Financial Year and Reporting Requirements of the Pacifical Foundation

The Pacifical Foundation follows a financial year that runs parallel to the calendar year. It is mandatory for the board to draw up the balance sheet and the statement of income and expenditure annually within six months after the end of the financial year. The treasurer sends these documents to all directors before the end of the previous term. The board will also prepare annual accounts and a management report and make a copy available for inspection at the office of the foundation.

To ensure the accuracy of the financial documents, the board appoints an accountant to examine the documents. The accountant reports on his findings and issues a statement on the accuracy of the documents. If permitted by law, the board may choose to skip this examination or have it carried out by another expert.

Within a month of the preparation of the financial documents, the board finalizes and signs off on the balance sheet and statement of income and expenditure, or the annual accounts. If a director is unable to sign, the reason is stated on the documents.

In special circumstances, the board may extend the reporting term by a maximum of four months.