FLAG BANKING OFFICER

1. the ship will have a Flag Banking Officer who receives all income as a bank for Flag and is answerable to Flag and under Flag only. This is not a Purser post. The Flag Banking Officer allocates receipts to bank accounts, etc., and the Purser receives his "income" from the Flag Banking Officer and thereafter disburses all disbursements for the ship in accordance with financial planning. In the merchant service the Flag Banking Officer is the equivalent of the shore office or company which allocates funds to the ship which are thereafter handled by the Purser in accordance with the heads of depts planning. (FO 401) 2. receives all money of the Cashier or Dir Income after invoice and records the disposition of it. The FBO performs the functions of a bank for the org. He is not a Purser and he is not part of the org. (FO 1761) 3. receives all money of the Purser or ship or cashier after invoice and records its disposition. As we cannot bank * all money in the flotilla due to different currencies and bank problems, we have our own bank. This is the FBO. He or she is not the Purser and is not part of the org. (FO 565). 4. for Sea Org purposes, the Flag Banking Officer fills the role in Sen accounts policy of the bank. (FO 412) 5. the major operating basis of FBOs and FBO INT is established as a two-way action:(1) FBOs and FBO INT act to assist the SBO and CS-3 in building Flag reserves and to accomplish outgo below income for the Sea Org as a whole, and outgo below income/ allocation for each individual Sea Org Unit.(2) act to assist SBO, CS-3 and the ECs of SO orgs and units of their areas to achieve solvency for each unit through good financial management, and to build local reserves while adequately covering needed expenses. These are not long range future actions. They are now actions. (FO 2274) Abbr. FBO.

(Division 7, Department 21) the finance executive attached to an org to help manage it financially. The FBO is a representative of Flag management. See also Flag.