PERNYATAAN STANDAR AKUTANSI KEUANGAN NO. 52 MATA

Report
The Design of NCFs:
focusing on fiduciary standards and monitoring evaluation
The Case of Indonesian Biodiversity Foundation (KEHATI)
Edison Hulu
Director of Finance and Administration (KEHATI)
•
Outline of presentation
1. Briefly about KEHATI
•
•
•
•
•
KEHATI: Vision and mission
The Role of KEHATI
KEHATI: Organization Chart, 2008-2012
KEHATI: Monitoring & Evaluation
KEHATI: Management Principles
2. Type of Trust Funds
3. Lesson Learnt #1: Endowment Fund
4. Lesson Learnt #2: TFCA as Sinking Fund
management
5. Lesson Learnt #3: Green Fund as revolving
Fund
6. KEHATI Attractiveness
2
KEHATI: Vision and Mission
KEHATI was established in Jakarta on 12 January 1994 as non profit grant making
foundation, which support conservation and sustainable use of biodiversity. KEHATI
provides resources and facilities the partner organizations: Civil Society
Organizations, NGOs, community group, research group, and educational
institutions.
Vision
Conservation and sustainable use of biodiversity that respect fair and equitable
benefit sharing and encourage human empowerment to achieve human well being as
well as the highest quality of life.
Mission
To achieve biodiversity conservation by means of building strategic alliance to secure
community development to promote endeavors of public policy advocacy, mobilize
resource support, encourage shared learning, and enhancement participation of
society.
The Role of KEHATI
a.
A grant making institution
1.
Provides facilities and giving support in term of funding for its grantee and other stakeholders to facilitate development
of conservation activities and increase community welfare through sustainable and fair use biodiversity.
2.
Support effort of strategic, complex, multi-dimensional and long term problem solving, instead of giving assistance’s to
fulfill needs or recovery for a short time.
3.
Encourages innovative environmental social investment activities for the future.
4.
Gives assistance’s for new program in initiatives.
5.
Gives assistance’s to a community group that has no access to capital and other resources.
6.
Support community initiatives uncovered by government program and budget or other formal institutions
7.
Stimulate community self reliance.
b.
A facilitator and multi-stakeholder mediator
1.
Connects multi-stakeholder’s support in conservation and sustainable use of biodiversity in Indonesia.
2.
Encourages multi-stakeholders mobilization to ensure self reliance and sustainability of institution or civil community
organization.
3.
Support knowledge development and technology as well as wisdom of local community which are relevant to natural
resources management and biodiversity conservation.
4.
Influence policies and rules of law which are relevant to natural resources management and biodiversity conservation.
5.
Encourages biodiversity as one factor or main aspect to be considered as in taking decision which relevant which politic,
socio-cultural, and economic, for community development.
6.
Catalyzes development of sustainable community based ecosystem management.
7.
Facilitates establishment of biodiversity information centre with active involvement of multi-stakeholder.
KEHATI: ORGANIZATION CHART, 2008–2012
Governing Board
Supervisory
Board
Executive Board
Internal Control Unit
Executive Director
Special Programs
(MFP II, TFCA Sumatera,
TFCA Kalimantan)
Directorate Conservation and Sustainable
of Biodiversity
(Director)
•Grant making Committee
•Investment Committee
•Resource Development
Committee
•SRI-KEHATI Index Committee
•Policy/Planning, Monitoring &
Evaluation Unit
•Executive Secretary
Directorate Communication and Resource
Development
Directorate Finance and Administration
(Director)
(Director)
Assistants:
- Investment Assistant
- Legal Assistant
Agriculture
Ecosystem
Program
(Officer)
Forest
Ecosystem
Program
(Officer)
Coastal & Small
Islands Ecosystem
Program
(Officer)
Resource
Development
Program
(Officer)
Communicati
on &
Education
Program
•Communicat
ion Officer
•Education &
Outreach
Officer
Knowledge
Management
•KM Officer
•Resource
Center
Coordinator
•MIS
Administrator
Human Resource
& General
Administration
(Manager)
Finance &
Accounting
(Manager)
•GA & Office
administration Staff
•Receptionist
•General Assistant
•Accountant
•Cashier
Grant Program
Administration
(Manager)
Grant & Non
Grant Program
Administration
Staff
KEHATI: Monitoring & Evaluation
 Tools of controls and problem solvers

 General board and main boards
 Committee
 Management (Directors & Managers)
 Internal auditors, external auditors, donors
 Stakeholders (NGO’s , Government, Grantee)
Tools of monitoring & evaluation
 Legal documents KEHATI as a foundation
 Independent external evaluator report
 Document five years strategic plan
 Document of yearly planning and budgeting
 Financial audited report by registered public
accountant that recognized by USAID.
