Accounting for NGO foundations and associations is characterized by specific needs in terms of maintaining financial records. Services of this kind require extensive and up-to-date knowledge of the regulations governing the operation of foundations.
Specific accounting for foundations.
Non-governmental organizations are required to maintain accounting records and prepare financial statements. The non-profit sector is subject to entirely separate regulations that pertain to accounting, as well as taxation and financial reporting principles.
The specificity of accounting for foundations and associations primarily arises from the multi-dimensional nature of the organization’s activities. Conducting activities, whether for a fee or free of charge, entering into donation agreements, or carrying out public initiatives, all require thorough monitoring and proper documentation.
In the case of public benefit organizations (OPP), particular attention should be paid to the funds coming from the 1% of personal income tax, mainly due to the existing law, which requires the separation of revenues and expenditures related to this amount.
Accounting services for foundations and associations.
When running a non-governmental organization, it’s important to handle accounting activities with even greater care. That’s why our office offers a full range of NGO accounting services:
- detailed maintenance of the appropriate form of records (full accounting, simplified accounting, simplified revenue and expense ledger);
- identification of record-keeping and reporting obligations;
- settlements with the Social Insurance Institution and the Tax Office (preparing declarations, monitoring filing deadlines);
- preparation of substantive reports;
- preparation of financial reports;
- payroll services;
- comprehensive support regarding regulations and executed agreements.
we offer consultancy services in the field of operating in the third sector (NGO). The knowledge and experience we have acquired extend beyond just the accounting procedures. We also provide support and representation during any official inspections. We collaborate with experienced advisors and law firms.
If you are the owner or president of a foundation or non-governmental association, delegate your accounting to professionals. Save time and peace of mind to focus on your charitable activities. We invite you to collaborate and choose your preferred method of contact.