Project base accounting
- Every individual project whether funded by a single donor or more than one donor as a consortium or otherwise are treated as a separate project.
- The assets, liabilities, income and expenditure with respect to every project are distinctly and separately accounted.
- The bank and cash books and balances are project based.
- The books of account with respect to every project include the:
- Fixed assets acquired with those projects advances from/to other projects
- Bank and cash balance of that project whether included in a combined bank account or cash balance
- Other assets and liabilities of the project
- Income and expenditure of the project
- Un-utilized balance of that project
- The advances from/to other projects (if unavoidable) must be settled immediately on receipt of grants/inflow in either project.
- All reports should be separate for every project.
- The consolidated annual accounts comprising the various project accounts should be consolidated automatically by the accounting software to:
- Display and print the combined cash and bank books for reconciliations
- A separate set of final accounts comprising the statement of revenue and expenditure and balance sheet should be prepared and audited for every project.
- The audited project based accounts should be sent to the respective donors.
- The figures in the utilization certificates to the donors should be drawn from the audited project based accounts only.
- As far as possible, all project-wise reports including the statement of revenue and expenditure, balance sheet and utilization certificates should be automatically generated by the accounting software on specifically designed sheets/form financial powers for various expenses as approved by Board of Stichting Unleashed Potential Group
Approving Authority – Nature of Expenditure
Board of Directors: Movable Assets, Immovable Assets, All Payments
Stichting Unleashed Potential Group has a Ethical & Business Conduct Code to ensure that everybody within the organization maintain a high standard of integrity.