 Annual report on realization of programs &
budgeting
 Monthly management report
 Occasional or special case report
 Memorandums and Agreements
 Meeting notes, memos
 Standard operational manuals
 Quality of services (ISO 1998),
 Financial and accounting manual
 Others documents
Expressed “Unqualified
opinion” on those
financial statements of
KEHATI by Certified Public
Accountants as follows:
1. Drs Johan, Malonda &
Partners, A member of
Nexia International (19962000),
2. Paul Hadiwinata, Hidajat,
Arsono & Partners (20012009), and
3. Mulyamin Sensi Suryanto,
Moore Stephens (20102012)
KEHATI: Management Principles
1. Transparent management of funds and programs. There is a transparent
policies, clear procedures for disbursement of grants, which is also open to
the public, by means of criteria, and selection procedures for partners and
programs, selected by an independent team of proposal assessors as well as
regular reports for the public.
2. Principle accountability for the public. Funds that have been receive and
spent by the institution are clearly reported in detail not only to the donor,
but also to the public. This is undertaken through the implementation of the
effective of resource uses, the principle of careful monetary management,
also followed by the ability to maintain a schedule and targets; for program
implementation, location as well as communities who receive funds.
Kehati: Cost Effective Ratio, 2008-2011
Indicators
General Administration Cost (Rp)
Total Expenditure (Rp)
Cost Effective Ratio
2008
2009
3,497,776,135
3,465,360,348
22,286,264,029
15.69%
21,569,140,273
16.07%
2010
3,352,731,029
23,474,428,464
14.28%
2011
6,506,789,410
50,890,932,568
12.79%
Cost effective ratio for NGOs experienced : 25%-30%
Primary Types of Trust Funds
Conservation trust funds provide an investment avenue that can be used to finance
conservation program costs over many years. Trust funds also establish the administrative
and management mechanisms that help involve local people and enable nongovernmental organizations to work together with government agencies to carry out
conservation activities.
Depending on the legal system of the country, trust funds can be established as
foundations, nonprofit corporations, common-law trusts, or special institutions. Trust
funds can be financed by debt swaps, through grants or donations, or through other
financing mechanisms such as earmarked taxes and fees.
There are three primary types of trusts funds:
1. An endowment fund where the interest, but not the capital is spent;
2. A sinking fund where the income and part of the capital is spent every year, eventually
sinking the fund to zero over a pre-determined time; and
3. A revolving fund which continually receives new revenues from earmarked taxes or
fees and continually spends these revenues.
Lesson Learnt #1: Endowment Fund Management
KEHATI, in its cooperation with the USAID under Cooperative Agreement no. 497-0384-A00-5011-00, titled “Indonesian Biodiversity Foundation (IBF) Project” between USAID and
KEHATI signed on April 1995. Three strategic objectives of KEHATI which will supported
under this Cooperative Agreement:
1) Promoting policies for enhancement of biodiversity in Indonesia.
2) Networking among NGOs, research and educational institutions, government agencies
and business community, to exchange information related to the conservation and
sustainable use of biodiversity.
3) Fostering and improving the capacities of society to conserve and use biodiversity in a
fair, equitable and sustainable manner.
To support the above objectives, USAID have agreed to provide a fund for KEHATI in the
total of US$ 19 million, which will be made available for:
a. US$ 16.5 million for the capitalization of an endowment fund with approved asset
managers. This endowment fund is for investment purposes, of which the income
generated from invested endowment shall be used to support KEHATI’s programs and
operations.
b. US$2.5 million for start-up operation, local programs and operating expenses of the
foundation in its initial development.
