Accounting principles for the statement of income and expenditure Income and expenditure are attributed to the period to which they relate. All proceeds are entered as income for their gross amount, unless explicitly stated otherwise. Costs necessary to realize certain income are presented as expenditure in the statement of income and expenditures.
Income raised
tions in kind are valued at fair price. Legacies are recorded as income in the year in which the notary has communicated the content of the deed, or “akte van scheiding en deling.” Donations and legacies still under usufruct by the donating party are recognized in the year the usufruct ends; in these financial accounts they are presented as off-balance sheet receivables.
Income from private individuals, companies, churches, and schools is recognized as income in the year of reception, or moment of signing a contract. It includes the income from the door-to-door collection, legacies, contributions, donations and gifts. Dona-
Income recognition related to projects implemented by partners is based on periodically received expenditure reports. Contributions from other non-profit organisations are accounted for as “income from other
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non-profit organisations” at the amount received by the organisation. They are recognized in the year that income from the campaign by other non-profit organisations was received or pledged by this party. Campaigns by other non-profit organisations only include campaigns for which ZOA does not bear any risk.
Project grants for consortia partners Project grants for consortia partners are recognized as both income and expenditure in the statement of income and expenditure in the year of the contractual spending obligation.
