[Ipss] Receiving funds from foreign sponsors
Sreekanth S Rameshaiah
sree at mahiti.org
Fri Mar 18 06:59:46 CET 2011
On 18 March 2011 07:56, satyaakam goswami <satyaakam at gmail.com> wrote:
> On Fri, Mar 18, 2011 at 5:48 AM, Kenneth Gonsalves <lawgon at gmail.com>wrote:
>> On Thu, 2011-03-17 at 18:34 +0530, satyaakam goswami wrote:
>> > for FCRA application we will be needing Balance sheets of last three
>> > years .
>> could you explain how we can produce balance sheets of the last 3 years
>> when the society has not been in existence for even *one* year? As
>> explained on this list, on the conference list and at the AGM, getting
>> all these permissions is a long drawn affair. We have to get the PAN
>> number (which we have got), file tax returns (we are filing a nil return
>> for the last financial year, then apply for 80G, get that, prove our
>> bonafides by regularly filing returns to the registrar of societies,
>> holding regular AGMs and complying with a million other petty
> yes i am aware of that , what i meant was we will be needing some
> paperwork.what i am pushing for here is PP there have been cases in past
> where once the PP is taken on a regular basis then our case becomes
> stronger for FCRA. also what i understood with the people i spoke wrt FCRA
> here is the three year clause is not a mandatory one you can get it before
> that too.
PP is required for every inward donation. It requires a letter of intent to
be collected from donor along with an instruction on how donation should be
used. Any leftover/ unused donation needs to be returned back to donor.
Having PP taken on a regular basis helps. But if you have 2 PP rejected,
then it makes it very difficult to get FCRA.
Lets not attempt this, unless this is a show stopper.
The legal burden that comes with PP far over-weighs justification for
getting PP for a grant worth couple of lakhs.
If a foundation is interested in giving us USD 100,000/- then the efforts
and risks are worth it.
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