funding. 3 4 Principal Recipient submits reports to the Secretariat. The Local Fund Agent is provided with such reports, reviews and verifies programmatic and financial results as well as status of conditions and management actions, and provides a forecast of the cash requirements for an Annual Funding Decision (see definition of annual funding decision at the beginning of this section of the handbook). After the Local Fund Agent has verified the Annual Funding Decision request and the related reports and documentation, it issues a recommendation to the Secretariat. 5 6 The Secretariat reviews the Principal Recipient s cash request and the Local Fund Agent s recommendation and makes the Annual Funding Decision. The Principal Recipient spends funds, disburses to sub-recipients and reports on programmatic and financial results to the Secretariat. 8 GOVERNANCE HANDBOOK

9 Policies Governing Funding Decisions Eligibility and Counterpart Financing Policy This policy ensures that Global Fund investments are going to the countries, regions and populations that are most in need and have the least ability to pay. The policy defines: which countries are eligible to apply for funding, based on income and disease-burden criteria; how much countries need to contribute from their own budgets (counterpart financing); and what are the requirements and restrictions on how funds may be accessed. Comprehensive Funding Policy The Amended and Restated Comprehensive Funding Policy was revised by the Board in March 2014 with the objective to adapt it to, and facilitate the full implementation of, the Global Fund s allocation-based funding model. The Amended Comprehensive Funding Policy embodies the financial framework and key principles for the management and allocation of Global Fund resources including the roles of the Secretariat, the Trustee and donors. This policy aims to ensure responsible financial stewardship of Global Fund resources and to maximize the amount, optimize the timing and increase the certainty of resources for grant beneficiaries. This Amended Comprehensive Funding Policy states that the Replenishment and Allocation Periods should be fixed and aligned. As such, the funding decisions by the Board during the typically three-year Allocation Period should be fully matched by the amount of resources received by the Global Fund during the concurrent Replenishment Period. The Amended Comprehensive Funding Policy relies on three key financial measures or safeguards. The goal of these safeguards is twofold: first, to ensure appropriate financial controls for implementers and donors; and, second, to protect the interests of people who are served with Global Fund resources. These three financial safeguards are as follows: i. Asset and Liability Management over a defined three-year Allocation Period. The Asset and Liability Management safeguard sets out the mechanism for matching notional Sources and Uses of Global Fund resources on an aggregated portfolio basis for a given Allocation Period; ii. Cash Management of eligible assets (i.e. unrestricted and unconditional cash on hand and cash equivalents) and eligible liabilities (i.e. formally Board-approved Annual Funding and other financial Decisions) over a one-year horizon. This safeguard sets out the mechanism for matching actual and expected cash inflow and outflows, based on eligible assets and eligible liabilities, on an aggregated portfolio basis over a rolling forward-looking twelve-month period; and iii. Ongoing Liquidity-risk Management supported by a minimum liquidity reserve and back-up liquidity instruments to address short-term cash requirements. A standalone Foreign Exchange Management Policy and Investment Framework implemented by the Secretariat and the Trustee, respectively, complement the Amended Comprehensive Funding Policy. These three policies form the overall financial framework of the Global Fund. SECTION 9 Financial Resources 9

10 Board s Role in Funding Decisions The full Board exercises authority over Global Fund funding decisions: whether to accept new applications from countries and within which time frame. The Board also approves policies or amendments to policies that set out the key funding principles (see below). Specific Board decisions may focus on additional elements related to financial management. The current path to program funding decisions is depicted here. The new iterative application and approval process implemented as part of the strategy may have implications for the funding decision process. THE PATH TO PROGRAM FUNDING DECISIONS Ongoing Country Dialogue Technical Review Panel Second Grant Approval Committee DÉCISION National Strategic Plan Determined by Country Concept Note Grant-Making Grant Implementation Three Years After the Replenishment Conference the Board decides to approve funds available for the next Allocation Period and to accept new program applications. Grant Approval Committee Country applicants must submit a funding request and receive Board authorization within a fixed three-year Allocation period to access their allocation for such period. Board Year 1 Year 2 Year 3 On an annual basis, the Financial and Operational Performance Committee assesses the amount of additional resources that may be available to finance items on the Unfunded Quality Demand register or any other Board-endorsed funding initiatives. (Fixed) Three-year Replenishment / Allocation Period 10 GOVERNANCE HANDBOOK

11 The Global Fund s Operating Expenses The Board reviews and approves the Global Fund s annual operating expenses budget. This budget includes the annual funding needs to cover the following: The Secretariat operating expenses The Office of the Inspector General operating expenses Local Fund Agent contracting fees Country Coordinating Mechanism funding Governance and advisory structures (including Board and its committees, Technical Evaluation Reference Group, Technical Review Panel.) The annual operating expenses budget, together with the Secretariat s workplan, is developed under the oversight of the Finance and Operational Performance Committee, which makes recommendations to the Board for its approval. The Global Fund s annual operating expenses budget for 2014 was US$298.8 million. KEY QUESTIONS TO CONSIDER IN FINANCIAL DECISION-MAKING Are financial decisions in line with the Global Fund strategy? Are financial projections reasonable and not overly optimistic? Does the Secretariat have in place reliable forecasting tools and financial processes to manage Global Fund s resources? On which assumptions and assessment of risks is the forecast based? What is the Board s tolerance of risk? Do financial decisions comply with the Amended Comprehensive Funding Policy? Is spending being compared with amount budgeted? Are there differences and why? Does the annual audit have an unqualified (clean) opinion? Are there accurate and timely financial reports allowing the Board and its committees to understand the financial state of the organization? Are key sources of income rising or falling? If they are falling, what is being done about it? SECTION 9 Financial Resources 11

12 REFERENCES Current Spreadsheet Showing Pledges and Contributions PledgesContributions_List_en/ Innovative Financing Replenishment Mechanism Fourth Replenishment and Donor Factsheets Donor List Private Sector and Non-government Donors Funding and Spending Comprehensive Funding Policy Eligibility, Counterpart Financing Policy Extensions Policy ISBN

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