Colombia Update: Regulatory Update for Non-Profit Entities in Bogotá

Report of legal, financial, and accounting information of the Non-Profit Entities domiciled in Bogota subject to Inspection, Surveillance and Control by the Mayor’s Office of Bogota, D.C.

By means of Circular 020 of 2024, the Legal Secretariat of the District of Bogota leaves without effect the instructions set forth in Circulars 016 of 2022 and 037 of 2023 on the presentation of financial, legal, and accounting information for the Non-Profit Entities domiciled in Bogota subject to surveillance by the Office of the Mayor of Bogota (“Non-Profit Entities”).

1. Submission of information after their legal status has been recognized.

The Non-Profit Entities must submit the following information:

1. Opening balance sheet, signed by the legal representative, accountant, and statutory auditor (if any) – in accordance with the contributions reported at the time of registration.
   b.Proposed budget for the current fiscal year.
2. Bylaw amendments.

Non-Profit Entities must provide updated copies of their bylaws within ten (10) business days after their registration with the Chamber of Commerce.

3. Annual year-end report.

The Non-Profit Entities must submit the following closing information:

1. Year-end statements, along with their notes, certification and opinion of the statutory auditor (if any).
   b.For the presentation of documents signed by a public accountant, it is required to attach a certificate of disciplinary record, in force, issued by the Central Board of Accountants of the accountant and the statutory auditor (if any).
   c.Minutes of the highest administrative body in which the approval or disapproval of the financial statements, the management report and the project for the allocation of surpluses must be recorded.
   d. Draft budget for the following fiscal year.

The deadlines for submitting this information are as follows:

4. Special requirements.

The Office of the Mayor of Bogota may request the following information from the Non-Profit Entities to verify that the preservation of the patrimony, the correct execution of the income and the fulfillment of the will of the founders or members is guaranteed.

1. Certificate of constitution and bylaws.
   b. Minutes approving the modification of the bylaws.
   c. Management report approved by the maximum corporate body.
   d. Execution of surpluses report approved by the maximum corporate body.
   e.Certificate of registration of the minute books of the maximum corporate body.
   f. Certification of the Non-Profit Entities about the amount of the donation in case there are assets remaining in the liquidation.
   g. Any additional information that the authority deems necessary.

By LLOREDA CAMACHO & CO, Colombia, a Transatlantic Law International Affiliated Firm.  

For further information or for any assistance please contact colombia@transatlanticlaw.com 

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