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Consultancy – Reserve Accounting and Interest Allocation, BMS/OFM
|Location :||Home Based (with Western Europe time working hours)|
|Application Deadline :||16-Oct-22 (Midnight New York, USA)|
|Additional Category :||Management|
|Type of Contract :||Individual Contract|
|Post Level :||International Consultant|
|Languages Required :||English|
|Starting Date :|
(date when the selected candidate is expected to start)
|Duration of Initial Contract :||8 months|
|Expected Duration of Assignment :||8 months|
UNDP is committed to achieving workforce diversity in terms of gender, nationality and culture. Individuals from minority groups, indigenous groups and persons with disabilities are equally encouraged to apply. All applications will be treated with the strictest confidence.
UNDP does not tolerate sexual exploitation and abuse, any kind of harassment, including sexual harassment, and discrimination. All selected candidates will, therefore, undergo rigorous reference and background checks.
The United Nations Development Programme (UNDP) is the global development network of the United Nations system that is on the ground in over 140 countries, with its Headquarters in New York, USA. The Bureau for Management Services (BMS) is a central Bureau tasked with the development of corporate strategies, policies, tools, and systems in key cross-cutting management areas. Drawing on sound analytics and a risk-management approach, BMS supports the achievement of development results through management advice, innovative business solutions, and other corporate services in line with international best practices and evolving needs and expectations of development partners. BMS also ensures policy adherence in operations management within UN Rules & Regulations, safeguarding UNDP’s accountability vis-à-vis Member States and other stakeholders.
The Office of Financial Management (OFM) performs a pivotal role within BMS and within UNDP’s global finance function, partnering with Bureaux and Country Offices. The primary role of BMS/OFM is to maintain the financial integrity of UNDP through providing financial leadership, supporting the efficient and effective management of its financial resources, promoting financial sustainability and responsible resource allocation in the context of a fluctuating funding environment. This is accomplished by the development and implementation of sound financial policies and practices, oversight of corporate financial management performance, and flexible scalable support to resource allocation. BMS/OFM is a key source of information for the Executive Board (EB), General Assembly, to Partners and wider civil society. It supports transparency through the provision of on time and quality statutory and other financial reports that comply with international standards and regulatory guidelines.
BMS/OFM ensures effective and efficient integrated resources management through a continuous and robust process comprising:
The Chief Financial Officer (CFO) is responsible for the implementation of financial policies and processes. BMS/OFM is seeking services of a Consultant to undertake specific functional work to lead the work described below in section 2 related to the accounting for reserves in UNDP’s financial statements and the annual interest allocation process.
UNDP’s reserves are governed by the UNDP Financial Rules and Regulations (FRRs) approved by the EB. Regulation 25 of these FRRs concerned with ‘Cash Management establishes specific reserves and Regulation 10.03 states that ‘subject only to the maintenance on a continuous basis of the reserves set forth under article 25 and for working capital, and after provision has been made for the institutional budget; all resources of UNDP shall be available to the maximum extent possible for programme activities.’ With respect to the basis of accounting, UNDP’s financial statements are prepared in accordance with IPSAS. Whilst ISPAS does not define reserves (although the framework offers specific examples e.g., of discrete reserves such as the revaluation reserve within net assets), Regulation 26.03 of the UNDP FRRs requires that ‘separate accounting records shall be maintained for all reserves within the UNDP Accounts’ premised the general approach that amounts recognized as reserves comprise resource balances that remain after all the activities of an entity are brought to closure and all the liabilities are settled.
Following the Executive Group’s approval for the establishment of different risk and investment reserves in 2017, which was done in furtherance of the improved planning and budgeting approach developed in 2016, UNDP is reviewing its policy on reserves. In addition to addressing the request of UNDP’s Audit and Evaluation Advisory Committee to revise the disclosure of the Accumulated Surplus/Reserves in the annual financial statements of UNDP, this consultancy will complement the work on updating the Reserves Policy through formulating the related accounting framework, principles, parameters, treatment and disclosure notes to optimally reflect those Accumulated Surpluses and Reserves in UNDP’s annual financial statements that are prepared in accordance with IPSAS.
