Financial transparency

Transparency and audit

Every donor has the right to know how their contribution is spent. The annual reports of Cunina are published yearly on the websites of  ngo Openboek, a website that shows the data of recognized Belgian NGOs,  Donorinfo, an organization that specializes in the transparency of NGOs and  Vereniging voor Ethische Fondsenwerving, an association that monitors the ethical aspects of fundraising done by Belgian NGOs.

The financial statement of Cunina is prepared by applying the accounting principles and methods in conformity with the applicable accounting norms. The financial statement is prepared by our accountant together with an external accountant. Furthermore, it is audited by Ira Nicolaij, an auditor, and Accuraad an auditing company. The Board of Directors and the General Meeting give their final approval.

Cunina has throughout the years build up a financial buffer to guarantee its operation and continuity for two whole years. For this Cunina froze a sum of money that is able to carry the labor costs of all our co-workers. This sum is set aside on a BNP-savings account (€200.527,99) and a Credimo Deposit Life Tak 26 (€300.000).

Cunina sometimes receives prepayments for godparent contributions. These mostly concern godparents that already pay for the educational costs of their godchild (€30/month) until the end of their studies. This income, minus the educational costs of that same year, is transferred to the next year. And thus will create a temporary increased balance on our bank account.

Income statement of 2016

Revenues

Child sponsorships, projects and solidarity donations is as always the largest source of revenue for Cunina.

Cunina sympathetics in several municipal or provincial workgroups took it upon their selves to apply for a ‘subsidy’ for Cunina. We, as a NGO, never apply for a federal subsidy ourselves.

Finally, we also received several bequests in 2016.

Expenses

Cunina keeps their operating costs as low as possible in order to invest as much as possible in the South. The Board of Directors makes sure that the costs concerning remuneration, various supplies and services are limited.

Cunina is a member of ngo-federatie, a Flemish federation of non-governmental development organizations, Vereniging voor Ethische Fondsenwerving and Donorinfo. Therefore they meet the conditions that are determined by these umbrella organizations. The law says that a recognized NGO can spend 20% of their total revenue on their own operating costs in the North.

Cunina can proudly say that they have been able to remain far below this 20% year after year. In 2016, the operating costs percentage was 8,93%. The costs of fund-raising were only 3,50% of total revenues, of the 30% maximum limit set out by the Vereniging voor Ethische Fondsenwerving (VEF).

This number is the result of a rebalancing of our management costs. In consultation with our auditor and the VEF we removed the costs under ‘activiteiten ten behoeve van fondsenwerving’ and added them to the preexisting accountancy post ‘fondsenwerving’.

Cunina used their own media channels to promote the organization and utilized their contacts with the press, so they would not have to pay for publicity.

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Balance sheet

Cunina ended the fiscal year of 2016 with a positive result of €144.041,94.

The large difference in amount between ‘Projecten, peterschappen, extra giften, …’ in 2015 and 2016 is due to the unexpected emergency aid that Cunina delivered to Nepal in the wake of the earthquakes in 2015.

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How did Cunina spend your contributions? (in euros)

Spending of the revenue in 2016

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Distribution of operating costs Belgium 2016

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Expenses of educational projects in 2016

Expenses of child sponsorships in 2016

The evolution of child sponsorships

This image shows the growth of active, personal child sponsorships from 1 January 2016 until 31 December 2016.

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Cunina in numbers

• Founded by Sophie Vangheel in November 1990
  Cunina is a recognized NGO since 2004
• 6 partner countries: Haiti, the Philippines, Brazil, Nepal, South Africa and Uganda
• Cunina consciously chose to not receive any federal government subsidies
• Cunina does not pay for publicity
• The annual operating cost in Belgium is only 8,93%
• 7 enthusiastic co-workers: Kathleen, Lut, Joy, Inge, Sonja, Ward and Jeroen
• 4 dedicated goodwill ambassadors: Sabine De Vos, Luc Appermont, Nathalie Meskens and Wouter Torfs
• Over 13,500 children were given access to education
• There are currently 3,100 active child sponsorships
• Over 80 missions abroad
• Over 130 building and educational projects completed
• Over 300 fundraising events 
• Over 350 volunteers in the partner countries