I am writing the financial report for an association.
As a board member, I have paid directly from my pocket some bills for the website domain, website host and email provider.
These payments were not donations, for at no time did they pass through the association's bank account (which was not yet existent at the very beginning). They were officially acknowledged as non-repayable advances. In fact, I do not expect to be refunded.
Questions:
This money was never really IN, nor it needs to go OUT at any time.
1. Should I account for it in the balance sheet?
2. Under what categories?
3. Most important, how do I make the balance sheet equal zero?
Thanks heaps for your advice.
As a board member, I have paid directly from my pocket some bills for the website domain, website host and email provider.
These payments were not donations, for at no time did they pass through the association's bank account (which was not yet existent at the very beginning). They were officially acknowledged as non-repayable advances. In fact, I do not expect to be refunded.
Questions:
This money was never really IN, nor it needs to go OUT at any time.
1. Should I account for it in the balance sheet?
2. Under what categories?
3. Most important, how do I make the balance sheet equal zero?
Thanks heaps for your advice.