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Programs & Service
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Audit Report
Auditors Report and Statement of Accounts for the year ended 30th June, 2007
AUDITOR'S REPORT


We have audited the annexed Balance Sheet of Micro Finance Integrated Development Foundation (IDF) as on 30th June, 2007 and Income and Expenditure Account and Receipts and Payments for the year ended on that date. It is the responsibility of management for preparation of financial statement and our responsibility is to verify and report thereon.

Subject to our observations and comments given in the notes to the accounts as well as separate management report herewith enclosed we report that;

a) We have obtained all the information and explanations which we have required for the purpose of our audit;

b) In our opinion the Balance Sheet, Income & Expenditure Account and Receipts & Payments Account have been drawn up properly;

c) Such Balance Sheet exhibits a true and fair view of the state of affairs of the foundation according to the best of our information and explanations given to us and as shown by books of the foundation; and

d) The books of account of the foundation have been kept properly.


KHAN WAHAB SHAFIQUE RAHMAN & CO.
Chartered Accountants.


Integrated Development Foundation (IDF)

BALANCE SHEET AS ON 30 JUNE 2007
PROPERTY AND ASSETS
NOTES
AMOUNT (IN TAKA)
JUNE, 2007
JUNE, 2006
FIXED ASSETS
Fixed Assets at cost less depreciation
3
7,987,871.00
7,192,070.00
INVESTMENTS
16,626,232.00
14,034,320.00
Investment in FDR
4
11,500.000.00
9,750,000.00
Investment, LLP
5
4,603,418.00
4,105,734.00
Investment,DMF
6
422,814.00
178,586.00
Investment in Partnership Loan Programe
7
100,000.00
CURRENT ASSETS
393,422,424.16
287,370,753.07
Asset in Stock
8
822,499.85
153,177.85
Loan receivable balance
9
369,858,362.00
262,647,307.00
Accrued Interest on FDR
10
962,813.00
193,125.00
Staff advance
11
2,604,827.00
2,227,394.00
Other advance
12
4,439,776.41
5,626,118.50
Cash and bank balances
13
14,734,145.90
16,523,630.72
TOTAL TAKA
418,036,527.16
308,597,143.07
FUND AND LIABILITIES
CAPITAL ACCOUNT
Capital Fund
14
114,396,202.08
86,621,235.62
FUND LIABILITIES
34,252,556.23
17,598,728.23
Staff Welfare Fund
15
785,491.23
507,742.23
Emegency Fund
16
10,771,127.00
5,575,377.00
Loan Loss Provision Fund
17
11,822,530.00
9,719,664.00
Disaster Management Fund
18
1,837,255.00
1,066,391.00
Education Scholarship Fund-
19
8,734,981.34
600,000.00
Innovative project
20
68,895.66
Center Fund
21
232,276.00
129,554.00
LONG TERM LOAN
73,393,582.77
51,963,364.22
Loan from PKSF
22
56,546,667.01
23,200,000.00
Loan from other sources
23
16,846,915.76
28,763,346.22
CURRENT LIABILITIES
185,899,048.00
149,195,262.00
Member Savings
24
180,512,355.00
143,734,642.00
Saving Account
25
5,371,476.00
5,460,620.00
Long Term Savings
26
15,217,00
OTHER CURRENT LIABILITIES
10,095,138.08
3,218,571.00
Risk Insurance
27
1,095,263.00
413,034.00
Agriculture Program
28
511,281.00
451,834.00
Health Programe
29
5,257,536.00
214,546.00
Secuity money, Staff
30
199,310.00
60,950.00
Other
31
3,031,748.08
2,078,207.00
TOTAL TAKA
418,036,527.16
308,597,143.07
INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30th JUNE 2007
INCOME:
SERVICE CHARGES FROM BRANCHES
79,012,274.00
60,252,471.00
DONATION INCOME:
1,375,887.00
995,462.50
Grant Received from Cowbank
-        
995,462.50
Grant (GF-USA)
1,375,887.00
-        
OTHER INCOME:     
3,248,539.33
1,431,883.38
Interest on Staff Advance
52,934.00
53,319.00
Interest on FDR
