Psak 45 Npo Ver171299
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STATEMENT OF FINANCIAL ACCOUNTING STANDARDS
SFAS No.
45 INDONESIAN INSTITUTE OF ACCOUNTANTS FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS
FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS
SFAS No. 45
Financial Accounting Standard (PSAK) 45, FINANCIAL STATEMENTS FOR NON-PROFIT ORGANIZATIONS, was approved by the Financial Accounting Standards Committee on 20 December 1997 and legalised by the National Council of the Indonesian Institute of Accountants on 23 December 1997.
FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS
INTRODUCTION Scope
EXPLANATION Jakarta, 23 December 1997 National Council Indonesian Institute of Accountants Financial Accounting Standards Committee Jusuf Halim Istini T. Sidharta Mirza Mochtar Hein G. Surjaatmadja Katjep K. Abdoelkadir Wahjudi Prakarsa Jan Hoesada Nur Indriantoro Rusdy Daryono Siti Ch. Fadjriah Sobo Sitorus Timoty E. Marnandus Mirawati Soedjono Osman Sitorus Jusuf Wibisana Yosefa Sayekti Heri Wahyu Setiyarso
Chairman Vice Chairman Secretary Member Member Member Member Member Member Member Member Member Member Member Member Member Member
CONTENTS Paragraph
01-05
Objective Definitions
This Standard is not applicable for immaterial items.
SFAS No. 45
Objective of Financial Statements Financial Reporting for Non-Profit Organizations Balance Sheets Objective of Balance Sheets Classification of Assets and Liabilities Classification of Restricted or Non-Restricted Net Assets Operating Statements Objective and Focus of Operating Statements Changes in Net Assets Group Classification of Revenue, Expenses, Gain and Loss Information of Revenue and Expenses Information of Rendering Services Cash Flows Statements Objective of Cash Flows Statements Classification of Cash Receipts and Cash Disbursements
01-04 05 06-34 05-08 09-34 10-18 10-11 12-13 14-18 19-32 19-20 21-22 23-26 27-28 29-32 33-34 33 34
STATEMENT OF FINANCIAL ACCOUNTING STANDARD No. 45 FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONCONCLUSION……………………………………… 35-48 Effective Date
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The objective of this standard is to prescribe financial statement reporting for non-profit organisations to make such statements more understandable, relevant and comparable.
INTRODUCTION The characteristics of non-profit organisations are different to profit-oriented organizations. The essential distinction is the source of the organisation’s resources to finance its activities. Non-profit organizations’ resources are donations from members and other contributors who do not expect to receive any benefits from the non-profit organisation.
Scope 01.This standard is applied for financial statements presented by non-profit organisations that fulfil the following characteristics:
a) resources are from contributors who do not expect to receive any re-payment
As a result of such characteristics, there are specific transactions undertaken by non-profit organisations which rarely occur in profit-oriented organisations such as donations and grant receipts. However, there are many non-profit organisations which are difficult to distinguish from a profit-oriented organisation. Notwithstanding their lack of ownership, some non-profit organisations finance capital from loans, and finance operations from income received by rendering services to the public. Accordingly, the measurement of the amount of cash flows, their timing and their certainty become important performance measurements for the users of the non-profit organisation’s financial statements which may include creditors and lenders. Such non-profit organisations have characteristics which are similar to profit-oriented organisations.
or benefits from the non-profit organisation in proportion to the resources contributed; b) produce goods and/or services without intention to profit and, if the entity generates profit, it is never distributed to the members / contributors. c) there is no ownership that is saleable, replaceable or refundable, and there is no claim on resources in the event of liquidation. 02. This standard is not applicable for government institutions, departments or other similar organisations. 03. Financial statements of non-profit organizations consist of balance sheets, statement of activities, statement of cash flows and notes thereto. The financial statements are generally different from financial statements of profit-oriented organizations.
The users of a non-profit organisation’s financial statements evaluate: a) the services rendered by the non-profit organisation and its ability to continue rendering such services; and
04. This standard establishes basic information that should be disclosed in the financial statements of non-profit organisations. Matters not specifically addressed in this standard should be referred to generally accepted accounting standards.
b) how management have satisfied their responsibilities and to judge management’s performance. The ability of a non-profit organisation to continue rendering services is communicated via the balance sheet which provides information on assets, liabilities, net assets and the relationship between those elements. The balance sheet should also separately disclose restricted and unrestricted net assets. Management’s ability to operate the non-profit organisation’s resources, including those received from contributors, are presented in the statement of activity and statement of cash flow. Objective
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08. The objective of a non-profit organisation’s financial statements, including the notes thereto, is to provide information concerning:
Definitions 05. The following are definitions of terms used in this standard:
a. b.
Permanent restriction is limitation on the use of resources determined by the contributors to maintain the resources permanently, however the non-profit organisation is permitted to use part or all income or other economic benefits generated from using those resources.
c. d.
Temporary restriction is limitation on the use of resources determined by the contributors to maintain the resources until a particular date or until such a particular condition is achieved.
e.
the amount and nature of assets, liabilities and net assets; the effect of transactions, events and other situations that impact on the amount and nature of net assets; the type and amount of resource inflows and outflows in a period, and the relationship between them; how cash is obtained and spent, finance received and other factors that have an impact on liquidity; and the services performed.
Each element of the financial statements provides different information, and information in financial terms usually compliments other non-financial information.
Restricted donations are resources for which the use of which is limited by the contributors for a specific reason. Such limitations could be permanent or temporary.
Financial Statements for Non-Profit Organizations
Unrestricted donations are resources for which the use of which is unlimited.
09. Financial statements of non-profit organisations are to consist of balance sheets as of the reporting date, statements of activity and of cash flows for the reporting period, and notes thereto.
EXPLANATION
Balance Sheet
Objective of Financial Statements
Objectives of the balance sheet
06. The primary objective of financial statements for non-profit organisations is to provide relevant information for use by contributors, members, creditors and other financial statement users who provide resources.
10. The objectives of the balance sheets are to provide information on assets, liabilities, net assets and information on the relationship between those elements as of a reporting date. Information presented in the balance sheet together with information in other financial statements can assist contributors, members, creditors and other interested financial statement users to evaluate a non-profit organisation’s:
07. The users of a non-profit organisation’s financial statements evaluate: a) the services rendered by the non-profit organisation and its ability to continue rendering such services; and b) how management have satisfied their responsibilities and to judge management’s performance.
a. b.
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ability to continue rendering services; and liquidity, financial flexibility, solvency and external funding requirements.
FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS
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FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS
14. The balance sheet presents each group of assets and liabilities included in net assets regardless of whether limitations on the use of resources have been determined by the contributors, and therefore includes permanently restricted, temporarily restricted or unrestricted resources.
11. A non-profit organisation’s balance sheet must present total assets, total liabilities and net assets. Classification of assets and liabilities
15. Information about the nature and amount of permanent and/or temporary restrictions is disclosed by presenting that amount in the financial statements and notes thereto.
12. Balance sheet, including nNotes to the balance sheet, are also included in the financial statements to presents relevant information about liquidity, financial flexibility and relationship between assets and liabilities. This information is usually presented in groups of assets and liabilities that have similar characteristics in a relatively homogeneous group. For example, a non-profit organisation usually reports each element of assets in a homogeneous account, such as: a. b. c. d. e. f.
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16. Permanent restriction’s on assets such as (1i) assets, such as land or art, donated for a specific purpose,; for use and not for sale, or (2ii) assets donated for investment purposes that will generate permanent income can be reported as separate items in permanently restricted net assets or in the notes to the financial statements.
cash and cash equivalents; amounts due from patients, students, members and others service recipients; inventory; rent, insurance and other amounts paid in advance; marketable securities and long term investments; land, buildings, equipment and other fixed assets that are used to produce goods and services.
17. Temporary restriction of (1i) donations designated for a certain operation, (2ii) investments for a designated period, (3iii) the usage of assets for a certain future period, or (4iv) the acquisition of non-current assets can be reported as separate items in temporarily restricted net assets or reported in the notes to the financial statements. Temporary restriction by a contributor can be represented by time or usage restrictions, or both.
Cash and other assets which have restricted uses as determined by the contributors must be separated from unrestricted cash and other assets.
18. Unrestricted net assets commonly consist of income from services and sales of goods, donations and dividends or proceeds from investments, less expenses incurred to obtain net income. Restriction of the use of unrestricted net assets may be imposed by the nature of the non-profit organisation, the operating environment, the objectives of the non-profit organisation as documented in the deed of establishment and/or from contractual agreements with suppliers, creditors and other financial statement users associated with the non-profit organisation. Information regarding those restrictions are commonly reported in the notes to the financial statements.
