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Accounting of charitable organizations and charitable foundations in Ukraine

The task of a charitable organization or foundation in Ukraine is to provide charitable assistance to their target audience. It is possible to register such an organization in Ukraine as a subsidiary of an international charitable organization or NGO.

 

From the accounting perspective, it is very important that the goals and purposes of assistance the organization renders are accurately described and documented. This needs to be done in the charitable organization´s founding documents, as well as in the supporting documentation for accounting.

 

To conduct charitable activity, the organization must be registered as a non-profit organization in Ukraine. The non-profit status of a charitable organization is something that needs to be applied for during the registration process of the organization.

 

Charitable organizations are not tax payers in Ukraine. They can however have income from sales of goods and services. These incomes must be used to implement the organization´s stated charitable goals.

 

If the purpose of assistance is not supported by the correct documents when it comes to receiving funds (income) in the form of donations or funding, as well as when providing assistance and donations according to the charity´s goals (expenses), there is a risk of the organization losing its non-profit status. This is why the correct approach to accounting for such organizations is very important.

 

If you are establishing a charitable organization or NGO in Ukraine, feel free to contact Leinonen for assistance. We have several clients that operate charitable organizations, and would be happy to help you reach your goals in Ukraine.


21.10.21


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