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PRESENTATION

PRESENTATION. for EAST DELHI CA CPE STUDY CIRCLE of NIRC of ICAI on ACCOUNTING & AUDITING OF NGO/NPO by SUDHIR VARMA FCA;CIA(USA) on SATURDAY 23 RD DECEMBER 2006. NGO/NPO Constituents. Trust Society Company (u/s 25 of the Companies Act, 1956). SYSTEM OF ACCOUNTS.

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PRESENTATION

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  1. PRESENTATION for EAST DELHI CA CPE STUDY CIRCLE of NIRC of ICAI on ACCOUNTING & AUDITING OF NGO/NPO by SUDHIR VARMA FCA;CIA(USA) on SATURDAY 23RD DECEMBER 2006

  2. NGO/NPOConstituents • Trust • Society • Company (u/s 25 of the Companies Act, 1956)

  3. SYSTEM OF ACCOUNTS • ACCRUAL SYSTEM OF ACCOUNTS • CASH SYSTEM OF ACCOUNTS

  4. SYSTEM OF ACCOUNTS • FOREIGN FUNDS • LOCAL FUNDS - SPECIAL PROJECTS - GENERAL • REVENUES

  5. SPECIAL FEATURES in ACCOUNTING & AUDITING of NGO/NPO

  6. BALANCE SHEETAccounting of Fixed Assets • Fully donated • Partly donated/subsidised • Bought from specific grants • Depreciation

  7. BALANCE SHEETInvestments • Approved List • Corpus Investments • Special Fund Investments • Interest Accrued

  8. BALANCE SHEETCurrent Assets • Cash in hand • Bank balances • Inventories • Receivables • Reimbursables • Advances

  9. BALANCE SHEETCurrent Liabilities • Payables • Statutory dues - Provident Fund - TDS - Others

  10. BALANCE SHEETCapital Fund • General Fund • Corpus Fund - interest accrued on corpus investments - transfer to corpus • Specific Funds - building fund - others

  11. BALANCE SHEETProject Funds(to the extent unutilised) • Project balances • Carry Forward for specific projects • Board Resolutions with Form-10 SUDHIR VARMA FCA;CIA(USA)

  12. BALANCE SHEETReserves • Facility fund • Staff benefit fund • Other specific funds

  13. INCOME & EXPENDITURE A/CIncomes • Donor wise accounting • Incomes from revenue • Surplus from projects closed • R & D receipts

  14. INCOME & EXPENDITURE A/CExpenditure • Project by exp. • Program exp. • Administration/overhead exp. • R & D exp.

  15. SPECIAL FEATURES IN AUDITING Grants : • Sanction letters from donors • Sanctioned budgets • FIRC Revenues : • General controls

  16. SPECIAL FEATURES IN AUDITINGExpenditure Expense Vouchers to be booked project wise. They should be as per sanctioned budget Expenses should be for the project Cost/benefit analysis Account head classification – budgets Expenditure on founder members SUDHIR VARMA FCA;CIA(USA)

  17. Thank You

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