13. Information on liquidity is presented as follows: a. Presentation of assets based on liquidity, and liabilities based on maturity dates; b. Classification of assets as current and non-current, and classification of liabilities as short term and long term; and c. Information disclosed in the notes to the financial statements regarding liquidity of assets, maturity dates of liabilities and restrictions on the use of assets.
14. Classification of restricted or unrestricted net assets
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donations can be presented as unrestricted donations provided that presentation is consistent and that the accounting policy is disclosed.
Statement of activity The objective of the statement of activity
25. The statement of activity presents gains and losses recognised from investment and other assets (or liabilities) as additions to and deductions from unrestricted net assets, unless restrictions exist.
19. The primary objective of the statement of activity is to provide information about (ai) the effect of transactions and other events that change the amount and nature of net assets, (bii) the relationship among transactions and other events, and (ciii) how resources are utilised in conducting the program or services. Information in the statement of activity that is read together with other information in the financial statements can help the non-profit organisation contributors, members, creditors and other interested financial statement users to (ai) evaluate performance in a period, (bii) evaluate efforts, capabilities and ability to continue rendering services, and (ciii) evaluate how management satisfy their responsibilities and to judge management’s performance.
26. Classification of income, expenses, gains and losses in net assets doesn’t preclude additional classification in the statement of activity. For example, a non-profit organisation can classify categories effecting net assets as operating or non-operating, disposable or non-disposable, realised or not realised, normal or abnormal etc. Information on revenues and expenses 27. The statement of activity presents gross revenue and expenses although investment income can be presented net of expenses provided that expenses, such as depository and investment advisory expenses, are separately disclosed in the notes to the financial statements.
20. The statement of activity is focused on the non-profit organisation as a whole, and presents the changes in net assets for a period. The changes in net assets presented in a statement of activity is that reflected in net assets or equity in the balance sheet.
28. The statement of activityassets presents net gains or losses that are generated from incidental transactions or other events beyond the non-profit organisation’s management control. For example, gains or losses on the sale of unused land and buildings.
The changes of net assets 21. The statement of activity presents the changes in permanently restricted, temporarily restricted, and unrestricted net assets during a period.
Information of providing services
22. Income and profits that increase net assets and expense and losses that decrease net assets are grouped together as regulated in paragraphs 24-25.
29. The statement of activity orand notes to the financial statements must present information about expenses based on functional categories classified as primary and supporting services.
Classification of revenue, expense, gain and loss 23. The statement of activity presents income items as additions to unrestricted net assets unless utilisation is restricted by contributors, and presents expense items as deductions from unrestricted net assets.
24. Depending on restrictions imposed, donations are presented as additions to unrestricted, permanently restricted or temporarily restricted net assets. If limitations on restricted donations expire during a reporting period, restricted
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(a) financing activity: (b) cash receipts from contributors that have long term restrictions.; (c) cash receipts from donation and investment income, the use of which
30. Functional classification can help contributors, creditors and other financial statement users to evaluate the non-profit organisation’s provision of services and the utilisation of resources. In addition to presenting expenses by functional classification, it is recommended that non-profit organisations present additional information about expenses according to their nature, for example, salaries, rent, electricity, interest, depreciation etc.
is restricted for acquisition, development and maintenance of noncurrent assets, or increases in endowments.; and (d) interest and dividends that have long term restrictions.
(e) disclosure about investment and non-cash financing activities such as building and investments received as donations.
31. The provision of goods and services to a recipient, customer or member is performed to achieve a non-profit organisation’s goals or mission. The provision of goods and services is the non-profit organisation’s primary objective, and are undertaken through various primary programs. 32. Supporting activities include all activities in addition to the primary activity and usually comprise of management and general activities, fund raising and memberstaff development. Management and general activities include supervision, business management, bookkeeping, budgeting, financing and other administrative activities, and all management and other administrative activities exceptin addition to the program for the provision of goods and services or fund raising. Fund raising activities include fund raising campaigns and publications, preparation of mailing lists, special fund raising, preparation and distribution of information, guidance, and other materials; and another activities related to fund raising from individuals, foundations, governments and others. MemberStaff development activities consist of locating new members, collection of membership fees, public relations and similar activities. Cash flow statement Objective of the statement of cash flow 33. The primary objective of the statement of cash flow is to provide information about cash receipts and disbursements for a period. Classification of cash receipts and disbursements
34. The statement of cash flow is presented according to PSAK 2, Cash Flow Statement and with additional information as follows:
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FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS
Statement of Financial Accounting Standard No.45 Financial reporting for non-profit organisations.
SFAS No. 45
39. The statement of activity is focused on the non-profit organisation as a whole, and presents the changes in net assets for a period. The changes in net assets presented in a statement of activity is that reflected in net assets or equity in the balance sheet.
Statement of financial accounting standard is consist of paragraph 35-48. This statement should be read in a context with paragraph 01-34.
The changes of net assets
Financial statement for non-profit organisations.
40. The statement of activity presents the changes in permanently restricted, temporarily restricted, and unrestricted net assets during a period.
35. Financial statements of non-profit organisations are to consist of balance sheets as of the reporting date, statements of activity and of cash flows for the reporting period, and notes thereto.
Classification of revenue, expense, gain and loss
Balance Sheet
41. The statement of activity presents income items as additions to unrestricted net assets unless utilisation is restricted by contributors, and presents expense items as deductions from unrestricted net assets.
Classification of assets and liabilities 36. Information on liquidity is presented as follows:
42. Depending on restrictions imposed, donations are presented as additions to unrestricted, permanently restricted or temporarily restricted net assets. If limitations on restricted donations expire during a reporting period, restricted donations can be presented as unrestricted donations provided that presentation is consistent and that the accounting policy is disclosed.
a. Presentation of assets based on liquidity, and liabilities based on maturity dates; b. Classification of assets as current and non-current, and classification of liabilities as short term and long term; and c. Information disclosed in the notes to the financial statements regarding liquidity of assets, maturity dates of liabilities and restrictions on the use of assets.
43. The statement of activity presents gains and losses recognised from investment and other assets (or liabilities) as additions to and deductions from unrestricted net assets, unless restrictions exist.
Classification of restricted or unrestricted net assets
Information of revenues and expenses
37. The balance sheet presents each group of assets and liabilities included in net assets regardless of whether limitations on the use of resources have been determined by the contributors, and therefore includes permanently restricted, temporarily restricted or unrestricted resources.
44. The statement of activity presents gross revenue and expenses although investment income can be presented net of expenses provided that expenses, such as depository and investment advisory expenses, are separately disclosed in the notes to the financial statements.
38. Information about the nature and amount of permanent and/or temporary restrictions is disclosed by presenting that amount in the financial statements and notes thereto.
Information of providing services
Statement of activity
45. The statement of activity and notes to the financial statements must present information about expenses based on functional categories classified as primary and supporting services.
Objective and focus of statement of activity
Cash flow statement
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FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS
Objective of the statement of cash flow 46. The primary objective of the statement of cash flow is to provide information about cash receipts and disbursements for a period. Classification of cash receipt and disbursements 47. The statement of cash flow is presented according to PSAK2, Cash Flow Statement and with additional information as follows: (a) financing activity (b) cash receipts from contributors that have long term restrictions; (c) cash receipts from donation and investment income, the use of which is restricted for acquisition, development and maintenance of noncurrent assets, or increases in endowments; and (d) interest and dividends that have long term restrictions. (e) disclosure about investment and non-cash financing activities such as building and investments received as donations. Effective date 48. This statement is effective for preparing and presenting financial statement which cover report period since at or after at January 1, 2000. Implementation earlier is suggested.
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FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS
SFAS No. 45
FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS
APPENDIX The example of financial statement form Herein is presented an example of financial statement for non-profit organisations which is presented to provide some consistency in format and descriptions. This example may be different from those conditions existing in certain non-profit organisations and therefore it is advised that a non-profit organisation should provide the most relevant information that is understandable by the contributors, creditors and other financial statement users outside of the non-profit organisation. The preparation of comparative financial statements is also advisable, however to simplify the following example in this appendix the statement of cash flows is presented for one period only.
