Since  the  Foreign  Contribution  (Regulation)  Act,  2010  (FCRA,  2010)  is National  security  legislation;  associations  are  required  to  exercise  extreme  care and caution in dealing with foreign contribution from the time of its receipt to its final   utilization.

As   the   Chartered   Accountants   audit   the   accounts   of   the  associations and certify the accounts before submission to the Government, they are  required  to  provide  proper  guidance  to  the  associations  who  are  either applying  for  grant  of  prior  permission/registration  or  who  have  been  granted prior  permission/registration  under  FCRA,  2010.  The  Chartered  Accountants  are requested  to  get  themselves  thoroughly  familiarised  with  FCRA,  2010  and  the
Foreign  Contribution  (Regulation)
Rules,  2011  (FCRR,  2011), amendments and notifications issued from time to time so that they can help the associations:

• To verify whether the associations are eligible to receive foreign contribution.
•  To  guide  the  applicant  organization  in  submission  of  application  for registration/priorpermission;
• To ensure that the association receives and utilises the foreign contributions through  its  bank  account  exclusively  opened  for  the  purpose  in  accordance  with the provisions of FCRA, 2010 and FCRR, 2011 and that foreign contribution is not deposited or utilised from the bank account being used for domestic funds.
•  To  assist  in  the  proper  maintenance  of  prescribed  books  of  accounts  in
accordance with the provisions of FCRA, 2010 and FCRR, 2011;
• To ensure that the annual returns of an association  have  been  prepared  in accordance  with  the  provisions  ofFC(R)  Act,  2010  and  FCRR,  2011 as  amended from time to time

 

source: https://fcraonline.nic.in/home/PDF_Doc/Charter_for_Chartered_Accountants.pdf

 

Financial & Grants Management

Budget Preparation	Steps to be taken while Applying for Grants
Bank Reconciliation	Letter of Intent
AdvancesÂ	Capacity Building
Cost Effective Analysis	Concept Note
How to choosea Bank	Bank Accounts
Cash and Fund flowÂ	Asset RegisterÂ
Financial Statements	Cash and Acrual based AccountingÂ