Third Sector: Aspects Related to Drawing Up Financial Statements of Private Foundations for the Maintenance of Universities in the State of Santa Catarina

Abstract

The objective of this study was to verify if the private foundations set up to maintain universities in the State of Santa Catarina are drawing up their financial statements according to the standards issued by the Federal Accountancy Council (Federal Accountancy Council) as applicable to Non-profit Entities (also known as the Third Sector), and if these have been published on their internet sites. From an initial sampling of ten foundations, a sampling determined by the highest value of assets on December 31, 2004, the financial statements of four foundations were examined. The availability of such financial statements on the Internet was also monitored. Concerning the information contained in explanatory notes, it was ascertained that almost all the foundations that were analyzed did not include eight of eleven mandatory notes. These data are considered relevant for this type of entity, since it has direct bearing on a society that is progressively depending more on financial statements to decide which entities will receive donations. On finalizing this study it was concluded that the aforementioned foundations do not comply with all the standards that have been established, and that over half the foundations in the initial sampling did not show their financial statements on their sites.