End of the financial year is a crucial time for not for profit organisations to make sure they are ready to meet their compliance requirements. But what are some of the NFP director responsibilities at year end?
All registered Australian not for profits must meet a set of governance standards as set out by the ACNC. Within the standards there are specific references to the role of a not for profit Responsible Person.
Diversity within the Australian workplace featured in the news recently and it made us think about the nonprofit sector. Here we discuss not for profit board diversity.
In 2020, the ability to receive donations via your website has become more important than ever. Your website is one of the best ways to connect with potential donors.
The Annual General Meeting season is almost upon us, but many not for profit organisations will need to consider going virtual this year. Here are some tips for hosting a successful virtual AGM.
Now we find ourselves deep in AGM season, where non-profits of all shapes and sizes will be electing and inducting new Board members.
We thought it would be the perfect time to share our hopes for the season.
Fraud in not for profits? Surely not, we hear you say. Surely nobody would try and steal funds from a good-hearted charity or member-focused association?
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.
In principle, good governance should be actively driven by the Board. Having a shared understanding of what good governance looks like in practice around your board table is important to ensure efficient meetings, good questions and productive discussions.
The tenth annual AICD Not-for-Profit (NFP) Governance and Performance Study report was published at the end of July. It highlights many of the challenges NFP directors face and discusses specific topics relating to NFP boards.
For most not for profit (NFP) organisations, their annual report is a document filled with lots of information about their activities, their audited financials and a wrap up of various departments.
A quote we are fond of (but aren’t sure where it comes from) is “not for profit is a tax status – not a goal”. We couldn’t agree more and believe that not for profits can, and should, aim to make a profit in order to build financial reserves.
Federal and State regulators dictate the reporting required of not for profit organisations – and in some situations you might have to report to both a Federal and a State body.
The External Conduct Standards have been on the cards for some time and were recently passed in Federal Parliament. For many organisations there will be additional reporting requirements.
We 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.
WeWork,
320 Pitt Street
Sydney NSW 2000
02 9370 6200