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FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS
SFAS No. 45
FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS
Unrestricted Temporary restricted (Note B) Permanently restricted (Note C)
Example of Balance Sheet Non-profit Organisation Balance Sheet December 31, 19X0 and 19X1 (in millions of Rupiahs)
Total net asset Total liabilities and net asset
19X1 19X0 Assets: Cash and cash equivalents Interest receivable Inventory and prepayments Other receivables Current investment Restricted asset for investment in land buildings and equipment Land, buildings and equipment Long term investments Total assets
Rp
188 5,325 1,525 7,562 3,500
13,025 154,250 545,175 ___________ Rp 730,550
Total liabilities
Rp
6,425
2,187 2,850 4,213 13,750 ___________ Rp 26,575
288,070 60,855 355,050 ___________ 703,975
Rp 259,175 63,675 342,500 __________ 665,350
Rp 730,550 ___________
Rp 696,200 _________
Example of statement of activity 1,150 4,175 2,500 6,750 2,500
There are three formats for the statement of activity presented in this appendix, each with its own advantages.
11,400 158,975 508,750 ___________ Rp 696,200
2. Format B presents information classified into columns and presents the effect
Rp
1.
Rp
Format A presents information in a single column and permits easy preparation of a comparative statement of activity. of the end of restrictions on certain assets. Format B presents the impact of the changes in restricted asset to the net asset reclasification. Format B enables the aggregation of information about donation and investment income.
3. Liabilities and net asset: Trade payables Returnable unearned revenue Other payables Notes payable Annual liabilities Long term payable
Rp
SFAS No. 45
2,625 1,625 3,250
4,250 16,250 ___________ Rp 30,850
Net assets:
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Format C presents information in two reports; a total summary of the income statement and expenses, and a statement of the changes in unrestricted net assets. Format C focuses attention on the change in unrestricted net assets, and is appropriate for non-profit organisations who consider operating activities as a separate activity from revenue generated from restricted assets and from donations and investment income.
FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS
SFAS No. 45
FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS
Format A Non-profit Organisation Statement of Activity For the year ended December 31, 19X1 (in millions of Rupiahs) Changes in unrestricted net assets: Revenue and earnings: Donations Service revenue
Income from long term investments (note E) Income from other investments (note E) Net income from unrealised long term investments Miscellaneous Total unrestricted revenue and earnings Net assets becoming unrestricted (note D) : Fulfilment of restriction program Fulfilment of restriction for equipment acquisition Completion of time restriction Total assets becoming unrestricted _______________ Total revenue, earnings and others donations Expenses and losses: Program A Program B Program C Management and general Fund raising
Total expenses (note F) Loss due to fire Total expenses and losses Increase in total unrestricted net assets Rp
21,600
__________ 79,925 200 __________ 80,125 ____________ Rp 28,895 ===========
Changes in temporarily restricted net assets: Donations Income from long term investments (Note E) Realised and unrealised income from long term investments (Note E) Actuarial loss for annual liabilities Net assets from restricted asset (Note D)
13,500
14,000
Decrease in temporarily restricted net assets
2,125 20,570 375 __________ 72,170
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20,275 6,450 7,380 (75) (36,850) ------------
(2,820)
Changes in permanently restricted net assets: Donations 700 Income from long term investments (Note E) 300 Realised and unrealised income from long term investments (Note E) 11,550 ____________
29,975 3,750 3,125
Increase in permanently restricted net assets
__________ 36,850
Increase in net assets Net assets at the beginning of the year
109,020
Net asset at the end of the year 32,750 21,350 14,400 6,050 5,375
10
12,550 ____________ 38,625 665,350 ____________ 703,975
FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS
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Format B Non-profit Organisation Statement of Activity For the year ended December 31, 19X1 (in millions of Rupiahs) Non restrictedTemporary RestrictedPermanent Restricted Income, earnings and other donations Delivery services Income from long term investments (note E) Income from other investments (note E) Realised and unrealised income from long term investments (note E) Other Net asset becoming unrestricted Restriction (note D): Fulfilment of restriction program Fulfilment of restriction for equipment acquisition Completion of time restriction Total revenue, earnings and donations Expense and losses: Program A Program B Program C Management and general Fund raising Total expenses (note F) Loss due to fire Actuarial loss on annual liability Total expenses and losses Change in net asset
Rp 21,600 13,500 14,500 2,125 20,570 375
Rp
20,275
Rp
700
Total Rp
42,575 13,500 20,750 2,125
6,450
300
7,380
11,550
39,500
12,550
118,450
29,975 3,750 3,125
(29,975) (3,750) (3,125)
109,020
(2,74475)
32,750 21,350 14,400 6,050 5,375
32,750 21,350 14,400 6,050 5,375
79,925 200
79,925 200 75
80,125 28,895
75
75 (2,820)
80,200 12,550
38,625
FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS
Net assets at the beginning of the year Net assets at the end of the year
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259,175 Rp 288,070
Rp
63,675
342,500
60,855
Rp355,050
665,350 Rp
703,975
FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS
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Format C (Part 1 from 2 part)
------------------Total unrestricted expenses and losses
Non-profit Organisation Statement of Income, Expense, Changes in unrestricted net asset For year ended December 31, 19X1 (in millions of Rupiah) Unrestricted Revenue and Income: Donations Rendering of services Income from long term investments (Note E) Income from other investments (Note E) Net income from realised and unrealised long term investments (Note E) Other Total unrestricted revenue and income Unrestricted net assets (Note D) Fulfilment of restriction program Fulfilment of restriction for equipment acquisition Ending of time restriction Total unrestricted net assets Total revenue, income and other unrestricted donations ____________ Expenses and Losses: Program A Program B Program C Management and general Fund rising Total expenses (Note F) Loss due to fire
FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS
Rp
Increase in unrestricted net assets
21,600 13,500 14,000 2,125
20,570 375 ___________ 72,170 29,975 3,750 3,125 ___________ 36,850 ___________ 109,020
32,750 21,350 14,400 6,050 5,375 ___________ 79,925 200
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80.125 ___________ Rp 28,895
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Format C (Part 2 from 2 parts)
FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS
Net asset at the end of the year Non-profit Organisation Statement Changes in Net asset For year ended December 31, 19X1 (in millions of Rupiah)
Unrestricted Net assets: Total unrestricted revenue and income Unrestricted net assets (Note D) Total unrestricted expenses and losses Increase in unrestricted net assets
Rp
72,170 36,850 (80,125) ___________ 28,895 ___________
Temporary restricted net assets: Donations Income from long term investments Net income from realised and unrealised long term investments Actuarial loss from annual liabilities Unrestricted net assets (Note D) Decrease in Temporarily restricted net assets
20,275 6,450 7,380 (75) (36,850) ___________ (2,820) ___________
Temporary restricted net assets: Donations Income from long term investments (Note E) Net Income from realised and unrealised long term investments (Note E) Increase in permanently restricted net assets Increase in net assets Net asset at the beginning of the year
700 300 11,550 ___________ 12,550 ___________ 38,625 665,350
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___________ Rp 703,975
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Format C (Part 2 of 2: Alternative) Non-profit Organisation Statement of Changes in Net asset For the year ended December 31, 19X1 (in millions of Rupiah) Restricted
Unrestricted Total
Temporary Restricted
Permanent
Revenue, income and other donations: Restricted revenue, income and other donations Revenue, income and unrestricted donations Income from long term investments (Note E) Realised and unrealised net income from long term investments (Note E) Unrealised net assets (Note D) Total revenue, income and donations
Rp 72,170
72,170 20,975 6,750
7,380 (36,850)
11,550
18,930
109,020
(2,74475)
12,550
118,825450
80,125
Total expenses and losses
80,125
Net assets at the end of the year
700 300
36,850
Expenses and losses: Unrestricted expenses and losses Actuarial losses from annual liabilities
Change in net assets Net assets at the beginning of the year
Rp 20,275 6,450
28,895 259,175 Rp 288,070
75
80,125 75
75
80,200
(2,820) 63,675 Rp
60,855
12,550 342,500
38,625 665,350
Rp 355,050
Rp 703,975
FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS
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Cash Flow Statement Direct Method
Non-profit Organisation Cash Flow Statement For the year ended at December 31, 19X1 (in million of Rupiahs)
Cash flows from operating activities: Cash from service income Cash from contributors Cash from other receivables Interest and dividend received Others receipts Interest paid Cash paid to employees and suppliers Other Net cash received (paid) from operating activities Cash flows from investing activities: Compensation from fire insurance Equipment purchases Receipts from the sale of investments Purchase of investments Net cash received (paid) for investing activities Cash flows from financing activities: Received from restricted contributions: Investment endowments Investment in time endowments Investment in buildings Annual agreement investment
Rp
13,050.0 20,075.0 6,537.5 21,425.0 375.0 (955.0) (59,520.0) (1,063.5) ___________ (75.0) ___________ 625,0 (3,750.0) 190,250.0 (187,250.0) ___________ (125.0)
500.0 175.0 3,025.0 500.0 ___________ 4,200.0
