The non-profit organizations which obligatorily apply double-entry non-profit book-keeping, except political parties and religious communities, are obliged to adopt the financial plan by the law.
The preparation of the financial plan is determined by the specific regulation, in order to equalize its methodology. Such a methodology of preparation of financial plans is to be applied on the plans for 2017. The financial plans for 2016, which should be adopted until the end of 2015, will be prepared according to the methodology determined by the non-profit organization. It should result in the defined elements of the financial plan according to the provisions of the general act.
The article presents the above stated issues and the example of all the relevant elements of the financial plan.
The new regulations on operations of non-profit organizations, which have been applied since the beginning of 2015, have introduced the obligation of self-evaluation for all those organizations applying double-entry book-keeping. The self-evaluation is performed by filling in a special questionnaire, which is a constituent part of the special regulation and which is to be filled in for the year of 2015. It is to be signed by the legal representative and is not to be filed.
The obligation to make the list of assets and liabilities comprises the persons applying the non-profit accounting, as well. At the end of the business year the entries in the records should be adjusted to the stock-taking list.
The list of assets and liabilities enables the control of the correct work and handling by the persons responsible for keeping and handling such assets.
Autor: Mirela GLAVOTA, dipl. oec., ovl. rač. i ovl. rev.
The new regulations on the accounting of non-profit organizations have been applied since 1 January 2015. Although they are formally new regulations, the accounting procedures have been slightly changed in comparison to those applied in 2014.
Due to the fact that the final accounting check-ups are principally carried out at the end of the year, this article explains the accounting approach in a number of business events, which are characteristics of the work of non-profit organisations, especially in view of double-entry accounting system.
All the persons in the non-profit accounting system should pay attention to their tax position, especially within the VAT system.
Autor: Mr. sc. Nada DREMEL , dipl. oec., ovl. rač., ovl. rev. i porezni savjetnik
The financial reports for 2015 in the system of non-profit accounting are to be delivered for the first time according to the new regulations, which have been in effect since the beginning of 2015.
Besides the standard financial reports, two completely new reports have been introduced: the annual financial report on receipts and expenses (for those engaged in double-entry book-keeping) and the report on the spent budget assets, which is to be prepared by all the non-profit organisations financed by the public sources.
The article presents the new reports and points to other specifics of the annual financial reporting for 2015.
The persons who record their business events in the system of non-profit accounting and make income based on provision of certain activities are frequently in a better position in view of the VAT taxation. Accordingly, they subject to the taxation procedures which are not typical of the tax payers in the entrepreneurial environment. Without taking into consideration such specifics they principally act as regular tax payers.
The article presents such specifics and calculations referring to the VAT taxation for December 2015.
Within the system of taxation of receipts by physical persons, trade unions have a different status than the status of the payments by other payers – legal persons. This article presents a tax status of the gifts presented to the members by trade unions and other expenses. The article is based on the opinion of the Tax Administration. It provides the answers to some dilemmas regarding the taxation of the receipts paid to physical persons by trade unions. According to the guidelines they should be treated equally, regardless of whether such payments have been effected to trade union members, employees or other persons.
Foundations represent a specific group of legal persons who perform their activities for the general benefit or charaities. The foundations in the Republic of Croatia realize their activities with the assets of a diverse value and with the varying income.
The article presents an overview of the relevant information on the operations of foundations in the Republic of Croatia and analyses the main categories which have been publicly disclosed in their financial reports.
In the Croatian legislation foundations are established for certain purposes and are obliged to keep their basic foundation assets. They may perform only those activities for which they are registered. Due to their general benefit they have a privileged position in the taxation system.
However, a number of issues have arisen during their work. This article explains the way of their establishment and points to the fact that there are insufficient regulations regarding their work.
Autor: Mr. sc. Nada DREMEL , dipl. oec., ovl. rač., ovl. rev. i porezni savjetnik