1,681,025.71
193,125.00
House Rent
697,326.00
598,296.00
Bank interest
88,904.62
59,734.38
Pass book sale
162,750.00
135,355.00
Account closed
239,145.00
149,156.00
News paper sale
7,443.00
11,898.00
Attendance Register sale
23,894.00
14,439.00
Other Income
295,117.00
216,561.00
83,636,700.33
62,679,816.88
EXPENDITURE:
A. OPERATING EXPENSES:
36,590,155.42
26,862,520.64
Salary
25,686,677.00
18,631,097.00
Traveling & conveyance
3,340,618.00
2,311,953.00
Printing & Publication
856,416.00
859,567.00
Office Stationery
392,470.00
303,806.00
Office Rent
2,383,245.00
1,992,395.00
Utilities
492,319.00
420,294.00
Postage, Telephone & E-mail
717,513.00
543,280.64
Repair
-      
411,646.00
Workshop/Seminer
395,991.00
424,231.00
Operating & Maintenance
476,809.00
382,138.00
Registration & Insurance
57,511.00
82,230.00
Bank Charge
212,256.42
126,738.00
Legal Expenditure
39,503.00
35,724.00
Carrying & Transportation
8,017.00
10,717.00
Advertisement
188,369.00
47,401.00
Audit fee
39,500.00
30,000.00
News paper
146,069.00
123,677.00
Research & Development
643,800.00
125,626.00
Fuel & Maintenance
513,022.00
-      
B. PROGRAM EXPENSES:
2,063,401.00
1,617,299.51
Human Resource Development
1,681,672.00
1,045,590.00
Workaid
90,860.00
27,830.00
Education
-      
69,535.51
Agriculture
-      
261,326.00
Contingencies
290,869.00
213,018.00
C. OTHER EXPENSES:
1,108,793.00
1,226,224.00
Risk Insurance
-      
11,361.00
Depreciation
1,108,793.00
1,214,863.00
D. CONTRIBUTION TO VARIOUS FUND:
1,108,793.00
1,108,793.00
Disaster Management Fund
770,864.00
598,190.00
Emergency Fund
1,366,296.00
111,514.00
Education Scholarship Fund
-      
59,100.00
Center Fund
8,446.00
3,723.00
Health Fund
82,189.00
455,900.00
E. FINANCIAL EXPENSES:
13,549,414.08
9,108,210.74
Member Savings
6,786,973.00
5,341,102.00
Saving Account
197,695.00
148,548.00
Loan Loss Expenses
2,102,866.00
2,401,660.00
Risk Fund
32,464.00
-      
Emergency Fund
256,530.00
-      
Interest on Loan
4,172,886.08
1,216,900.74
F. GRANT PAYMENT:
44,426.00
19,634.00
PKSF Branches
-      
19,634.00
Donation
44,426.00
-      
Total Expenditure (A+B+C+D+E+F)
55,583,984.50
40,062,315.89
Surplus of Income over Expenditure
28,052,715.83
22,617,500.99
Less: Contribution to staff welfare Fund
277,749.00
216,220.38
Balance transferred to capital fund
27,774,966.83
22,401,280.61
RECEIPTS AND PAYMENTS ACCOUNT FOR THE YEAR ENDED 30th JUNE 2007
RECEIPTS:
Opening Balance 01.07.2006
20,609,043.72
7,646,261.44
Cash in Hand
481,568.00
686,063.00
Bank Balance
20,127,475.72
6,960,198.44
Cash at Bank
15,843,155.72
4,950,458.44
Investment at Bank against loan loss reserve
4,105,734.00
1,938,263.00
Investment against DMF
178,586.00
71,477.00
LOAN RECEIVED:
57,798,724.21
38,908,798.46
From PKSF
47,100,000.00
17,000,000.00
From Others (External)
7,694,310.00
21,908,798.46
From Others (Internal)
3,004,414.21
-        
Loan realised from members
592,734,745.00
423,866,932.00
Staff Advance realised
1,246,556.00
1,467,289.00
Members Savings
99,775,293.00
72,425,524.00
Savings Received
20,656,565.00
17,013,443.00
Emergency Fund received
8,010,429.00
3,805,930.00
Risk Insurance received
681,513.00
246,530.00
Center fund received
122,062.00
108,253.00
Loan loss provision
1,515,667.00
2,417,627.00
Disaster Management Fund
659,773.00
065,847.00
Other Assets realised
-        
6,604,743.00
Educational Scholarship
7,285,731.34
-        
Agriculture
461,691.00
53,365.00
Health
4,708,503.00
23,000.00
Other liabilities
-        
1,954,138.82
Service Charge
79,012,274.00
60,252,471.00
Interest from Staff Advance