Other financing activities :
FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS
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Interest and restricted dividends for reinvestment 750.0 Payment for annual liabilities (363.0) Payment for notes payable (2,850.0) Payment for long term liability (2,500.0) ___________ (4,962.5) ___________ Net cash received (paid) from financing activities Rp (762.5) ___________ Net increase (decrease) in cash and cash equivalents Rp (962.5) Cash and cash equivalents at the beginning of the year 1,150.0 ___________ Cash and cash equivalents at the end of the year 187.5
FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS
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Reconciliation of the change in net assets to net cash used for operating activities: Changes in net assets Adjustment for the reconciliation of the change in net assets to net asset used in operating activities: Depreciation Loss due to fire Actuarial loss on annual liability Increase in interest receivable Decrease in inventory and prepaid expenses Increase in others receivables Increase in accounts payable Decrease in returnable unearned revenue Decrease in other payables Restricted donations for long term investment Interest and dividend restricted for long term investment Realised and unrealised net revenue from long term investments Net cash received (paid) for operating activities Additional data for investing activity and non-cash financing: Equipment received as a donation Exemption from death insurance premium
38,625.0 8,000.0 200.0 75.0 (1,150.0) 975.0 (812.5) 3,800.0 (1,625.0) (1,062.5) (6,850.0) (750) (39,500.0) ___________ Rp
(75.0)
Rp
350.0 200.0
FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS
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FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS
SFAS No. 45
FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS
Statement of cash flow Indirect method
SFAS No. 45
___________ Cash flows from financing activities: Receipts from restricted donations: Investments in endowments Investments in time endowments Investment in buildings Annual agreement investment
Non-Profit Organisation Statement of Cash flow For year ended December 31, 19X1 (expressed in millions of Rupiah) Cash flow from operating activities: Reconciliation of the changes in net assets to net cash used for operating activities: Changes in net assets Adjustments to reconcile changes in net assets that are used for operating activities: Depreciation Loss due to fire Actuarial loss on annual liabilities Increase in interest receivable Decrease in inventory and prepaid expenses Increase in other receivables Increase in trade payables Decrease in refundable unearned revenue Decrease in other payables Restricted donations for long term investments Restricted interest and dividend for long term investments Realised and unrealised net income from long tern investments Net cash received (used) for operating activities Cash flows from investment activities: Payment from fire insurance Acquisition of equipment Proceeds from the sale of investments Purchase of investments Net cash received (used) for investment activities
Rp
38,625 8,000 200 75 (1,150) 975 (813) 3,800 (1,625) (1,063) (6,850) (750)
(39,500) ___________ (75) ___________ 825 (3,750) 190,250 (187,250) ___________ Rp (125)
Other financing activities: Interest and restricted dividends for reinvestment Payment of annual liabilities Payment of notes payable Payment of long term liability
Net cash receipts (disbursements) for financing activities Net decrease in cash and cash equivalents Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year Additional data: Investment activities and non-cash financing: Equipment received as a donation Exemption from death insurance premium Interest paid
Rp
500 175 3,025 500 ___________ 4,200 ___________ 750 (363) (2,850) (2,500) ___________ (4,963) ___________ (763) ___________ (963) 1,050 ___________ 185 ___________
Rp
350 200 955
FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS
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Notes to the financial statements Note A illustrates the disclosure policy required which incorporates notes B and C. Notes D, E and F suggest additional information to be disclosed by non-profit organisations. All amounts are in millions of rupiah. Note A Non-profit organisations present grant or donations in cash or other assets as restricted donations if the use of those grants or donations is restricted. If the restriction which originated from the contributor has expired, or the objective of the restriction has been fulfilled, temporary restricted net assets are reclassified as unrestricted net assets and are presented in the statement of activity as unrestricted net assets. Non-profit organisations present grants or donations of land, buildings and equipment as unrestricted donations unless there exist explicit restrictions from the contributor regarding the objective of the utilisation of those assets. Donations of fixed assets which have explicit restrictions that state the objective of the utilisation of those assets, and donations in cash or other assets that are to be used to obtain fixed assets, are to be presented as restricted donations. If there are no explicit restrictions from contributors about the utilisation of fixed assets, they are classified as unrestricted assets.
FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS
Program activity A: Purchase of equipment Research Seminars and publications Program activity B: Repair of broken equipment Seminars and publications Program activity C: General Building and equipment Annual trustee agreement For the period after December 31, 19X1
Rp
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7,650 10,640 3,800 5,600 5,395
7,420 5,375 7,125 7,850 ___________ Rp 60,855 ___________
Note C Permanently restricted net assets Annual investment revenue is spent to support: Program activity A Program activity B Program activity C Other activities
Rp
68,810 34,155 34,155 204,930 ___________ 342,050 Fund for which income must be added to the original donation 5,300 Exemption from death insurance premium 200 Land for use as a recreation area 7,500 ___________ Rp 355,050 Note D
Note B Temporarily restricted net assets for a financial period are as follows:
Net assets that are unrestricted by contributors due to the occurrence of certain expenses or conditions required by contributor. Removal of restriction achieved: Program expense A Rp 14,500
FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS
Program expense B Program expense C
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11,500 3,975 ___________ Rp 29,975 ___________
Equipment for program A purchased and used Time restriction that have been fulfilled: Period has been fulfilled Death of annual contributor
3,750 ___________ Rp
2,125 1,000 ___________ Rp 3,125 ___________ Rp 36,850
FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS
expenses Rp.375) Dividend, interest and rent Realised and unrealised income Total investment return Amount available for current operation Trustee fund income for current year and future ______ Investments at the end of the year
Investments are recorded at market or appraisal value and income (or loss) that has been recognised but not yet realised can be recorded in the statement of activity. Non-profit organisations invest the excess of cash required for daily needs in current investments. In Dec 31, 19X1, Rp. 1,400 is invested in the nonprofit organisation’s current account which generates a profit of Rp. 850 per annum. Most long term investments are divided into two categories; group A consists of permanent funds and are not required to increase net assets, and group B are amounts designated by the non-profit organisation’s management which are intended for long term investment; an example is shown in the following table: Group A Investments at the beginning of the year 410,000 Donations available for investment: Permanent fund 500 Temporary fund Year trustee fund Amount drawn for annual past contributors Investment return (net, after deducting
Group B Others
Total
82,000 16,750 508,750 200 700 175 175 500 500 (1,000) (1,000)
15,000 30,000
5,000 9,500
750
20,750 39,500
45,000 (18,750)
14,500 (5,000)
750
60,250 (23,750)
(450) (450) _________________________ 436,750
90,000 16,925 545,175
Component in each investment category and other investment ownership at December 31, 19X1 is presented in the following table: Group A Group B Others Total Permanently restricted net assets Temporarily restricted net assets Unrestricted net assets
Note E
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________
Rp. 342,050 5,500 347,550 26,880 11,425 38,305 67,820 91,500 159,320 _________________________ Rp 436,000
90,000
16,925 545,175
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The board of trustees non-profit organisation’s management implement regulations that require the permanent endowment fund to be valued at its real value unless contributors explicitly state another basis. To meet this objective, management state that net appreciation is maintained permanently as the amount required to the adjust the historic value of the donation with the consumer price index. All excesses above the permanent endowment fund can be used for other appropriate objectives. In 19X1, the total investment return of group A is Rp. 18,000 (10.6 %), and from that amount, Rp. 4,620 is retained permanently to maintain the real value of that donation. The remainder, amounting Rp. 13,380, is available to provide other objectives as determined by the non-profit organisation’s management. Note F Expense incurred consisted of: Program Total
A
B
Management Fund C
& General Raising
Salaries and wages
Rp. 37,787.5
18,500
9,750.0
4,312.5 2,825.02,400.0
11,875.0
5,187.5
1,875.0
4,312.5
Supplies and travel
7,887.5
2,162.5
2,500.0
1,225.0
600.01,400.0
Service and professional
7,100.0
400.0
3,725.0
1500.0
500.0 975.0
Office
6,320.0
2,900.0
1,500.0
1,125.0
545.0 250.0
Depreciation
8,000.0
3,600.0
2,000.0
1,425.0
625.0 350.0
Others expenses
Interest
955.0
955.0
____________________________________________________________________ Total expenses Rp 79,925.0 32,750.0 21,350.0 14,400.0 6,050.05,375.0
FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS
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SFAS No.
