Types of association income.
Posted: Tue Jan 07, 2025 5:39 am
The first and most obvious source of money for associations is membership dues . In addition, since most associations have public interest objectives, they may also receive donations or grants . This income is the product of the association's own activities and is called exempt income , because it is exempt from taxes.
However, this money is often not enough to cover all the activities of the association. Therefore, it is normal for associations to carry out some economic activity to obtain additional income. Things such as selling lottery tickets, charging admission to some events or charity raffles. This type of income is called non-exempt income and in the accounting for associations it must always be separated from exempt income.
Accounting for partnerships
Accounting regulations for associations.
There are several laws that regulate dominican republic phone data the activity of associations. Among them is Organic Law 1/2002, of March 22, its article 14 states that associations are obliged to:
Have an updated list of partners.
Keep accounting records that provide a true picture of your assets.
Indicate the financial situation of the entity.
Have a list of the activities carried out.
Make an inventory of your assets.
Keep a book of minutes of the meetings of its representatives.
Keep accounting records in accordance with other applicable rules.
Based on this list of obligations, there are a series of models that make some procedures easier. The government provides them on the Ministry of the Interior's website for public benefit associations; from which they can be downloaded.
Another basic rule that regulates accounting for associations is the resolution of the Institute of Accounting and Auditing of Accounts that regulates the General Accounting Plan for non-profit entities .
However, this money is often not enough to cover all the activities of the association. Therefore, it is normal for associations to carry out some economic activity to obtain additional income. Things such as selling lottery tickets, charging admission to some events or charity raffles. This type of income is called non-exempt income and in the accounting for associations it must always be separated from exempt income.
Accounting for partnerships
Accounting regulations for associations.
There are several laws that regulate dominican republic phone data the activity of associations. Among them is Organic Law 1/2002, of March 22, its article 14 states that associations are obliged to:
Have an updated list of partners.
Keep accounting records that provide a true picture of your assets.
Indicate the financial situation of the entity.
Have a list of the activities carried out.
Make an inventory of your assets.
Keep a book of minutes of the meetings of its representatives.
Keep accounting records in accordance with other applicable rules.
Based on this list of obligations, there are a series of models that make some procedures easier. The government provides them on the Ministry of the Interior's website for public benefit associations; from which they can be downloaded.
Another basic rule that regulates accounting for associations is the resolution of the Institute of Accounting and Auditing of Accounts that regulates the General Accounting Plan for non-profit entities .