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Accounting & Auditing of NGO/NPO: Systems, Balances, and Special Features

Gain insights on the ACCRUAL and CASH systems of accounts for NGO/NPO constituents like Trusts, Societies, and Companies under the Companies Act, 1956. Explore specific features in auditing and accounting such as Fixed Assets, Investments, Current Assets and Liabilities, Capital Fund, Project Funds, and more. Learn effective management of Incomes, Expenditures, and Grants. Enhance your knowledge in accounting practices for NGO/NPO organizations.

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Accounting & Auditing of NGO/NPO: Systems, Balances, and Special Features

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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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