The overall purpose of WSANDN Fund Custodians is to oversee and safeguard the assets held within a Fund. This includes ensuring compliance with regulations, accurately recording and following up transactions, and maintaining proper documentation. Fund Custodians play a crucial role in protecting the interests of The WSANDN, communities and designated constituencies by providing transparency and accountability in the management of Funds. They are responsible for safekeeping assets, processing transactions, and reporting on the financial status of the designated Fund to relevant stakeholders. Fund custodians also help to mitigate risks associated with fund management by implementing robust internal controls and procedures.
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Responsibilities
1. Approved WSANDN Fund Custodians, are responsible for overseeing the management, distribution of funds and safekeeping of financial assets within a specific subnational or national jurisdiction on behalf of their WSANDN/Fund entities.
2. Ensure that funds are allocated appropriately and in accordance with WSANDN guidelines.
3. Work under the supervision of the WSANDN Global Headquarters, and closely with government agencies, financial institutions, and other stakeholders to safeguard the integrity of the funds and to promote transparency and accountability in financial transactions.
4. Responsible for overseeing the safekeeping of funds, ensuring compliance with regulations, and providing transparency in financial transactions.
5. Involved in managing allocated funds, investment portfolios, or other financial assets within their jurisdiction (Subnational, National or International).
6. Subnational Fund Custodians are responsible for handling funds at the regional or local government level, ensuring that they are properly accounted for and utilized in accordance with regulations and policies of the WSANDN.
7. National Fund Custodians are responsible for managing funds at the federal or central government level, playing a crucial role in maintaining financial stability and transparency.
8. Fund Custodians are required to adhere to strict financial protocols and procedures to prevent mismanagement or misuse of public funds.
9. Must maintain accurate records of all transactions, prepare financial reports, and ensure compliance with legal and regulatory requirements.
10. Both Subnational and national Fund Custodians play a vital role in safeguarding the financial interests of their respective jurisdictions. They must exercise diligence and integrity in carrying out their duties to ensure that public funds are used efficiently and effectively for the benefit of the citizens.
11. By upholding high standards of financial management and accountability, Fund Custodians contribute to the overall measurable economic stability and growth of the country or region they serve.
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Existing Funds:
There is about 15 different Funds created by the WSANDN to provide finance for various needs in the global society. All Funds function at subnationally, nationally and internationally:
1. Economic Growth Fund (EGF)
2. International Food and Agricultural Development Fund (IFADF)
3. International Aviation Fund (IAF)
4. International Labour Fund (ILF)
5. Global Maritime Fund (GMF)
6. World Health Development Fund (WHDF)
7. World Subnational Education Fund (WSEF)
8. World Children's Fund (WCF)
9. WSANDN Intervention Fund (WSANDNIF)
10. Subnational Infrastructure Fund (SIF)
11. Subnational Funds For Industries (SFFI)
12. Health Sector Development Funds (HSDF)
13. Subnational Wealth Funds (SWF)
14. Education Sector Development Funds (ESDF)
15. Subnational SME Development Funds (SSMEDF)
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