For institutions granted “Exceptions,” the report should consist of:

• There is sufficient income to cover planned expenditures.
• A certain portion of income is added to the capital in accordance with the agreed upon rules between the institution and Foundation.
• If there is any income shortage, whether it is financed through such means as subsidies from the institution’s account or disbursements from the capital.

To facilitate the above confirmation, the concept of reserves, defined as “the part of capital that exceeds the original capital (US$ 1mil.) and are added to the capital” has been newly introduced. (Refer to the Manual and attachment for details.) Please note that the form should include information for the last three years. If it is not administratively feasible to submit such a report, we will accept a report of the most recent year.
The statement should be denominated in the currency used for actual expenditures. Income denominated in other currencies should be converted by the exchange rate at the end of fiscal year.

Breakdown of Capital
This format has been developed to confirm the original capital and size of reserves. Please note that this format allows for investment/expenditure reporting using the respective currencies, rather than figures converted into the currency used for actual expenditures. This will avoid administrative complexities in converting one currency to another through the application of various exchange rates. Please note that the form should include information for the last three years. If it is not administratively feasible to submit such a report, we will accept a report of the most recent year.

Bond Portfolio / Descriptions of Term Deposit
These forms have been developed for reporting on the financial status by investment category (cash, term deposits, and bonds) and currency.

Statement for “Exceptions”
According to the Investment Guidelines, investments in bonds with higher risks, stocks, etc, may be permitted under conditions specified in the Manual (IV 3-2 A b)
). If an exception is approved, institutions are requested to report their financial status using this format. Please note that the form should include information for the last five years. Due to the importance of this form for institutions approved for exceptions, we expect that this request will, in principle, be fulfilled.

Review Report
An audit report by a certified public accountant, as requested in the past, has been replaced by a review report by a financial expert. This is considered sufficient to confirm the accountability of the new annual financial report. Please refer to this attachment for details.

Please contact the Sylff secretariat for any questions or comments.

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• Operation Manual,
  July 2011
• Report Forms
• Using Sylff Plus
• Local Associations
• Administrators Meetings