Socio Research & Reform Foundation

Friends,

I would like to initiate a new topic on a dilemma which all the associations (and their financial advisors) face whenever preparing annual return (FC3). What does closing balance in FC3 should represent, should it be funds as per FCRA Bank account or should it be unutilised money as per the Balance sheet. Obviously if there are no advances or liabilities outstanding as at 31st March, then unutilised money as per FCRA balance sheet should be in agreement with the closing bank balance. To illustrate,

Say a new grant received of Rs 10,00,000 against which association has been able to utilise say 9,00,000 with nil liabilities at the yearend. Balance Rs 100,000 will be unutilised as per balance sheet and on the debit side 100,000 will be in the Bank account. Thus two balances are identical and there are no problems. This can be represented as follows:

Grant Unutilised 100,000/- (being 10 lakh – 9 lakh)
FCRA Bank Account 100,000/-

However if say we have not been able to pay Rs 30,000/- of expenses at year-end. The position is as follows

Grant Unutilised 100,000/- (being 10 lakh – 9 lakh)
FCRA Bank Account 130,000/-
Liabilities (30,000/-)

In the above scenario what would be the position should we show unutilised funds in FC3 100,000/- or 130,000/-.

Friends, I am initiating this discussion to understand what treatment most of us are following in this regard.

subhash mittal

Dear SRRF Members

I have received reimbursement of abroad travel expenses towards attend the project workshop., Kindly suggest the amount which type treat Local or FCRA and where deposit FC Bank account or Local account.

Regards

Sunil K Suryavanshi

Dear all,

We have received donation by cheque in Indian Rupees from an Multi National Company incorporated in India. Should this donation treated as an FCRA donation or a local donation.

Thanks & Regards,

Arvind Balamkar
Finance Associate
for TeachForIndia 9324827344

From: NSWC
Sent: Saturday, October 29, 2011 1:06 PM
To: srrf-dialogue@yahoogroups.com
Subject: [srrf-dialogue] Clarification on whether to mention “For Private Circulation Only” in the electronic news bulletin of the NGO as per new FCRA Act
Dear Subhash Ji,

Season’s Greetings from National Social Watch!

One small clarification like whether it is obligatory to mention “For Private Circulation Only” in the electronic news bulletin of the NGO as per new FCRA Act.

Kindly let us know as soon as possible.

Thanks and regards,

Yours sincerely,
Shubhro Roy
Programme Manager (Administration)
____________________________________________
National Social Watch
R-10, Ground Floor, Green Park Extension
New Delhi-110 016
Tel./Fax: +91-11-41644576
E-mail: shubhro.roy@socialwatchindia.net
Web: www.socialwatchindia.net

A proposal is pending with the Central Board of Direct Taxes wherein all non-governmental organizations (NGOs) will have to compulsorily file details of foreign contributions received along-with their FCRA numbers in a revised I.T.form prepared by the Directorate General of I.T. Exemption.

The revised return form, expected to be implemented from the next financial year will have additional columns for mentioning FCRA numbers and details of overseas contributions received. Scrutiny of some NGO accounts by the Income Tax Department had revealed that considerable contributions had been received by the NGOs but were not disclosed by them in their return of income filed with the I.T.Department. The reason which necessitated revision of the existing I.T.Return form, common for NGOs, Trusts including Charitable Trusts.

Socio Research & Reform Foundation
(A Non Government Organisation)
512 A, Deepshikha, 8 Rajendra Place, New Delhi – 110008
Tele/Fax: +91-11-25821088, 25817157, 25722044
E-mail: socio-research@sma.net.in
Website: www.srr-foundation.org

Dear Sir

We have filed the FC-3 Online to Ministry of Home Affairs, we would like to know, whether we have to send the hard copy also to Ministry of Home Affairs? Is the Auditor signature is necessary for the hard copy (FC-3 Format).

Thanking you

With warm regards,

P.Mallikarjuna Finance Coordinator Mahita

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