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Celebrating 10 Years |
Annual Report 07-08: Notes on Reading Accounts
< Audited Financials Annual Report >
Audited Financials are a very technical snapshot of the financial position of an organization and are dictated by the formats delineated according to the acts governing the organization. Over the years, we have fielded many questions and requests for clarifications about what a figure represents or what is included in any given heading. This year, we are including a kind of “Frequently Asked Questions” to accompany our Audited Financials. If you should still have a question or need further clarification, please don’t hesitate to contact us. Please note this is for purpose of clarification and is in no way part of the official audit or submitted by the office of the external auditors.
Schedule VIII – Balance Sheet
Funds & Liabilities
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Liabilities - For Advances: When donor agencies sanction funding, they will often send a full cycle’s amount in a lump sum to reduce number of transactions. If the funding cycle extends beyond the closing date of the financial year (ie, a cycle of Sept 07 – Oct 08), the amount received is accounted for as Advance Liability |
Property & Assets
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Assets - Investments: The Corpus Fund, which is invested in financial tools approved for NGOs |
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Advances – To Others: This includes refundable deposits made for rented shelter spaces (including Group Homes), advances with team for expenses, etc. |
Schedule IX – Income & Expenditure
Income
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By Rent: Contribution of youths living in Group Homes and Midway Shelter within Youth Initiative Project |
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By Donations in Cash or Kind: Donations received from individuals, companies, and organizations for which there is no specifically sanctioned budget attached. |
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Receipts & Payments
Payments
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By Contingencies: Includes a variety of expenses, including payment to Charities Commissioner, referred to as “contingencies” as per budget line item sanctioned under a grant |
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By Intervention with CH: CH is Children’s Home, a semi-government residential institution |
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By Meeting Expense: Includes expenses related to meetings held in Saathi premises |
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By Printing of Paper Bags: Expense related to Kria Income Generation Program |
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By Program Expense: Includes remuneration of direct intervention work team members |
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By Project Participant Expense: Includes only a small portion of articles purchased for benefit of Project Participants (eg, footwear, clothing, etc). Additional Project Participant-related expenses included within separate headings (ie, ‘By Nutrition’) and in ‘By Program Expense’ |
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By Purchase of Material & Papers: Expense related to Kria Income Generation Program |
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By Salaries: Includes remuneration of non-direct intervention work team members |
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By Sponsorship for a boy: Particular sponsorship for an individual which was raised via specific funds, requiring separate accounting |