School audit

This query is : Resolved

kunal kumar (Querist)
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23 April 2018 Trust name is GOPI KRISHNA MEMORIAL Society. Under this trust Greenfield international school is running. In Audit report how to disclose the school.Q.2 Does school require separate Bank Account or not?

sanjeev kumar goel

sanjeev kumar goel (Expert)
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24 April 2018 Dear Kunal you are running Green Field International School under the management of Trust named Gopi Krishna Memorial Society. Trustees of this trust are managing the school and I think that the so called trust must be a charitable trust and running of school would be the charitable activity of the trust. School is a part of trust and all its income and expenditure has to be incorporated in trust income and expenditure account and balance sheet. Under Audit Report the name of School will be reported. For day to day functioning of school you may open a separate bank account of school but that too under the management and PAN of trust by passing a resolution in this regard. For more details you may contact me at my phone number 9899390850 or can write me in mail at my mail id: adv,sanjeevgoel@gmail.com
Regards