Legal obligations
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Any (non-profit) organisation in Belgium has a long list of legal obligations.
Failing to be compliant has financial and legal consequences. Strict timing is necessary.
(long) List of legal obligations[edit]
- mention all mandatory entries on outgoing documents
- keep a cash register, and bank account transactions (see CAMT.053)
- WMBE does not use cash; all transactions are done via the bank account
- maintain a bank account signatory
- administer a (minimum) general ledger
- have an up-to-date financial reporting available
- generate the yearly balance sheet, the income and expense overiew, and the yearly budget (financial statements)
- organise a (yearly) statutory meeting to approve the above documents, appoint board members (Q1)
- transfer those documents to the government (Q1)
- maintain the Ultimate Beneficial Owner register, and reconfirm the register every year even when there are no updates
- maintain the (effective) membership register
- establish a privacy register, declare a privacy policy
- maintain the GDPR register
- Tax declarations:
- perform a yearly tax declaration (Q2)
- perform a yearly inheritance declaration (Q1)
- pay taxes, as required (local, regional, federal)
- produce tax certificates for gifts (possibly via other non-profit organisations) (Q2)
- request and maintain the VAT register, if required:
- VAT declaration, if required
- foreign VAT transactions declaration, if required
- have an insurance for board members
- have a member insurance
Administrative obligations[edit]
- budget request (Q3)
- receive and manage the grants
- perform the (half)yearly reporting to the Foundation (M7)
- end of year grant reporting (M1)
