Financial Procedures

Mukul's operations are funded through financial contributions received through:

  • Donation from Parents
  • Donation from Mukul Supporters
  • Interest Income
  • Corporate Sponsorship through Donations
  • Corporate Sponsorship through Advertisements
  • Fund Raising Events
    • Annual Function
    • ICA Events
    • School Events

Mukul's expenses are broadly categorized into:

  • School Books & Periodicals
  • Annual Function
  • School Software & Crafts
  • Annual Picnic
  • Various School Events

Proper accounting of income and expenses are maintained, using Accrual Accounting. Financial Statements are available from FY 2004-05:

Donation From Parents

Mukul Hindi School seeks financial help to promote the objectives of Mukul Hindi School and carry out various extra-curricular activities. This work can only continue with your generous support. All donations are tax deductible and a receipt for income tax purposes will be provided. Your contributions are very much appreciated.

The suggested amount for parental donation is $50.00 per Child.

Please contact Mukul's Fundraising Coordinator.

Tax Receipts

Mukul Hindi School is obligated to issue Tax Receipts for all donations received. These receipts need to be issued before February 28th of each year.

These returns are normally issued by the Mukul Treasurer for the Operational Year. The tax receipts may also be issued by the Chairperson or his/her delegate, should the need arise.

Registered Charity Information Return

As Mukul Hindi School is a designated Charitable Organization, it is mandated by Canada Revenue Agency, to submit a Registered Charity Information Return for each year of operation.

This return needs to be submitted within 6 Months of Mukul's Year end. Mukul's Fiscal Year period is from September 1, YYYY to August 31, YYYY+1. As a result the Registered Charity Information Return needs to be submitted LATEST BY FEBRUARY 28, YYYY+1.

Failure to submit this return on time has severe penalties including the loss of Charitable Organization Status. Should Mukul lose its Charitable Organization Status, Mukul is also subject to $500 non-filing penalty.

These returns are normally filed by the Mukul Treasurer for the Operational Year. The return may also be filed by the Chairperson or his/her delegate, should the need arise.

Canada Revenue Agency expects the Charitable Organization, to spend 80% of Donations, where we have provided Tax Receipts, collected by the organization.