Annual Audit Requirements for Not-For-Profit & Charity Organisations due soon!
Not For Profits (NFP) registered as charities with The Australian Charities and Not-for-profits Commission (ACNC), the national regulator of charities, have ongoing obligations to maintain their registration.
Obligations that NFP must oblige by include:
• notifying the ACNC of changes to legal name, address for service (where legal documents can be sent) and governing body members
• keeping financial and operational records
• providing an Annual Information Statement. Depending on the size of your organisation you may also be required to provide financial reports each year from the 2013-14 reporting period onwards.
These obligations are in addition to any other requirements you have under other laws or from other regulators.
An audit is a review of the annual accounts and is usually carried out by an independent person or party, or a firm of accountants who are also accredited auditors. Auditing is used to identify whether your business complies with accounting standards and relevant laws, regulations and government directions. Audits and can also be of benefit to a business by highlighting opportunities for improved accounting and financial systems.
What records must you make sure your not-for-profit & charity organisation keeps?
The Department of Gaming and Racing regulations require that the following books of account and record are to be maintained for not-for-profit & charity organisations:
• Cash book (for each account into which gross proceeds are deposited)
• Register of assets
• Register of receipt books
• Register of tickets (where tickets are used)
• Petty cash book (where petty cash is used)
• Minute book (where authority holder is an organisation)
• Register of participants (where collectors engaged)
• Record of identification badges
• Register of collection devices (where such devices used)
• Record of employment for children receiving wage or commission or some other material benefit
• Register of pecuniary benefits (where conflicts of interest arise)
The Quinn Group has registered Auditors within the firm and conducts the audit in a streamlined process that simplifies your effort needed in meeting your obligations. During an audit, Quinns check the financial reports of the charitable organisation to give the members an opinion as to whether the financial reports are true and fair. This helps the members to know what all the assets and liabilities are, and what has happened to the money of the charitable organisation during the last twelve months. The information obtained from the audit can be used to make and evaluate decisions about scarce resources. Here at The Quinn Group, the dedicated team of Lawyers and Accountants at can assist you with advice and assistance for your bankruptcy needs. Contact us now by submitting an online enquiry form or call 1300 QUINNS or on +61 2 9223 9166.