14.69
14.53
16.09
17.73
16.67
24.0
1.6
18.0
0.9
0.8
1.1
0.8
12.0
1.9
1.3
1.0
0.9
22.63
21.25
19.82
1.5
20.31
19.52
17.36
0.9
0.9
0.6
0.4
0.8
1.5
19.86
22.58
22.38
21.16
0.8
30.0
1.3
1.2
16.50
1.6
18.43
2.0
24.95
KEHATI Endowment Fund (US$ million), 1995–June 30, 2012
Withdrawl
2012
2011
2010
2009*
2008
2007
2006
2005*
2004
2003
2002
2001
2000
1999
1998
1997
1996
-
1995
-
6.0
Nilai
Investasi
Value
of investment
•2005 : Office KEHATI  US$ 500,000,•2009 : TFCA  US$1 million
Market value & return of Assets
● Original value at inception (1995)
● Market value (neto, June 2012)
● Total withdrawals (1997- June 2012)
● Gross value of Endowment Fund
● Total returns generated
● Annualized returns on investment
:
:
:
:
:
:
$ 16,500,000 (a)
$ 16,214,491.76 (b)
$ 17,445,824 (c)
$ 32,137,443 d=(b+c)
$ $15,637,443 (d-a)
6.12% p.a.
•
•
•
•
Dow Jones (1996-2012)  8.4% p.a.
S&P 500 (1996-2012)  8% p.a.
JCI (1997-2012)  30% p.a.
Hang Seng (1996-2012)  5% p.a
Lesson Learnt #2: TFCA as a Sinking fund Management
Lesson Learnt #2 (Cont.)
Trust Fund model







Fund name : Tropical Forest Action for Sumatra (TFCA-1)
Country: GOI (Government of Indonesia) and USG (United
States of America Government)
Objective: to facilitate the conservation, protection,
restoration, and sustainable use of tropical forests in
Indonesia.
Governing body: Ministry of Forestry (Indonesia)
Legal status: U.S. Tropical Forest Conservation Act of
1998, Public Law No. 105-214
Capital: US$ 2 million (swap partner capital) which generated
fund for tropical forest conservation Indonesia in value of US$
30 million for 8 years (2009-2017).
Beneficiaries : NGOs, Community group, and local people
TFCA Swap Deal
USG
Swap Partners
Treasury
SP #1
$19.6 million
$2 million
SP #2
(MOF)
Oversight
Committee
Administrator
Grants to
GOI
Trustee
New Obligation
X
Debt repayments
on treated debt
cancelled
USAID
Makes decisions on grants
USG, GOI, SP
Local
NGOs
Other
local
entities
Pos. GOI
(exceptional
circumstances)
TFCA Management Structure
GOI
Forest
Conservation
Agreement
CI
KEHATI
Ad Hoc
OVERSIGHT COMMITTEE
ADVISORY
COMMITTEE
Designee of USG, GOI, CI, KEHATI,
Designated Member Institution +
Authorized Representative of
Administrator as a Secretary of OC
Acceptance Instrument
ADMINISTRATOR
Grant to :
Grant Recipient Agreement
Local
NGOs/
CBOs
Grant Recipient
(Eligible Entities)
Other
Local
Entities
TFCA Fund Management
Designation
GOI
OVERSIGHT COMMITTEE
Instruction
ADMINISTRATOR
(KEHATI)
US$30 million
Settlor
Trust Agreement
Debt Service Account
FCA Grant Account
Grant to :
Grant Recipient
(Eligible Entities)
TRUST
INSTITUTION
Trustee
Custodian
Trust
New
Obligation
settlement
for 10 years
TFCA: Project Organization Chart & Selecting Proposal from Grantee
Oversight
Committee (OC)
M1
Executive
Director (KEHATI)
M2
•Evaluation proposal
•OC (yes,no)
M3
•Proposal Technical Assistant
•Proposal revision
TFCA Program
Director
M4
Office Secretary
M5
Assistant to
Program Director
/Grant Manager
Finance Officer
Communication
& Outreach
Officer
Conservation
Specialist
•Request for Proposal
M6
• Proposal evaluation
• OC decision (yes or no)
• Final Proposal
•OC grant budget
•Grant Agreement
•Grant Disbursement
Lesson Learnt #2 (Cont.)
