Accounting for associations and foundations

Optimum International Tax Experts Tax  Office specialises in comprehensive bookkeeping services for non-governmental organisations and foundations, both the ones that run business operations and the ones that do not.

We assist in the day-to-day financial service of such entities:

  • we keep the books of accounts of associations and foundations,
  • we prepare financial statements,
  • we provide comprehensive financial and accounting services for projects financed under national and international grant programmes,
  • we provide assistance in finance management,
  • We help to finance activities with public and European funds.

Every registered association and foundation must keep accounts, even if their only revenue are membership fees. The purpose of keeping the accounts of these institutions is primarily to record financial events, in compliance with the regulations in force. The result is a clear picture of the organisation's financial activities.

Accounting in non-governmental organisations can be divided into the following categories:

  • full bookkeeping – kept with the general ledger, in accordance with the established chart of accounts,
  • simplified accounting,
  • simplified recording of revenues and expenses.

Foundations and associations should prepare an annual financial report. It should consist of a balance sheet, a profit and loss account and additional information. It must be sent to the Revenue Office. Organisations which carry out business activity are required to send their financial statements to the National Court Register.

We co-operate with NGO sector experts, also the OCG Group members, such as the lawyers from Tywoniuk & Partners Legal Firm, specialising in the third sector.

We advise in the process of obtaining the status of a public benefit organisation, handling the external sources of financing. In our operations on behalf of non-governmental organisation we take into account their specific features and limited funds at the first stage of development.