Examples of Gross contributions in a sentence
Gross contributions comprise the total contributions receivable for the whole period of cover provided by contracts entered into during the accounting period and are recognised on the date on which the policy incepts.
Gross contributions from direct business are recognised during the financial year upon the issuance of certificates.
Gross contributions in respect of risks incepted for which certificates have not been issued as of the reporting date are accrued at that date.
Gross contributions are recognised in a financial year in respect of risks assumed during that particular financial year.
Gross contributions are credited to income at the inception of the policy and over the period of the takaful coverage, which represent the total contribution written in the year, including contributions on annual policies covering part or all of the following year.
If tax-exempt, include: • Gross contributions, gifts, and grants (whether or not restricted for use in operations).
Gross contributions comprise of risk contributions and medical personal savings account (MSA) contributions.
Gross contributions for Takaful business are recognised when due.
NOTE 3 – GRANTS AND PLEDGES RECEIVABLE Grants and pledges receivable consist of the following at June 30: 2018 2017 Foundation grants$ 3,612,172$ 13,681,262Individuals447,44350,016Corporate grants999,49053,750Government contracts 641,287 594,677 Total $ 5,700,392 $ 14,379,705 Gross contributions receivable as of June 30, 2018, are expected to be received as follows: $3,583,888 within one year and $2,190,000 within two to five years.
Gross contributions for takaful business are accounted for on accrual basis in accordance with the Principles of Shariah as advised BY %TIQA 4AKAFUL "ERHAD'S 3HARIAH #OMMITTEE.