45 INDONESIAN INSTITUTE OF ACCOUNTANTS FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS
FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS
SFAS No. 45
Financial Accounting Standard (PSAK) 45, FINANCIAL STATEMENTS FOR NON-PROFIT ORGANIZATIONS, was approved by the Financial Accounting Standards Committee on 20 December 1997 and legalised by the National Council of the Indonesian Institute of Accountants on 23 December 1997.
FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS
INTRODUCTION Scope
EXPLANATION Jakarta, 23 December 1997 National Council Indonesian Institute of Accountants Financial Accounting Standards Committee Jusuf Halim Istini T. Sidharta Mirza Mochtar Hein G. Surjaatmadja Katjep K. Abdoelkadir Wahjudi Prakarsa Jan Hoesada Nur Indriantoro Rusdy Daryono Siti Ch. Fadjriah Sobo Sitorus Timoty E. Marnandus Mirawati Soedjono Osman Sitorus Jusuf Wibisana Yosefa Sayekti Heri Wahyu Setiyarso
Chairman Vice Chairman Secretary Member Member Member Member Member Member Member Member Member Member Member Member Member Member
CONTENTS Paragraph
01-05
Objective Definitions
This Standard is not applicable for immaterial items.
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Objective of Financial Statements Financial Reporting for Non-Profit Organizations Balance Sheets Objective of Balance Sheets Classification of Assets and Liabilities Classification of Restricted or Non-Restricted Net Assets Operating Statements Objective and Focus of Operating Statements Changes in Net Assets Group Classification of Revenue, Expenses, Gain and Loss Information of Revenue and Expenses Information of Rendering Services Cash Flows Statements Objective of Cash Flows Statements Classification of Cash Receipts and Cash Disbursements
01-04 05 06-34 05-08 09-34 10-18 10-11 12-13 14-18 19-32 19-20 21-22 23-26 27-28 29-32 33-34 33 34
STATEMENT OF FINANCIAL ACCOUNTING STANDARD No. 45 FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONCONCLUSION……………………………………… 35-48 Effective Date
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The objective of this standard is to prescribe financial statement reporting for non-profit organisations to make such statements more understandable, relevant and comparable.
INTRODUCTION The characteristics of non-profit organisations are different to profit-oriented organizations. The essential distinction is the source of the organisation’s resources to finance its activities. Non-profit organizations’ resources are donations from members and other contributors who do not expect to receive any benefits from the non-profit organisation.
Scope 01.This standard is applied for financial statements presented by non-profit organisations that fulfil the following characteristics:
a) resources are from contributors who do not expect to receive any re-payment
As a result of such characteristics, there are specific transactions undertaken by non-profit organisations which rarely occur in profit-oriented organisations such as donations and grant receipts. However, there are many non-profit organisations which are difficult to distinguish from a profit-oriented organisation. Notwithstanding their lack of ownership, some non-profit organisations finance capital from loans, and finance operations from income received by rendering services to the public. Accordingly, the measurement of the amount of cash flows, their timing and their certainty become important performance measurements for the users of the non-profit organisation’s financial statements which may include creditors and lenders. Such non-profit organisations have characteristics which are similar to profit-oriented organisations.
or benefits from the non-profit organisation in proportion to the resources contributed; b) produce goods and/or services without intention to profit and, if the entity generates profit, it is never distributed to the members / contributors. c) there is no ownership that is saleable, replaceable or refundable, and there is no claim on resources in the event of liquidation. 02. This standard is not applicable for government institutions, departments or other similar organisations. 03. Financial statements of non-profit organizations consist of balance sheets, statement of activities, statement of cash flows and notes thereto. The financial statements are generally different from financial statements of profit-oriented organizations.
The users of a non-profit organisation’s financial statements evaluate: a) the services rendered by the non-profit organisation and its ability to continue rendering such services; and
04. This standard establishes basic information that should be disclosed in the financial statements of non-profit organisations. Matters not specifically addressed in this standard should be referred to generally accepted accounting standards.
b) how management have satisfied their responsibilities and to judge management’s performance. The ability of a non-profit organisation to continue rendering services is communicated via the balance sheet which provides information on assets, liabilities, net assets and the relationship between those elements. The balance sheet should also separately disclose restricted and unrestricted net assets. Management’s ability to operate the non-profit organisation’s resources, including those received from contributors, are presented in the statement of activity and statement of cash flow. Objective
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08. The objective of a non-profit organisation’s financial statements, including the notes thereto, is to provide information concerning:
Definitions 05. The following are definitions of terms used in this standard:
a. b.
Permanent restriction is limitation on the use of resources determined by the contributors to maintain the resources permanently, however the non-profit organisation is permitted to use part or all income or other economic benefits generated from using those resources.
c. d.
Temporary restriction is limitation on the use of resources determined by the contributors to maintain the resources until a particular date or until such a particular condition is achieved.
e.
the amount and nature of assets, liabilities and net assets; the effect of transactions, events and other situations that impact on the amount and nature of net assets; the type and amount of resource inflows and outflows in a period, and the relationship between them; how cash is obtained and spent, finance received and other factors that have an impact on liquidity; and the services performed.
Each element of the financial statements provides different information, and information in financial terms usually compliments other non-financial information.
Restricted donations are resources for which the use of which is limited by the contributors for a specific reason. Such limitations could be permanent or temporary.
Financial Statements for Non-Profit Organizations
Unrestricted donations are resources for which the use of which is unlimited.
09. Financial statements of non-profit organisations are to consist of balance sheets as of the reporting date, statements of activity and of cash flows for the reporting period, and notes thereto.
EXPLANATION
Balance Sheet
Objective of Financial Statements
Objectives of the balance sheet
06. The primary objective of financial statements for non-profit organisations is to provide relevant information for use by contributors, members, creditors and other financial statement users who provide resources.
10. The objectives of the balance sheets are to provide information on assets, liabilities, net assets and information on the relationship between those elements as of a reporting date. Information presented in the balance sheet together with information in other financial statements can assist contributors, members, creditors and other interested financial statement users to evaluate a non-profit organisation’s:
07. The users of a non-profit organisation’s financial statements evaluate: a) the services rendered by the non-profit organisation and its ability to continue rendering such services; and b) how management have satisfied their responsibilities and to judge management’s performance.
a. b.
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ability to continue rendering services; and liquidity, financial flexibility, solvency and external funding requirements.
FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS
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FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS
14. The balance sheet presents each group of assets and liabilities included in net assets regardless of whether limitations on the use of resources have been determined by the contributors, and therefore includes permanently restricted, temporarily restricted or unrestricted resources.
11. A non-profit organisation’s balance sheet must present total assets, total liabilities and net assets. Classification of assets and liabilities
15. Information about the nature and amount of permanent and/or temporary restrictions is disclosed by presenting that amount in the financial statements and notes thereto.
12. Balance sheet, including nNotes to the balance sheet, are also included in the financial statements to presents relevant information about liquidity, financial flexibility and relationship between assets and liabilities. This information is usually presented in groups of assets and liabilities that have similar characteristics in a relatively homogeneous group. For example, a non-profit organisation usually reports each element of assets in a homogeneous account, such as: a. b. c. d. e. f.
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16. Permanent restriction’s on assets such as (1i) assets, such as land or art, donated for a specific purpose,; for use and not for sale, or (2ii) assets donated for investment purposes that will generate permanent income can be reported as separate items in permanently restricted net assets or in the notes to the financial statements.
cash and cash equivalents; amounts due from patients, students, members and others service recipients; inventory; rent, insurance and other amounts paid in advance; marketable securities and long term investments; land, buildings, equipment and other fixed assets that are used to produce goods and services.
17. Temporary restriction of (1i) donations designated for a certain operation, (2ii) investments for a designated period, (3iii) the usage of assets for a certain future period, or (4iv) the acquisition of non-current assets can be reported as separate items in temporarily restricted net assets or reported in the notes to the financial statements. Temporary restriction by a contributor can be represented by time or usage restrictions, or both.
Cash and other assets which have restricted uses as determined by the contributors must be separated from unrestricted cash and other assets.
18. Unrestricted net assets commonly consist of income from services and sales of goods, donations and dividends or proceeds from investments, less expenses incurred to obtain net income. Restriction of the use of unrestricted net assets may be imposed by the nature of the non-profit organisation, the operating environment, the objectives of the non-profit organisation as documented in the deed of establishment and/or from contractual agreements with suppliers, creditors and other financial statement users associated with the non-profit organisation. Information regarding those restrictions are commonly reported in the notes to the financial statements.