Interest allocation process:
UNDP’s unprogrammed funds are co-mingled and invested by the Treasury Investment Unit. The portfolio is managed to provide working capital for project implementation as and when funds are required. Annually, an allocation of the investment income earned in the commingled portfolio is performed to apportion the income from core funds to projects (e.g. Cost Sharing, Trust Funds) or set aside for reprogramming as per the donor instructions. A small portion of interest, mainly from legacy contribution agreements, is set aside for refunds to donors as per the requirements of legacy agreements.
Duties and Responsibilities
The main objective of the consultancy is to assess the adequacy of the current accounting treatment and set-up of UNDP’s mandated and internal reserves and to propose an optimal solution for the accounting and disclosure of such reserves in UNDP’s financial statements and for the purposes of updating UNDP’s reserves policy.
Additionally, a comprehensive review is required on the existing interest allocation standard operating procedure (SOP) and an policy statement on interest allocation is required.
Specifically, with reference to the current accounting treatment, recommendations for an optimal accounting treatment of reserves and interest income allocation and updating the related SOP and policies, the review shall cover the following:
Whereas initially based on available existing documentation and access to different platforms, the review will also make extensive use of interviews with relevant key personnel in BMS (GSSC, BPC, OFM, OHR and the Directorate) and other Bureaus and Offices, as well as internal and external auditors, as appropriate.
The consultant will be engaged by and report to the Chief of Accounts on the reserve accounting and to the Deputy CFO on the interest allocation and will work closely with BMS/OFM to obtain the necessary information to undertake the tasks as set-out above.
Report and communication
A draft report containing an analysis followed by recommendations should be submitted to the CFO by 31 March2023 with a final report and short presentation to be completed in time for the results to be discussed with the Director of the Bureau of Management Services and other Senior Managers by 11 May 2023.
The Reports (Draft & Final) and Presentation are to be submitted in English as are all deliverables.
The Report and Presentation will be for limited distribution to UNDP senior management for internal purposes.
Expected outputs and deliverables:
The specific responsibility areas for the Consultant and the associated deliverables will include:
While this is a home-based milestone delivery assignment, the consultant will be responsible for taking part in various meetings. The consultant will be expected to organize and attend various meetings and incorporate ongoing feedback for the assignment outputs and updates to the CFO, the Deputy CFO and Chief of Accounts.
Required Skills and Experience
The application package containing the following (to be uploaded as one file):
Note: The above documents need to be scanned in one file and uploaded to the online application as one document.
Shortlisted candidates (ONLY) will be requested to submit a Financial Proposal.
The Financial Proposal is to be emailed as per the instruction in the separate email that will be sent to shortlisted candidates.
Applicants are reviewed based on Required Skills and Experience stated above and based on the technical evaluation criteria outlined below. Applicants will be evaluated based on cumulative scoring. When using this weighted scoring method, the award of the contract will be made to the individual consultant whose offer has been evaluated and determined as:
Technical evaluation - Total 70% (70 points):
Candidates obtaining a minimum of 70% (49 points) of the maximum obtainable points for the technical criteria (70 points) shall be considered for the financial evaluation.
Financial evaluation - Total 30% (30 points)
The following formula will be used to evaluate financial proposal:
Candidate obtaining the highest combined scores in the combined score of Technical and Financial evaluation will be considered technically qualified and will be offered to enter into contract with UNDP.
The consultant will work under the guidance and direct supervision of Chief Finance Officer and will be responsible for the fulfilment of the deliverables as specified above.
Annexes (click on the hyperlink to access the documents):
Any request for clarification must be sent by email to email@example.com
The UNDP Central Procurement Unit will respond by email and will send written copies of the response, including an explanation of the query without identifying the source of inquiry, to all applicants.