sec memorandum circular no.4 series 2013
ALL NON-STOCK AND
NON-PROFIT ORGANIZATIONS/ FOUNDATIONS
AMENDMENT OF PART I,
PARAGRAPHS 4(A) & (B) OF SRC RULE 68, AS AMENDED
To provide relevant
information to users of financial statements of Non-Stock and Non-Profit
Organizations and Foundations under SRC Rule 68, as amended, the Commission En
Bane at its meeting held on 07 March 2013, approved the amendment of Part I,
Paragraphs 4(A)&(B) of SRC Rule 68, as amended. The provisions of the said
Rule as hereinafter cited shall now read as follows:
"4. OTHER DOCUMENTS TO BE FILED WITH
THE FINANCIAL STATEMENTS
The
following documents shall be filed with the annual audited financial statements
and in the interim financial statements, if required herein:
A. Non-stock and non-profit organizations
A sworn statement of the organization's President and Treasurer on the accuracy and
completeness of the following schedules:
i.
Schedule
of Receipts or Income Other Than Contributions and Donations. This schedule
shall provide the nature and amount of each item;
ii.
Schedule of Contributions and Donations that is prepared in accordance with the
prescribed form per Annex "A"; and
iii.
Schedule
of Disbursements according to sources and activities. This schedule shall
provide the nature and amount of each item. If material in amount (10% or more of. the
total), the details of such
disbursement shall likewise be indicated.
B. Foundations
A sworn statement of the organization's President and Treasurer on the accuracy and
completeness of the following schedules:
i.
Schedule
of Sources of Funds Other Than Contributions and Donations. This schedule shall
provide the nature and amount of each item;
ii.
Schedule of Contributions and Donations that is prepared in accordance with the
prescribed form per Annex "A"; and
iii. Schedule of Disbursements according to sources and activities.
This schedule shall provide the nature and amount of each item. If material in
amount (10% or more of the total), the details of such disbursement shall likewise be
indicated.
iv. Schedule of application of funds with the following information on activities accomplished, on-going and
planned:
(a)
Complete name,
address and contact number of
project officer-in- charge;
and
(b)
Complete address and contact number of project office.
v. As supporting documents to the above information, copies of the certifications from
the Office of the Mayor or the Head of either the Department of Social Welfare and Development or Department of Health, on the existence of the
subject program or activity in the
locality on which it exercises jurisdiction.
For
purposes of the above requirements, contributions or donations reportable on the
Schedule per paragraphs A(ii) and B(ii) shall be grants, bequests, devises, and gifts of money or
property, amounting to P100,000.00 or more
from each contributor or donor. A contributor or donor includes individuals, partnerships, corporations, associations, trusts
and organizations."
The old
provisions of Part I, Paragraphs 4(A)&(B) of SRC Rule 68, as amended, are
hereby deleted.
This
Circular shall cover annual financial statements for the period ended December
31, 2012 and onwards.
sec memorandum circular no.4 series 2013
ALL NON-STOCK AND NON-PROFIT ORGANIZATIONS/ FOUNDATIONS
