How to build a financially sustainable regional development agency? How to ensure its stable operation not only through budgetary funding, but also through international technical assistance, grants, partnerships, and its own revenue? How to organise financial planning, reporting, and internal control in compliance with Ukrainian legislation and the requirements of international donors?

Answers to these and many other practical questions are collected in the new “Finance Handbook for Regional Development Agencies: Legal Framework, Procedures, Tools and Accountability”.

The handbook has been developed within the framework of the Swiss-Ukrainian project “Ukraine’s Cohesion and Regional Development” (UCORD), implemented with the support of Switzerland through the Swiss Agency for Development and Cooperation by NIRAS Sweden AB. Its aim is to provide specialists at regional development agencies with modern knowledge and practical tools for effective financial management, without which regional and international projects cannot be implemented nowadays.

Currently, regional development agencies are more and more turning into centres of expertise for communities and regions. They help to prepare and implement development projects, attract investment, international technical assistance, support businesses, and facilitate strategic planning and partnerships. Hence, the financial capacity of regional development agencies is one of the key conditions for the successful implementation of the state’s regional policy.

This publication systematises the legal provisions, practical recommendations, and examples of how regional development agencies organise their financial operations. In particular, the handbook contains:

• the legal framework for the operation of regional development agencies;
• contemporary approaches to developing a financial model for regional development agencies and diversifying funding sources;
• recommendations on financial planning, budgeting, and internal control;
• practical advice on accounting, financial reporting, and the management of grant funds;
• tools for managing financial risks;
• examples of internal financial policies and model documents that can be used in the daily work of regional development agencies.

This handbook will be useful not only for managers and financial specialists at regional development agencies, but also for representatives of regional military administrations, local governments, partner organisations, and anyone involved in territorial development and the implementation of regional development projects.

The handbook is available for download HERE.