13. Information on liquidity is presented as follows: a. Presentation of assets based on liquidity, and liabilities based on maturity dates; b. Classification of assets as current and non-current, and classification of liabilities as short term and long term; and c. Information disclosed in the notes to the financial statements regarding liquidity of assets, maturity dates of liabilities and restrictions on the use of assets.
14. Classification of restricted or unrestricted net assets
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donations can be presented as unrestricted donations provided that presentation is consistent and that the accounting policy is disclosed.
Statement of activity The objective of the statement of activity
25. The statement of activity presents gains and losses recognised from investment and other assets (or liabilities) as additions to and deductions from unrestricted net assets, unless restrictions exist.
19. The primary objective of the statement of activity is to provide information about (ai) the effect of transactions and other events that change the amount and nature of net assets, (bii) the relationship among transactions and other events, and (ciii) how resources are utilised in conducting the program or services. Information in the statement of activity that is read together with other information in the financial statements can help the non-profit organisation contributors, members, creditors and other interested financial statement users to (ai) evaluate performance in a period, (bii) evaluate efforts, capabilities and ability to continue rendering services, and (ciii) evaluate how management satisfy their responsibilities and to judge management’s performance.
26. Classification of income, expenses, gains and losses in net assets doesn’t preclude additional classification in the statement of activity. For example, a non-profit organisation can classify categories effecting net assets as operating or non-operating, disposable or non-disposable, realised or not realised, normal or abnormal etc. Information on revenues and expenses 27. The statement of activity presents gross revenue and expenses although investment income can be presented net of expenses provided that expenses, such as depository and investment advisory expenses, are separately disclosed in the notes to the financial statements.
20. The statement of activity is focused on the non-profit organisation as a whole, and presents the changes in net assets for a period. The changes in net assets presented in a statement of activity is that reflected in net assets or equity in the balance sheet.
28. The statement of activityassets presents net gains or losses that are generated from incidental transactions or other events beyond the non-profit organisation’s management control. For example, gains or losses on the sale of unused land and buildings.
The changes of net assets 21. The statement of activity presents the changes in permanently restricted, temporarily restricted, and unrestricted net assets during a period.
Information of providing services
22. Income and profits that increase net assets and expense and losses that decrease net assets are grouped together as regulated in paragraphs 24-25.
29. The statement of activity orand notes to the financial statements must present information about expenses based on functional categories classified as primary and supporting services.
Classification of revenue, expense, gain and loss 23. The statement of activity presents income items as additions to unrestricted net assets unless utilisation is restricted by contributors, and presents expense items as deductions from unrestricted net assets.
24. Depending on restrictions imposed, donations are presented as additions to unrestricted, permanently restricted or temporarily restricted net assets. If limitations on restricted donations expire during a reporting period, restricted
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(a) financing activity: (b) cash receipts from contributors that have long term restrictions.; (c) cash receipts from donation and investment income, the use of which
30. Functional classification can help contributors, creditors and other financial statement users to evaluate the non-profit organisation’s provision of services and the utilisation of resources. In addition to presenting expenses by functional classification, it is recommended that non-profit organisations present additional information about expenses according to their nature, for example, salaries, rent, electricity, interest, depreciation etc.
is restricted for acquisition, development and maintenance of noncurrent assets, or increases in endowments.; and (d) interest and dividends that have long term restrictions.
(e) disclosure about investment and non-cash financing activities such as building and investments received as donations.
31. The provision of goods and services to a recipient, customer or member is performed to achieve a non-profit organisation’s goals or mission. The provision of goods and services is the non-profit organisation’s primary objective, and are undertaken through various primary programs. 32. Supporting activities include all activities in addition to the primary activity and usually comprise of management and general activities, fund raising and memberstaff development. Management and general activities include supervision, business management, bookkeeping, budgeting, financing and other administrative activities, and all management and other administrative activities exceptin addition to the program for the provision of goods and services or fund raising. Fund raising activities include fund raising campaigns and publications, preparation of mailing lists, special fund raising, preparation and distribution of information, guidance, and other materials; and another activities related to fund raising from individuals, foundations, governments and others. MemberStaff development activities consist of locating new members, collection of membership fees, public relations and similar activities. Cash flow statement Objective of the statement of cash flow 33. The primary objective of the statement of cash flow is to provide information about cash receipts and disbursements for a period. Classification of cash receipts and disbursements
34. The statement of cash flow is presented according to PSAK 2, Cash Flow Statement and with additional information as follows:
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FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS
Statement of Financial Accounting Standard No.45 Financial reporting for non-profit organisations.
SFAS No. 45
39. The statement of activity is focused on the non-profit organisation as a whole, and presents the changes in net assets for a period. The changes in net assets presented in a statement of activity is that reflected in net assets or equity in the balance sheet.
Statement of financial accounting standard is consist of paragraph 35-48. This statement should be read in a context with paragraph 01-34.
The changes of net assets
Financial statement for non-profit organisations.
40. The statement of activity presents the changes in permanently restricted, temporarily restricted, and unrestricted net assets during a period.
35. Financial statements of non-profit organisations are to consist of balance sheets as of the reporting date, statements of activity and of cash flows for the reporting period, and notes thereto.
Classification of revenue, expense, gain and loss
Balance Sheet
41. The statement of activity presents income items as additions to unrestricted net assets unless utilisation is restricted by contributors, and presents expense items as deductions from unrestricted net assets.
Classification of assets and liabilities 36. Information on liquidity is presented as follows:
42. Depending on restrictions imposed, donations are presented as additions to unrestricted, permanently restricted or temporarily restricted net assets. If limitations on restricted donations expire during a reporting period, restricted donations can be presented as unrestricted donations provided that presentation is consistent and that the accounting policy is disclosed.
a. Presentation of assets based on liquidity, and liabilities based on maturity dates; b. Classification of assets as current and non-current, and classification of liabilities as short term and long term; and c. Information disclosed in the notes to the financial statements regarding liquidity of assets, maturity dates of liabilities and restrictions on the use of assets.
43. The statement of activity presents gains and losses recognised from investment and other assets (or liabilities) as additions to and deductions from unrestricted net assets, unless restrictions exist.
Classification of restricted or unrestricted net assets
Information of revenues and expenses
37. The balance sheet presents each group of assets and liabilities included in net assets regardless of whether limitations on the use of resources have been determined by the contributors, and therefore includes permanently restricted, temporarily restricted or unrestricted resources.
44. The statement of activity presents gross revenue and expenses although investment income can be presented net of expenses provided that expenses, such as depository and investment advisory expenses, are separately disclosed in the notes to the financial statements.
38. Information about the nature and amount of permanent and/or temporary restrictions is disclosed by presenting that amount in the financial statements and notes thereto.
Information of providing services
Statement of activity
45. The statement of activity and notes to the financial statements must present information about expenses based on functional categories classified as primary and supporting services.
Objective and focus of statement of activity
Cash flow statement
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FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS
Objective of the statement of cash flow 46. The primary objective of the statement of cash flow is to provide information about cash receipts and disbursements for a period. Classification of cash receipt and disbursements 47. The statement of cash flow is presented according to PSAK2, Cash Flow Statement and with additional information as follows: (a) financing activity (b) cash receipts from contributors that have long term restrictions; (c) cash receipts from donation and investment income, the use of which is restricted for acquisition, development and maintenance of noncurrent assets, or increases in endowments; and (d) interest and dividends that have long term restrictions. (e) disclosure about investment and non-cash financing activities such as building and investments received as donations. Effective date 48. This statement is effective for preparing and presenting financial statement which cover report period since at or after at January 1, 2000. Implementation earlier is suggested.
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FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS
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FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS
APPENDIX The example of financial statement form Herein is presented an example of financial statement for non-profit organisations which is presented to provide some consistency in format and descriptions. This example may be different from those conditions existing in certain non-profit organisations and therefore it is advised that a non-profit organisation should provide the most relevant information that is understandable by the contributors, creditors and other financial statement users outside of the non-profit organisation. The preparation of comparative financial statements is also advisable, however to simplify the following example in this appendix the statement of cash flows is presented for one period only.
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FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS
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FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS
Unrestricted Temporary restricted (Note B) Permanently restricted (Note C)
Example of Balance Sheet Non-profit Organisation Balance Sheet December 31, 19X0 and 19X1 (in millions of Rupiahs)
Total net asset Total liabilities and net asset
19X1 19X0 Assets: Cash and cash equivalents Interest receivable Inventory and prepayments Other receivables Current investment Restricted asset for investment in land buildings and equipment Land, buildings and equipment Long term investments Total assets
Rp
188 5,325 1,525 7,562 3,500
13,025 154,250 545,175 ___________ Rp 730,550
Total liabilities
Rp
6,425
2,187 2,850 4,213 13,750 ___________ Rp 26,575
288,070 60,855 355,050 ___________ 703,975
Rp 259,175 63,675 342,500 __________ 665,350
Rp 730,550 ___________
Rp 696,200 _________
Example of statement of activity 1,150 4,175 2,500 6,750 2,500
There are three formats for the statement of activity presented in this appendix, each with its own advantages.