52,934.00
53,319.00
Interest from FDR
911,337.71
130,040.00
Encashment of FDR
6,000.000.00
3,135,691.00
House Rent
697,326.00
598,296.00
Bank interest
88,904.62
59,734.38
Grant Received from Cowbank
-        
995,462.50
Grant Received (GF-USA)
1,375,887.00
-        
Long Term Savings
15,217.00
-        
Other Advance
4,533,282.00
-        
Innovative Program
68,895.65
-        
Security Money Staff
152,360.00
-        
Sale of Pass Book
162,750.00
135,355.00
Account Closed
239,145.00
149,156.00
News paper sale
7,443.00
11,898.00
Attendance Register Sale
23,894.00
14,439.00
Other Income
295,117.00
216,561.00
Capital Fund
-        
59,975.00
909,903,063.25
642,960,079.60
PAYMENTS:
OPERATING AND ADMINISTRATIVE:
45,030,411.50
32,424,878.89
Salary
25,686,677.00
18,631,097.00
Traveling & conveyance
3,305,532.00
2,311,953.00
Printing & Publication
856,416.00
859,567.00
Office Stationery
392,470.00
303,806.00
Offica Rent
2,380,045.00
1,99,395.00
Utilities
465,573.00
420,294.00
Postage, Telephone & E-mail
709,013.00
543,280.00
Repair
-        
411,646.00
Workshop/Seminer
395,991.00
424,231.00
Operating & Maintenace
476,809.00
382,138.00
Registration & Insurance
57,511.00
82,230.00
Bank Chardge
212,256.42
126,738.00
Legal Expenditure
39,503.00
35,724.00
Carrying & Transportation
8,017.00
10,717.00
Advertisement
188,369.00
47,401.00
Audit fee
9,550.00
-        
News paper
146,069.00
123,677.00
Research & Development
643,800.00
125,626.00
Human Resource Development
1,681,672.00
1,045,590.00
Loan Loss Expenses
1,515,667.00
2,401,660.00
Disaster Management Fund Expenses
659,773.00
598,190.00
Interest on Loan
-        
1,216,900.00
Education
-        
69,535.51
Work-aid
90,860.00
27,830.00
Fuel & Maintenace
513,022.00
-        
Health Program
82,189.00
-        
Contribution to Emergency Fund
1,366,296.00
-        
Cost of Fund
2,812,036.00
-        
Grant Payment:
-        
PKSF Branches
-        
19,634.00
Contingencies
290,869.00
213,018.00
Donation
44,426.00
-        
LOAN DISBURSED
699,945,800.00
475,114,500.00
Investment in FDR
7,750.000.00
9,750,000.00
CAPITAL EXPENDITURE:
1,904,594.00
1,112,749.00
Land
202,191.00
11,208.00
Building
579,280.00
474,464.00
Vehicle/Motorcycle
-        
45,000.00
Furniture
338,018.00
216,668.00
Electrical Installation
204,074.00
88,838.00
Office Equipment
-        
276,571.00
Equipment
581,031.00
-        
OTHER PAYMENTS :
102,147,806.41
77,954,322.00
Health Program
121,413.00
-        
Staff Advance
1,623,989.00
2,092,212.00
Donation from staff welfare fund
-        
10,500.00
Other Assets
-        
7,650,960.00
Payment against emergency fund
3,071,209.00
3,148,054.00
Payment against member fund
-        
48,051,781.00
Payment against saving fund
20,943,404.00
15,542,869.00
Payment against Center fund
27,786.00
25,886.00
Payment against education schoolarship
55,700.00
61,159.00
Other liabilities payment
1,955,498.50
1,109,575.00
NGO Linkege Program
100,000.00
-        
Stationery Purchase
669,322.00
-        
Risk Insurance
31,748.00
-        
Ohtre Advance
3,346,939.91
-        
saving Returned
69,784,553.00
-        
Security Money Staff
14,000.00
-        
Agriculture
402,244.00
261,326.00
LOAN REFUND:
33,364,073.44
25,994,585.99
To PKSF
13,753,332,99
7,350,862.50
To Others
19,610,740.45
18,643,723.49
CLOSING BALANCE:
14,734,145.90
16,324,723.72
Cash in Hand
1,242,466.00
481,568.00
Cash in Bank
13,491,679.90
15,543,155.72
Investment in Bank against loan loss reserve
4,603,418.00
4,105,734.00
Investment in Bank against DMF
422,814.00
178,586.00
909,903,063.25
642,960,079.60