Questions about finances
Questions about finances
How do we finance our work: our income and expenditure? Are our members of the board compensated? Insight into our methods, considerations and choices.
Are members and assistants of Famtofam compensated in any way?
All members and assistants of Famtofam perform their task without being compensated for their efforts. This is true of both members of the board and the assisting volunteers (membership records, Famtofam giftshop and website manager). Member of the board are entitled to have their expenses covered. The 3 contacts in Armenia get a monthly allowance for their efforts.
What is the procedure with regard to sponsorship money?
The contribution of sponsors for the children is monthly, quarterly or annually automatically received by the the treasurer. The sponsor contribution has fixed at a minimum of 15 euros a month.
What is the guarantee that all sponsorship money gets tot he right place?
Sponsorship money is periodically(bimonthly) transferred to a bank account of Famtofam in Gyumri. Apart from this, the treasurer sends monthly a socalled paylist to the bank in Gyumri. On this list are all the children who are entitled to an allowance for that particular month. In addition there are also the parents/carers (name and passportnumber), who are entitled to take out the money with the bank. These parents/carers can withdraw the money after having identified themselves with their passport. All costs involved in transferring and the withdrawal of the money are paid by Famtofam out of their own resources. Therefore all of the 15 euros received is for the full benefit of the family in Armenia.
How does Famtofam raise money for its activities?
Sponsors are the most important source. They support one or more children in Armenia. In addition to this Famtofam receives all kinds of donations from sympathisers. Also the Famtofam giftshop provides part of the money. Churches, too, hold collections for Famtofam. Finally funds are raised by campaigns in schools, churches and other organizations. Famtofam is not subsidized by the government or any other institution.
Does Famtofam have an ANBI status (an institution for the provision of public interest)?
Famtofam is considered as having a status as an institution for the provision of public interest and and therefore meets all criteria under Dutch tax law. This means that donations to Famtofam are tax deductible provided other requirements under tax law are met .
Does Famtofam have financial reserves?
Famtofam does not have any financial reserves. With regard to sponsoring children in Armenia all means received are directly transferred to Armenia. It is true that Famtofam has reserved money under authority of a certain organization. This money is intended for the sponsoring of several children over a number of years and therefore cannot be called reserves in this sense.
Does Famtofam have investments?
Famtofam does not have stocks, shares, bonds or any other risk-bearing financial instruments.
What is Famtofam’s policy with regard to banks?
Famtofam’s payments have been incorporated with Rabobank Holland. For services a bank has been selected that can meet Famtofam ’s demands concerning all aspects of payments adequately and reliably at competitive fees and charges. This concerns mainly foreign and domestic payments. Furthermore Famtofam uses the services of Ardshinbank in Armenia.
