LGFI Operations head Angela Lopez-Guingona (4th from left), with FPH Tax Center’s Vicky Martinez (2nd from left) and Atty. Jason Jimenez (rightmost) turns over tokens of appreciation to the PICPA representativesRepresentatives from ABS-CBN Lingkod Kapamilya Foundation Inc., Ang Misyon Inc., Bayan Academy, Eugenio Lopez Foundation Inc., Keitech Educational Foundation Inc., Knowledge Channel Foundation Inc., Lopez Group Foundation Inc. (LGFI), Mount Apo Foundation Inc., OML Center and Phil-Asia Assistance Foundation Inc. recently attended a session on Regulatory Requirements and Accounting for Nonprofit Organizations (NPOs).

The session was the third session arranged by LGFI specifically for NPOs in the Lopez Group after the Philippine Council for NGO Certification (PCNC) Accreditation Standards and Organizational Efficiency and Effectiveness in 2012 and 2013.

This time, First Philippine Holdings Corporation (FPH) Tax Center, formed in 2014, helped conceptualize and organize the whole-day affair.

The attendees from the NPOs were joined by representatives from FPH, Energy Development Corporation, First Balfour, InfoPro Business Solutions Inc. and Lopez Inc. since these companies also help in the Group’s nonprofit work.

The session was opened by Cedie Lopez-Vargas of LGFI and Nato Castillo of FPH Tax Center.

The topics discussed were Legal/Securities and Exchange Commission compliance requirements, Bureau of Internal Revenue regulations and requirements and the PCNC accreditation process as well as accounting standards and form/ content in financial statements.

A team from the Philippine Institute of Certified Public Accountants- Eastern Metro Manila chapter served as the main resource persons, with FPH Tax Center enhancing the discussions and clarifications specifically on tax and accounting issues.

A short discussion among the participants about dealing with related parties ended the day’s session. (Story/Photos by: Monica Tan)