The deadline for annual financial statements submitting by non-profit organizations

The deadline for the annual financial statement submission of non-profit organizations is approaching. The obligation to prepare financial statements prescribes Article 28 of the Act on Financial Operations and Accounting of Non-Profit Organizations. The goal of financial statements is to present an objective and realistic picture of the financial position and operations of a non-profit organization.

Non-profit organizations bookkeeping

Non-profit organizations keep bookkeeping according to the double-entry bookkeeping principle, which prescribes Article 9 of the Law. It determines that they must keep double-entry bookkeeping for the first three years, and they can make a Decision on keeping simple bookkeeping. Reports of non-profit organizations that maintain double-entry bookkeeping differ in structure and scope from reports of simple bookkeeping.

Annual financial statements

Non-profit organizations that maintain double-entry bookkeeping prepare financial statements consisting of a balance sheet on the BIL NPF Form, a Report on income and expenses on the PR-RAS-NPF Form and Notes.

Non-profit organizations that keep simple bookkeeping prepare an annual financial statement on receipts and expenditures on Form G_PR_IZ_NPF and Notes.

Deadlines

The Rulebook on Reporting in Non-Profit Accounting and the Register of Non-Profit Organizations prescribes deadlines for submitting financial statements. Semi-annual financial reports on income and expenses non-profit organizations keep until they submit a financial statement for the same period of the following year, and annual financial statements are kept permanently in the original.

The deadline for submitting the statement for 2022 is March 1, 2023, and the Financial Agency will not receive the statement after the specified deadline. Delivery is made in electronic form or via paper form.