Accounting for Family Foundations

Maintaining accounting records for Family Foundations

“Family Foundation” is a new institution introduced into the Polish legal system. It is governed by the provisions of the Polish Accounting Act. What is important, organizations established as Family Foundations are governed neither by the act on foundations nor by the act on non-governmental organizations (since family foundations, rather than pursuing public interests, are going to primarily pursue private ones).

Running a family foundation certainly poses one of the biggest challenges in terms of accounting, tax issues, and law. It is just worth keeping in mind that the accounting obligations of entities governed by the Accounting Act include, for example:

adopted accounting principles, accounting policy;
• bookkeeping;
• periodical determining or checking (in a way of making an inventory) of the actual state of assets and liabilities;
• preparation of financial statements.

Everyone who wants to be ensured that all the accounting and tax settlements in their Family Foundation are correct, is best to outsource the accounting to experts. We have many years of experience and a team which consists of over 250 specialists based in our Warsaw and Katowice branches. This allows us to claim that we can provide the accounting services for any family foundation reliably and efficiently. The task would often require additional activities such as e.g. performing statutory audits of the foundation – however, based on our know-how and experience, we are sure that we can comprehensively address all such needs as they appear.

Accounting for a family foundation – how can we be of help?

As part of our comprehensive accounting services, we provide the following:

• development and implementation of accounting principles for a Family Foundation,
• performing ongoing accounting in accordance with established standards,
• ensuring Foundation’s compliance with accounting reporting and tax returns,
• preparing financial statements as required by regulations,
• preparing annual returns and reports to statistical offices,
• preparing VAT returns, keeping VAT registers of purchases and sales,
• formal and accounting audit of documents, keeping records of economic events,
• handling the audit of financial statements,
• handling the mandatory audit of the Family Foundation referred to in Article 77 of the Act on Family Foundations.

Send a request to obtain a quote

Family Foundations are rather complex legal structures, with some areas calling for amendments or additional regulations. This is yet another reason why it is worth relying on a reliable partner to provide professional accounting services for Family Foundations.

In our Katowice and Warsaw branches of MDDP Outsourcing, we make sure that the accounting of any Family Foundation is transparent and clear for beneficiaries and their managing bodies. We support entrepreneurs in their most important decisions regarding further development by searching optimal solutions and offering wide packages of additional services.

Any limited liability company, when deciding on outsourcing of its accounting, should remember that the Board of Management is held responsible if any irregularities appear in the accounting books. Therefore, it is worth outsourcing accounting services to a proven and trustworthy company which is aware of all potential risks and can relieve Clients of this burden of responsibility. Why not choose a reliable business partner then, and place your trust with MDDP Outsourcing experts who operate from their offices in Katowice and Warsaw.