Name : Nurul Audina Amalia

Nim : 20160420186

Class : IPACC I

PUBLIC SECTOR ACCOUNTING

Question:

1. State the legal foundations that apply in the community?

2. Why are foundations called non-profit organizations and are required to be able to
present financial reports transparently and can be accounted for?
3. What are the characteristics of the foundation's financial statements?
4. What is the difference between association and foundation?
5. Why foundations differ from associations in the form of legal entities even though they
have the same legal power, namely as legal subjects and can carry out legal acts?

Answer:

1. These the characteristic of legal fondations:

 The existence of a foundation as a legal entity in Indonesia has not been based
on tuhe prevailing laws and regulations.
 Recognition of foundations as legal entities has no strict juridical basis, unlike
the case with PT Koperasi, and other legal entities.
 The foundation is formed by separating the founder's personal wealth for non-
profit, religious, social religious, humanitarian, and other ideal purposes.
 The foundation is established with a notary deed or with a decree from the
official concerned with the establishment of the foundation.
 The Foundation does not have members and is not owned by anyone, but has a
board or organ to realize the goals of the foundation.
 The Foundation has an independent position as a result of wealth separate from
the founder's personal wealth or management, and has its own goals that are
different or independent of the founder's or management's personal goals.
  The Foundation is recognized as a legal entity as well as a person, as an
independent legal subject who can carry independent rights and obligations,
established by deed, and registered at the local District Court clerk's office.
 The foundation can be dissolved by the court under conditions of conflict with
the objectives of the foundation with law, liquidation, and bankruptcy.

2. Non-profit organizations have characteristics and characteristics including (1)

resources obtained from donations that do not expect rewards, (2) produce goods /
services without the aim of fostering profit, even if there is profit, it is never shared
with the founder / owner of the entity, (3) ownership cannot be sold, transferred,
redeemed, and (4) ownership does not reflect the proportion of the distribution of
resources when liquidated.

3. The foundation's financial statements have the following characteristics:

(a) Foundation resources come from donors who do not expect repayments or economic
benefits that are proportional to the amount of resources provided
(b) Producing goods and / services without aiming to foster profit, the amount has never
been distributed to the founders or owners of the foundation
(c) There is no ownership, in the sense that ownership cannot be sold, transferred or
redeemed, or the ownership does not reflect the proportion of division of the
foundation's resources at the time of liquidation or dissolution

4. Association:
- Commercial and purposeful
- Important profit (profit oriented)
- Have members

Foundation:
- Are social and religious and humanitarian
- Not solely prioritizing profits or pursuing / seeking maximum profits and / or income
- Don't have member
5. The foundation is different from the association because the association has a broader
understanding, which includes a partnership, cooperative, and association to bear each
other. Furthermore, the association is divided into 2 types, namely:
a. Associations in the form of Legal Entities, such as Limited Liability Companies,
Cooperatives, and Collaborating Associations;
b. Associations that do not have legal bodies, such as the Civil Partnership, CV, and
Firm
On the other hand, the foundation is part of an association in the form of a Legal Entity
with the definition / definition stated in Article 1 and point 1 of the Law - Law No. 16
of 2001 concerning the Foundation, which is a legal entity whose wealth consists of
separated assets to achieve certain objectives in the social, religious and humanitarian
fields by not having members.