the m p w c Foundation, inc.
Some ideas (or examples or FAQs) of what the disclosures and/or notes should disclose (which, in general, is ANYTHING that is needed to explain something that without such explanation would cause the reader to be misinformed, such as):
Some further explanation of the above follows:
1-if there is a mismatch of receipts and expenditures between years - this might be, as an example, where you are sponsoring a fund-raising event that takes place in (say) January of the next year, and you have made some (but significantly less than all) of the expenditures that you will finally make, and/or you have received as prepayments for tickets (or other receipts) for the event some (but, again, less than all) of the receipts that you will eventually receive. By the time the event takes place in the next year you will have sufficient information to state something like "additional receipts for the (event) which took place in late January (year) amounted to ----- pesos and additional expenditures of ----- pesos were also spent. The final net income for this (event) amounted to --------- pesos."
2-if there is a receipt or expenditure that will be received or paid in a future year and which, if it were paid this year, would be something that is significantly different - this might, as an example, be something like "We have entered into a contract with our executive vice president wherein at his retirement, now expected to be within four years, it is estimated that he will receive an annual pension of ------- pesos thereafter".
3-after the Founder's death, your organization will receive a significant Endowment Fund that is restricted in a number of ways, among them is that it must be kept segregated from all other funds, that only the income each year from that fund may be used in your mission, and that under certain requirements of the Michael Wein Trust Agreement, these endowment funds might have to be transferred to other organizations if (our organization's name) does not meet or better the specific requirements for transparency and continuity as stated on the http://www.mpwcf.org/founders_will.htm webpage at points d and e.
4-if there is virtually anything that a well-informed reader should know about your organization and its financial statements that, without which, he or she might make a decision that is incorrect. This could be something like any of the following:
5-consistency is required - for example, if you included XX-type of either receipts or expenditure in a descriptive caption in one column in a prior year, and for some reason now include it in a different descriptive caption, the prior year(s) should be conformed to the present year(s) AND a disclosure note should explain what you are doing, why you did it, and the amount(s) involved in each year.
“Underpromise and Overdeliver”
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