The main project manual
 Project Management manual
 Organization
 Grant making policies
 Grant making procedure
 Debt swap management manual
 General principles and governance
 Investment policy
 Risk Management
 Finance and accounting policies
 Budgeting manual
 Management expense account manual
 Payment manual
 Auditing manual
 Human resources, fixed asset management
manual
 Operating cost manual
 Reporting and proposal manual
17
TFCA: An example the detail of Operating cost standard
A. Maximum cost of meeting standard rate
Meeting cost
Rupiah
Explanation
1. Consumption
250,000 man/day
2. Meeting room
a. Nasional
2,000,000 per/day
b. Province level
1,500,000 per/day
c. District level
1,000,000 per/day
3. Hotel (accomodation)
750,000 room /day
B. Maximum cost of seminar standard rate
Seminar cost
Rupiah
Explanation
1. Speaker & paper
1,500,000 per section
2. Moderator
750,000 per section
3. Notulist
500,000 per/day
4. Transcripter
250,000 per/day
5. local transport
100,000 man/day
6. Opportunity cost
150,000 man/day
C. Maximum Training cost standard rate
Training cost
Rupiah
Explanation
1. National Trainner
2,000,000 per section
2. Local trainner
750,000 per section
3. Notulist
500,000 per/day
4. Transcripter
250,000 per/day
5. local transport
100,000 man/day
6. Opportunity cost
150,000 man/day
D. Maximum Reporting cost standard rate
Reporting cost
Rupiah
Explanation
1. Designer
4,000,000 per project
2. Lay-outer
4,000,000 per report
3. Writer
5,000,000 per report
4. Editor
3,500,000 per report
5. Photographer
250,000 per page
6. Writing introduction
2,500,000 per report
E. Maximum honorarium standard rate
Expert level
Rupiah
Explanation
1. Local senior
2,000,000 per day
2. Local midle level
1,000,000 per day
3. Local yunior
750,000 per day
4. Foreign senior
USD 750 per day
5. Foreign midle level
USD 500 per day
6. Foreign junior
USD 300 per day
F. Transportation cost standard rate
Transportation cost
Explanation
1. Air transportation
Pay at cost
2. Airport tax
Pay at cost
3. Maximum rent car
Rp 1,000,000 per day
4. Domestic per diem
Rp 300,000 per day
5. Abroad per diem
USAID role
6. Insurance
Pay at cost
KEL: Linge Isak
• First Period (2011-2014)
- Accepted 5 proposals.
- Total Fund: Rp. 24,2 billion
- Intervention area: Leuser
ecosystem, Forest Batang
Toru-TN Batang Gadis,
Kerinci Seblat, Semenanjung
Kampar-Senepis
KEL: SIngkil
Hutan Batang Toru-TN
Batang Gadis
Semenanjung
Kampar-Senepis
TN Kerinci Seblat
Partners: Yayasan Leuser Internasional, Consorsium Sahabat (PetraBitra), Institut Green Aceh, KKI Warsi, Jikalahari
• Second Period
(2011-2014)
KEL-Blok Karo
Langkat
KEL-Rawa Tripa
- Accepted 7 proposals
- Total funds:
Rp. 29.8 billion.
Landscape intervention:
Kerinci Seblat, Bukit Tigapuluh,
KEL-Rawa Tripa, Karo Langkat, TN Siberut
Siberut, Tesso Nilo, and Bukit
Barisan Selatan
BT Toru- TN Bt Gadis
TN Tesso Nilo
TN Kerinci Seblat
Partners: Jaringan Akar, Konsorsium WWF-PKHS Riau, Yayasan Ekosistem
Lestari, Konsorsium Yayasan Orangutan Sumatera Lestari - Orangutan
Information Centre (OIC), Konsorsium Yayasan Kirekat Indonesia,
Konsorsium Yayasan TN Tesso Nilo, Konsorsium Unila-PILI
TN Bukit Barisan Selatan
Lesson Learnt #3: Green Fund as revolving Fund
Investment goal is to invite investor to involve and to care about the sustainable
development and to protect biodiversity for future generation.
Mutual Funds KEHATI LESTARI
PT BAHANA Capital
Custodian Bank: Mandiri
Portfolio: 10%-79% (fixed income), 5%-79%
(money market), and 10%-79% (Equity).
Minimum investment: Rp 1,000,000
Management cost = 3%
Custodian cost = 0.2%
Buy (cost) = 0.5%-2%
Redemption cost = 0.25%-1%
Mutual Funds Mega Sri KEHATI Harmoni
PT Mega Capital Indonesia
Custodian Bank: CIMB Niaga
Portfolio: 10%-79% (fixed income), 5%-79%
(money market), and 10%-79% (Equity).
