20th October 2011
42 delegates attended the ‘Charitable accounting’ event run by the Chartered Institute of Management Accountants in Maidstone earlier this month.
Roger Ong FIFS MInstFis, senior manager with The Charity Bank Ltd with responsibility for third party relationships including trusts, foundations, funders, local authorities and government departments and chair of the Community Development Finance Association spoke to the delegates on the key areas accountants should know about when it comes to charities such as:
· restricted, unrestricted and designated funding and how this is treated
· potential clawback from government, local authority and EU funding schemes
· the importance of measuring outcomes and deliverables and their impact on the ability to draw down funding under contracts
· payments in arrears and the impact on working capital requirements
· the importance of the public benefit test
· legal structures – CIC, social enterprises, industrial and provident societies and trading arms of charities.
Stephanie Clackworthy, CIMA’s Regional Chairman for the South East of England, said, “‘Chartered Management Accountants operate in all areas of organisations with a commercial and forward looking focus. Management accountants operate in financial and non-financial roles throughout organisations and use their training and experience requirements within organisation itself, providing them with a unique insight into how they operate.’
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Notes to Editors
1. The Chartered Institute of Management Accountants, founded in 1919, is the world’s leading and largest professional body of Management Accountants, with 183,000 members and students operating in 168 countries, working at the heart of business. CIMA members and students work in industry, commerce, the public sector and not-for-profit organisations. CIMA works closely with employers and sponsors leading-edge research, constantly updating its qualification, professional experience requirements and continuing professional development to ensure it remains the employers’ choice when recruiting financially-trained business leaders.
Professionalism and ethics are at the core of CIMA’s activities with every member and student bound by rigorous standards so that integrity, expertise and vision are brought together.
CIMA is proud to be the first professional accounting body to offer a truly global product in the fast-moving area of Islamic Finance.
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