Applications for the Federal Government’s JobKeeper wage subsidy scheme opened on Monday 20 April. We will clarify a few questions that we’ve been hearing frequently from our NFP clients.
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Each financial year, when we reach Q4, we discuss the need to look at the coming year’s budget. It’s no different this year… except it is. We know that this year everyone is experiencing some turmoil.
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Published 24 March 2020 – Where to start? I feel confident that what I write today may likely be out of date by tomorrow as COVID-19 makes itself felt across the globe and creeps inexorably throughout our community.
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The Fringe Benefits Tax (FBT) year is coming to a close very soon… on the 31st March, in fact. The last thing you want is to realise in early April that you have exceeded the threshold and find yourself with an FBT liability.
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Fundraising can be a tough gig. There are so many worthwhile causes in constant competition that it can be hard to find donors and reach your goals.
But what happens when a tragedy touches people around the world and pockets open with an avalanche of donations?
The sudden departure of a key person within your finance team can create a major headache. The recovery process can be difficult and often requires a lot of resources and can be especially demanding on the CEO in a small-medium sized organisation.
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One of our team members joked last month that it must have been ‘Boards Behaving Badly Month’ because they had heard a few sorry tales of Boards doing all manner of things that were not really within their governance remit, were operational matters or were not even in the best interests of the organisation.
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Surely not, we hear you say. Surely nobody would try and steal funds from a good-hearted charity or member-focused association?
Well unfortunately, they sure would. There have been many examples of fraud in Australian not for profits over time.
The Board of a not for profit (NFP) is ultimately responsible for all aspects of the organisation. The finances are a critical component and as such it is imperative that they are well-informed and in a strong position to make decisions about the future of the organisation.
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You might recall there was a fairly well publicised superannuation amnesty that was meant to run for 12 months from May 2018 – trouble is, the legislation didn’t pass and there was no official amnesty. Well, like a good zombie, it’s back… but still not imminent.
Read MoreWe work exclusively with ACNC registered charities and Not For Profit organisations with a turnover of AUD$1 million or more. If your organisation seeks professional and customised accounting support and services, we’d love to hear from you. Complete the contact form and one of the experienced team members will contact you shortly.
If you want to establish a charity or NFP, please read our article “Thinking of starting a charity or NFP.” Accounting For Good cannot assist new entities or start-ups at this time.
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