In November 2020 the NSW Government announced the $50 million Social Sector Transformation Fund. The fund formed part of the economic stimulus measures included in the 2020-21 Budget. Kirsten Forrester discusses the grant and how you might consider using any funding you still have available.
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It’s hard to believe that the end of the financial year is almost upon us again! To help you navigate the upcoming audit period we’ve put together an accounting checklist and workflow recommendations that will hopefully relieve some of the pressure and keep you feeling on top of your task load.
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Diversity within the Australian workplace featured in the news recently and it made us think about the nonprofit sector. Not for profits tend to have wider diversity within their workforce when compared to some commercial industries… as do NFP organisation boards.
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If you are an NFP who receives donor funding… how well do you actually know your donor? Do you have an understanding of who your supporters are? How much do you really know about their motivations?
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In October 2020, the Federal Government announced the introduction of the JobMaker Hiring Credit Scheme (JobMaker). The scheme is an incentive for businesses to employ additional young job seekers aged 16–35 years. Eligible employers can access JobMaker for each eligible additional employee they hire between 7 October 2020 and 6 October 2021.
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When it comes to managing the financials of a not for profit, it can be a challenging task for people without the necessary accounting skills. In fact, it can even be difficult for a commercial accountant to navigate the nuances. We highlight some of the key reasons why you need an NFP accounting expert.
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Welcome to part four of our Understanding Financial Reports series – we’ve worked through context, Accounting 101 and the Profit & Loss, and this month’s instalment brings us to the Balance Sheet.
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Australian organisations and not for profits (NFPs) heaved a collective sigh of relief in March 2020, when the federal government announced its $70 billion JobKeeper scheme. Designed to assist Australian-owned businesses and NFPs adversely impacted by COVID-19, the scheme has been a lifeline to many who have relied on the wage subsidy to stay afloat.
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It’s important for new non profit organisations to have a strong foundation in financial management to ensure success. We look at some of the key elements a new NFP should consider when managing their not for profit accounting.
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So far in our Understanding Financial Reports series, we have looked at the context of financial governance and a brief Accounting 101 on the chart of accounts, cost centres and cash vs accrual accounting. This time around we will examine the Profit & Loss report.
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