Subject: Fiscal Year 2012 Year End closing procedures ! VERY IMPORTANT MAIL! PLEASE READ!
From: Natia Baratelia <[email-masked]>
To: Adelina Faradian <[email-masked]>, Alexander Nodia <[email-masked]>, Alexander Turdziladze <[email-masked]>, Arsen Khitiri <[email-masked]>, Dimitri Ivanauri <[email-masked]>, Giorgi Tukhashvili <[email-masked]>, Giorgi Usharauli <[email-masked]>, Ketevan Tatoshvili <[email-masked]>, Kostya Muradov <[email-masked]>, Lali Buskivadze <[email-masked]>, Manuchar Tokhadze <[email-masked]>, Mary Gelashvili <[email-masked]>, Mikheil Skhirtladze <[email-masked]>, Nino Bosikashvili <
Date: Tue, 14 Feb 2012 11:59:10 +0000

Folks, I would like to give heads up for very important Fiscal Year Closing issues. Fiscal year End and closing is very important Financial procedure at our company and I ask, even may request your understanding and support in this.

This is an important message regarding  deadlines for the submission of March Project Report (ROV) to HQ and the Fiscal Year(FY) 2012 Year-End closing.  Please review the deadlines carefully.

Abt’s 2012 Fiscal Year ends on Friday, March 30, 2012 (Not March 31, 2012).  For those of you who are new to Abt’s end of fiscal year procedures, we need to cut off the month of March earlier to ensure that all transactions are included in the invoicing cycle.  Please note that we should close our financial books for March 2012 and FY2012 no later than Wednesday, March 21st, and all supporting back-up documentation immediately sent to Bethesda.

In addition to the Report deadlines, I want to highlight few topics:

1.     Under no circumstances can transactions be made after the close of books on March 21st.  No Bank transactions from March 22nd , till April 9-10th. No petty cash disbursements, only extremely urgent stuff not above of 100 GEL

2.       It is important to collect all outstanding advances, clear any withholdings, and keep very low cash balances before the day the March ROVs are submitted (03/21st.)  The lower these amounts are, the easier it is for the company to meet its bank covenants as the fiscal year ends.

3.       No Funds will be available from March 21st. - April 10th,  as any funds wire will impact the company's cash balances and balance sheet.

I am highlighting this topics, because, we need to communicate accordingly to our counterparts, if there will be any requests for any event during this period, that we have special period of company’s financial activities  and we cannot broke rules in any case. This also considers communication to vendors. We cannot perform any financial activity during March 22 – April 10 period.

I am sending this e-mail a month advance because, there are always some complains why should not we pay, or do any event or whatsoever, but we are so long time with Abt now, that should take into consideration that this is the only Month (March), the only time, when we have some limited resources for operations.

Again, I appreciate your cooperation and assistance in helping us achieve our goal. We always were perfect in Fiscal Year close, so, let’s keep our performance on high level and keep going like that.

Thanks a lot!

Sincerely,

Natia Baratelia

Finance and Administration Director

Abt Associates Incorporated - Georgia

USAID Health System Strengthening Project

1B, Budapest Street, 5th floor

Tbilisi 0160, Georgia

Tel. (995 32) 238 87 33, 238 87 34 ext 110

Fax: (995 32) 238 87 35