11,400 158,975 508,750 ___________ Rp 696,200
2. Format B presents information classified into columns and presents the effect
Rp
1.
Rp
Format A presents information in a single column and permits easy preparation of a comparative statement of activity. of the end of restrictions on certain assets. Format B presents the impact of the changes in restricted asset to the net asset reclasification. Format B enables the aggregation of information about donation and investment income.
3. Liabilities and net asset: Trade payables Returnable unearned revenue Other payables Notes payable Annual liabilities Long term payable
Rp
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2,625 1,625 3,250
4,250 16,250 ___________ Rp 30,850
Net assets:
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Format C presents information in two reports; a total summary of the income statement and expenses, and a statement of the changes in unrestricted net assets. Format C focuses attention on the change in unrestricted net assets, and is appropriate for non-profit organisations who consider operating activities as a separate activity from revenue generated from restricted assets and from donations and investment income.
FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS
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FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS
Format A Non-profit Organisation Statement of Activity For the year ended December 31, 19X1 (in millions of Rupiahs) Changes in unrestricted net assets: Revenue and earnings: Donations Service revenue
Income from long term investments (note E) Income from other investments (note E) Net income from unrealised long term investments Miscellaneous Total unrestricted revenue and earnings Net assets becoming unrestricted (note D) : Fulfilment of restriction program Fulfilment of restriction for equipment acquisition Completion of time restriction Total assets becoming unrestricted _______________ Total revenue, earnings and others donations Expenses and losses: Program A Program B Program C Management and general Fund raising
Total expenses (note F) Loss due to fire Total expenses and losses Increase in total unrestricted net assets Rp
21,600
__________ 79,925 200 __________ 80,125 ____________ Rp 28,895 ===========
Changes in temporarily restricted net assets: Donations Income from long term investments (Note E) Realised and unrealised income from long term investments (Note E) Actuarial loss for annual liabilities Net assets from restricted asset (Note D)
13,500
14,000
Decrease in temporarily restricted net assets
2,125 20,570 375 __________ 72,170
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20,275 6,450 7,380 (75) (36,850) ------------
(2,820)
Changes in permanently restricted net assets: Donations 700 Income from long term investments (Note E) 300 Realised and unrealised income from long term investments (Note E) 11,550 ____________
29,975 3,750 3,125
Increase in permanently restricted net assets
__________ 36,850
Increase in net assets Net assets at the beginning of the year
109,020
Net asset at the end of the year 32,750 21,350 14,400 6,050 5,375
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12,550 ____________ 38,625 665,350 ____________ 703,975
FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS
SFAS No. 45
Format B Non-profit Organisation Statement of Activity For the year ended December 31, 19X1 (in millions of Rupiahs) Non restrictedTemporary RestrictedPermanent Restricted Income, earnings and other donations Delivery services Income from long term investments (note E) Income from other investments (note E) Realised and unrealised income from long term investments (note E) Other Net asset becoming unrestricted Restriction (note D): Fulfilment of restriction program Fulfilment of restriction for equipment acquisition Completion of time restriction Total revenue, earnings and donations Expense and losses: Program A Program B Program C Management and general Fund raising Total expenses (note F) Loss due to fire Actuarial loss on annual liability Total expenses and losses Change in net asset
Rp 21,600 13,500 14,500 2,125 20,570 375
Rp
20,275
Rp
700
Total Rp
42,575 13,500 20,750 2,125
6,450
300
7,380
11,550
39,500
12,550
118,450
29,975 3,750 3,125
(29,975) (3,750) (3,125)
109,020
(2,74475)
32,750 21,350 14,400 6,050 5,375
32,750 21,350 14,400 6,050 5,375
79,925 200
79,925 200 75
80,125 28,895
75
75 (2,820)
80,200 12,550
38,625
FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS
Net assets at the beginning of the year Net assets at the end of the year
SFAS No. 45
259,175 Rp 288,070
Rp
63,675
342,500
60,855
Rp355,050
665,350 Rp
703,975
FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS
SFAS No. 45
Format C (Part 1 from 2 part)
------------------Total unrestricted expenses and losses
Non-profit Organisation Statement of Income, Expense, Changes in unrestricted net asset For year ended December 31, 19X1 (in millions of Rupiah) Unrestricted Revenue and Income: Donations Rendering of services Income from long term investments (Note E) Income from other investments (Note E) Net income from realised and unrealised long term investments (Note E) Other Total unrestricted revenue and income Unrestricted net assets (Note D) Fulfilment of restriction program Fulfilment of restriction for equipment acquisition Ending of time restriction Total unrestricted net assets Total revenue, income and other unrestricted donations ____________ Expenses and Losses: Program A Program B Program C Management and general Fund rising Total expenses (Note F) Loss due to fire
FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS
Rp
Increase in unrestricted net assets
21,600 13,500 14,000 2,125
20,570 375 ___________ 72,170 29,975 3,750 3,125 ___________ 36,850 ___________ 109,020
32,750 21,350 14,400 6,050 5,375 ___________ 79,925 200
SFAS No. 45
80.125 ___________ Rp 28,895
FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS
SFAS No. 45
Format C (Part 2 from 2 parts)
FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS
Net asset at the end of the year Non-profit Organisation Statement Changes in Net asset For year ended December 31, 19X1 (in millions of Rupiah)
Unrestricted Net assets: Total unrestricted revenue and income Unrestricted net assets (Note D) Total unrestricted expenses and losses Increase in unrestricted net assets
Rp
72,170 36,850 (80,125) ___________ 28,895 ___________
Temporary restricted net assets: Donations Income from long term investments Net income from realised and unrealised long term investments Actuarial loss from annual liabilities Unrestricted net assets (Note D) Decrease in Temporarily restricted net assets
20,275 6,450 7,380 (75) (36,850) ___________ (2,820) ___________
Temporary restricted net assets: Donations Income from long term investments (Note E) Net Income from realised and unrealised long term investments (Note E) Increase in permanently restricted net assets Increase in net assets Net asset at the beginning of the year
700 300 11,550 ___________ 12,550 ___________ 38,625 665,350
SFAS No. 45
___________ Rp 703,975
FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS
SFAS No. 45
Format C (Part 2 of 2: Alternative) Non-profit Organisation Statement of Changes in Net asset For the year ended December 31, 19X1 (in millions of Rupiah) Restricted
Unrestricted Total
Temporary Restricted
Permanent
Revenue, income and other donations: Restricted revenue, income and other donations Revenue, income and unrestricted donations Income from long term investments (Note E) Realised and unrealised net income from long term investments (Note E) Unrealised net assets (Note D) Total revenue, income and donations
Rp 72,170
72,170 20,975 6,750
7,380 (36,850)
11,550
18,930
109,020
(2,74475)
12,550
118,825450
80,125
Total expenses and losses
80,125
Net assets at the end of the year
700 300
36,850
Expenses and losses: Unrestricted expenses and losses Actuarial losses from annual liabilities
Change in net assets Net assets at the beginning of the year
Rp 20,275 6,450
28,895 259,175 Rp 288,070
75
80,125 75
75
80,200
(2,820) 63,675 Rp
60,855
12,550 342,500
38,625 665,350
Rp 355,050
Rp 703,975
FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS
SFAS No. 45
Cash Flow Statement Direct Method
Non-profit Organisation Cash Flow Statement For the year ended at December 31, 19X1 (in million of Rupiahs)
Cash flows from operating activities: Cash from service income Cash from contributors Cash from other receivables Interest and dividend received Others receipts Interest paid Cash paid to employees and suppliers Other Net cash received (paid) from operating activities Cash flows from investing activities: Compensation from fire insurance Equipment purchases Receipts from the sale of investments Purchase of investments Net cash received (paid) for investing activities Cash flows from financing activities: Received from restricted contributions: Investment endowments Investment in time endowments Investment in buildings Annual agreement investment
Rp
13,050.0 20,075.0 6,537.5 21,425.0 375.0 (955.0) (59,520.0) (1,063.5) ___________ (75.0) ___________ 625,0 (3,750.0) 190,250.0 (187,250.0) ___________ (125.0)
500.0 175.0 3,025.0 500.0 ___________ 4,200.0
Other financing activities :
FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS
SFAS No. 45
Interest and restricted dividends for reinvestment 750.0 Payment for annual liabilities (363.0) Payment for notes payable (2,850.0) Payment for long term liability (2,500.0) ___________ (4,962.5) ___________ Net cash received (paid) from financing activities Rp (762.5) ___________ Net increase (decrease) in cash and cash equivalents Rp (962.5) Cash and cash equivalents at the beginning of the year 1,150.0 ___________ Cash and cash equivalents at the end of the year 187.5
FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS
SFAS No. 45
Reconciliation of the change in net assets to net cash used for operating activities: Changes in net assets Adjustment for the reconciliation of the change in net assets to net asset used in operating activities: Depreciation Loss due to fire Actuarial loss on annual liability Increase in interest receivable Decrease in inventory and prepaid expenses Increase in others receivables Increase in accounts payable Decrease in returnable unearned revenue Decrease in other payables Restricted donations for long term investment Interest and dividend restricted for long term investment Realised and unrealised net revenue from long term investments Net cash received (paid) for operating activities Additional data for investing activity and non-cash financing: Equipment received as a donation Exemption from death insurance premium
38,625.0 8,000.0 200.0 75.0 (1,150.0) 975.0 (812.5) 3,800.0 (1,625.0) (1,062.5) (6,850.0) (750) (39,500.0) ___________ Rp
(75.0)
Rp
350.0 200.0
FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS
SFAS No. 45
FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS
SFAS No. 45
FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS
Statement of cash flow Indirect method
SFAS No. 45
___________ Cash flows from financing activities: Receipts from restricted donations: Investments in endowments Investments in time endowments Investment in buildings Annual agreement investment
Non-Profit Organisation Statement of Cash flow For year ended December 31, 19X1 (expressed in millions of Rupiah) Cash flow from operating activities: Reconciliation of the changes in net assets to net cash used for operating activities: Changes in net assets Adjustments to reconcile changes in net assets that are used for operating activities: Depreciation Loss due to fire Actuarial loss on annual liabilities Increase in interest receivable Decrease in inventory and prepaid expenses Increase in other receivables Increase in trade payables Decrease in refundable unearned revenue Decrease in other payables Restricted donations for long term investments Restricted interest and dividend for long term investments Realised and unrealised net income from long tern investments Net cash received (used) for operating activities Cash flows from investment activities: Payment from fire insurance Acquisition of equipment Proceeds from the sale of investments Purchase of investments Net cash received (used) for investment activities
Rp
38,625 8,000 200 75 (1,150) 975 (813) 3,800 (1,625) (1,063) (6,850) (750)
(39,500) ___________ (75) ___________ 825 (3,750) 190,250 (187,250) ___________ Rp (125)
Other financing activities: Interest and restricted dividends for reinvestment Payment of annual liabilities Payment of notes payable Payment of long term liability
Net cash receipts (disbursements) for financing activities Net decrease in cash and cash equivalents Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year Additional data: Investment activities and non-cash financing: Equipment received as a donation Exemption from death insurance premium Interest paid
Rp
500 175 3,025 500 ___________ 4,200 ___________ 750 (363) (2,850) (2,500) ___________ (4,963) ___________ (763) ___________ (963) 1,050 ___________ 185 ___________
Rp
350 200 955
FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS
SFAS No. 45
Notes to the financial statements Note A illustrates the disclosure policy required which incorporates notes B and C. Notes D, E and F suggest additional information to be disclosed by non-profit organisations. All amounts are in millions of rupiah. Note A Non-profit organisations present grant or donations in cash or other assets as restricted donations if the use of those grants or donations is restricted. If the restriction which originated from the contributor has expired, or the objective of the restriction has been fulfilled, temporary restricted net assets are reclassified as unrestricted net assets and are presented in the statement of activity as unrestricted net assets. Non-profit organisations present grants or donations of land, buildings and equipment as unrestricted donations unless there exist explicit restrictions from the contributor regarding the objective of the utilisation of those assets. Donations of fixed assets which have explicit restrictions that state the objective of the utilisation of those assets, and donations in cash or other assets that are to be used to obtain fixed assets, are to be presented as restricted donations. If there are no explicit restrictions from contributors about the utilisation of fixed assets, they are classified as unrestricted assets.
FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS
Program activity A: Purchase of equipment Research Seminars and publications Program activity B: Repair of broken equipment Seminars and publications Program activity C: General Building and equipment Annual trustee agreement For the period after December 31, 19X1
Rp
SFAS No. 45
7,650 10,640 3,800 5,600 5,395
7,420 5,375 7,125 7,850 ___________ Rp 60,855 ___________
Note C Permanently restricted net assets Annual investment revenue is spent to support: Program activity A Program activity B Program activity C Other activities
Rp
68,810 34,155 34,155 204,930 ___________ 342,050 Fund for which income must be added to the original donation 5,300 Exemption from death insurance premium 200 Land for use as a recreation area 7,500 ___________ Rp 355,050 Note D
Note B Temporarily restricted net assets for a financial period are as follows:
Net assets that are unrestricted by contributors due to the occurrence of certain expenses or conditions required by contributor. Removal of restriction achieved: Program expense A Rp 14,500
FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS
Program expense B Program expense C
SFAS No. 45
11,500 3,975 ___________ Rp 29,975 ___________
Equipment for program A purchased and used Time restriction that have been fulfilled: Period has been fulfilled Death of annual contributor
3,750 ___________ Rp
2,125 1,000 ___________ Rp 3,125 ___________ Rp 36,850
FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS
expenses Rp.375) Dividend, interest and rent Realised and unrealised income Total investment return Amount available for current operation Trustee fund income for current year and future ______ Investments at the end of the year
Investments are recorded at market or appraisal value and income (or loss) that has been recognised but not yet realised can be recorded in the statement of activity. Non-profit organisations invest the excess of cash required for daily needs in current investments. In Dec 31, 19X1, Rp. 1,400 is invested in the nonprofit organisation’s current account which generates a profit of Rp. 850 per annum. Most long term investments are divided into two categories; group A consists of permanent funds and are not required to increase net assets, and group B are amounts designated by the non-profit organisation’s management which are intended for long term investment; an example is shown in the following table: Group A Investments at the beginning of the year 410,000 Donations available for investment: Permanent fund 500 Temporary fund Year trustee fund Amount drawn for annual past contributors Investment return (net, after deducting
Group B Others
Total
82,000 16,750 508,750 200 700 175 175 500 500 (1,000) (1,000)
15,000 30,000
5,000 9,500
750
20,750 39,500
45,000 (18,750)
14,500 (5,000)
750
60,250 (23,750)
(450) (450) _________________________ 436,750
90,000 16,925 545,175
Component in each investment category and other investment ownership at December 31, 19X1 is presented in the following table: Group A Group B Others Total Permanently restricted net assets Temporarily restricted net assets Unrestricted net assets
Note E
SFAS No. 45
________
Rp. 342,050 5,500 347,550 26,880 11,425 38,305 67,820 91,500 159,320 _________________________ Rp 436,000
90,000
16,925 545,175
FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS
SFAS No. 45
The board of trustees non-profit organisation’s management implement regulations that require the permanent endowment fund to be valued at its real value unless contributors explicitly state another basis. To meet this objective, management state that net appreciation is maintained permanently as the amount required to the adjust the historic value of the donation with the consumer price index. All excesses above the permanent endowment fund can be used for other appropriate objectives. In 19X1, the total investment return of group A is Rp. 18,000 (10.6 %), and from that amount, Rp. 4,620 is retained permanently to maintain the real value of that donation. The remainder, amounting Rp. 13,380, is available to provide other objectives as determined by the non-profit organisation’s management. Note F Expense incurred consisted of: Program Total
A
B
Management Fund C
& General Raising
Salaries and wages
Rp. 37,787.5
18,500
9,750.0
4,312.5 2,825.02,400.0
11,875.0
5,187.5
1,875.0
4,312.5
Supplies and travel
7,887.5
2,162.5
2,500.0
1,225.0
600.01,400.0
Service and professional
7,100.0
400.0
3,725.0
1500.0
500.0 975.0
Office
6,320.0
2,900.0
1,500.0
1,125.0
545.0 250.0
Depreciation
8,000.0
3,600.0
2,000.0
1,425.0
625.0 350.0
Others expenses
Interest
955.0
955.0
____________________________________________________________________ Total expenses Rp 79,925.0 32,750.0 21,350.0 14,400.0 6,050.05,375.0
FINANCIAL REPORTING FOR NON-PROFIT ORGANIZATIONS
SFAS No. 45
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