Fruit & Vegetables Operational Programes

Fruit & Vegetables Operational Programes

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Under the Fruit & Vegetable Operting Program aid is available for approved expenditure schemes. Schemes are required to set up an Operating Fund into which member levies are paid together with an equal amount of EC funding. The members levy is collected specifically for payment into the Operating Fund.

Aproved revenue expenditure which is recorded in the companies accounts is required to be paid direct from the Operating Fund.

How should the income and expenditure of the Operating Fund be shown in the final accounts.

Geoffrey Smith

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By Abacjm
16th Apr 2002 23:54

The Man from Del Monte
Thsi sounds like a marketing and developmental support organsisation, similar to those set up for Shellfish farming in Scotland. Essentially, they are "not for profit companies - usually limited by members guarantees, where the members are the shareholders and each member contributes a levy usually 5% of monthly sales as working capital. In return the company takes Sales orders and places them within the network. From the grants recd, it also provides small businesses just setting up with expertise and some small capital funding for equipment by way of fixed term loans.
Normal co. Accounts are prepared for the organisation which will doubtless have admin costs as well as payments to participating members as its cost of sales.

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