Minimum investment: Rp 1,000,000
Management cost = 3%
Custodian cost = 0.2%
Buy (cost) = 0.5%-2%
Redemption cost = 0.25%-1%
Platinum Investor
Gold Investor
Silver Investor
Regular Investor
• Investment and
returns on investment
for KEHATI
• Investment for
investor
• Returns on investment
for KEHATI
• Investment for
investor
• Return on investment
for investor (50%) and
for KEHATI (50%)
• Investment and return
on investment for
investor
50% of management cost for KEHATI
Lesson Learnt #3: (Cont.)
Mutual Fund Mega Dana SRI KEHATI Harmoni (MSKH), Rp billion
Alocation Asset
Feb-10 Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12
Equity
5.39
5.66
5.51
6.00
6.27
2.37
2.74
1.90
2.36
3.82
3.69
3.73
3.30
3.17
3.21
3.23
Fixed Income
0.76
0.80
0.78
0.85
0.89
1.21
1.43
1.55
1.18
1.44
1.55
1.63
1.68
1.62
1.64
1.65
Money Market & Equivalents
0.75
0.79
0.77
0.84
0.87
4.34
3.76
3.99
4.20
2.58
2.75
2.73
3.04
2.92
2.96
2.98
Total
6.90
7.25
7.06
7.69
8.03
7.93
7.93
7.43
7.74
7.84
7.99
8.10
8.01
7.72
7.80
7.86
Total NAV
35.37
37.76
45.03
29.76
25.95
21.94
25.84
22.33
18.88
15.58
14.75
14.14
13.20
12.11
12.02
10.99
Investment KEHATI
19.5%
19.2% 15.7% 25.8%
30.9%
36.1% 30.7%
33.3%
41.0% 50.3%
54.1%
57.3%
60.7%
63.7% 64.9% 71.5%
Mutual Fund KEHATI Lestari (RDKL), Rp billion
Alocation Asset
Equity
Fixed Income
Dec-07 Dec-08 Dec-09 Dec-10 Dec-11
0.38
0.36
0.43
0.01
0.00
3.42
3.30
3.88
0.16
0.36
Money Market & Equivalents
Total
Total NAV
Investment KEHATI
RDKL
Return
1 Year
10.30%
Jan-12
0.38
Feb-12 Mar-12
0.01
0.34
0.33
Apr-12 May-12
0.01
0.01
0.34
0.33
Jun-12
0.01
0.34
Jul-12
0.01
0.35
0.16
0.15
0.28
0.01
0.04
0.04
0.07
0.06
0.05
0.05
0.05
0.05
3.96
11. %
11.8%
3.81
11.7%
11.7%
4.59
16.1%
16.1%
0.18
0.7%
0.7%
0.40
1.6%
1.6%
0.42
1.6%
1.6%
0.41
1.2%
1.2%
0.40
1.2%
1.2%
0.41
1.2%
1.2%
0.40
1.2%
1.2%
0.40
1.3%
1.3%
0.42
1.3%
1.3%
3 Year 4 Year
36.15% 58.21%
Harvesting from RDKL  Year 2011 : Rp 1 billion, year 2010 : Rp 2 billion
Key Success factor - Trust, return, promotion, and economic condition.
KEHATI Attractives
•
•
•
KEHATI is the best endowment fund management under USAID  Ten years
evaluation (1995-2005)
KEHATI is the best performance of sinking fund and program management under
TFCA project over the world  International External Evaluator.
KEHATI is the first NGOs in Indonesia who developed the innovation of revolving
fund for sustainable development.
Key key success factor:
 Consistent with KEHATI principles management: transparent and accountability.
 Risk management . The ability to provide its own initial investments in the
communities and programs reduces the risks for partners wanting to engage in
the same activities.
 Stakeholder Management. Relations, networking, and connections to various
publics allows it to serve as a convener and bridge to different sectors
 Information and Know how . Has access to technical and expert advice which can
be used by companies for decision making and practices
 Reputation. Reputation and credibility as an environmental organization could
provide partners with significant advantage.
Thank You
Edison Hulu
[email protected]; [email protected]
The Indonesian Biodiversity Foundation
Yayasan Keanekaragaman Hayati Indonesia (KEHATI)
Jalan Bangka VIII No 3B, Pela Mampang, Jakarta 12720, INDONESIA
email: [email protected]; www.kehati.or.id
Phone: +62 21 7183185, 7183187 Fax : +62 21 7193161

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