Our credit union receives a grant from the DWP growth fund. How should I report it in our financial returns and accounts?
You should include growth fund money in your credit union’s accounts and financial returns in full. You should include growth fund money in your credit union’s accounts and financial returns in full. However, you do not have to include growth fund money in the calculation of your credit union’s capital requirements. This is because growth fund money will inflate your credit union’s total assets and you could struggle to meet the capital requirements if you included them. This is a ‘modification’ to our rules on capital, which only applies for your capital calculation and has no impact on other reporting. You have to apply to us to use this modification to our rules. Further details are available here.
Related Questions
- Why are the capital gains for the Wells Fargo Advantage Precious Metals Fund and Wells Fargo Advantage Small Cap Growth Fund larger (as a percentage of the Funds’ NAV) than the distributions for other funds?
- The districts ledger has more expenditure accounts in the Special Education Fund (Fund 27) than shown in the Special Education Fiscal Report Program Entry Screens. What is done with these accounts?
- Our credit union is in receipt of a grant from the DWP Growth Fund. How should we report provisioning for bad and doubtful debts?
