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CONTEMPORARY ISSUES IN ECONOMY & TECHNOLOGY

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Changes in financial operations and accounting of non-profit organizations

The reasons for the adoption of new laws and regulations with regard to non-profit organizations are under-developed conditions of providing financial support to associations, but also the feedback of the funds given to the disposal within different projects. This Ordinance was the only option for associations in order to prevent the possibility of abuse in the use of funds for implementing programs and projects, and ultimately presenting the transparency of an association. Non-profit organizations, i.e. associations of double-entry bookkeeping, once again met with the modification of the Ordinance prescribed by the law of financial operations and accounting of non-profit organizations. Associations, finding themselves in a dilemma as to what their next step should be, have to determine a way of conducting the self-assessment function of financial management and control of non – profit organizations. They also have to apply methodology for making the way and terms for the execution of their financial plan. New Ordinance consists of several sections which we will present in continuation. This law predicted the need of filling in the questionnaires in order to verify that the Associations use their funds legally, in a dedicated and purposeful manner, but also to get feedback on the funds invested in various projects. The first financial plan that non-profit organizations have to base on the provisions of this Ordinance shall be drawn up in 2016 for 2017, and we could call this delay a blessing in disguise because it gives us longer period of adjustment to imposed conditions of planning, as well as another year in which we will not find out whether the funds are invested wisely.

Author(s):

Ana Bratinčević    
struč.spec.oec
Croatia

Tina Denić    
struč.spec.oec
Croatia

Mia Perica    
Croatia

 

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