Finance Reporting a Key Concern for Sector

ACNC Commissioner Susan Pascoe addresses the national community presentation in Melbourne. Picture: Jackie Hanafie

Financial reporting and clarity on the statutory definition of ‘charity’ were among the top concerns of Not for Profits at the Australian Charities and Not-for-profits Commission (ACNC) national community presentation in Melbourne yesterday.

The presentation was one of a series of community presentations being run by the ACNC across the country this month.

ACNC Commissioner Susan Pascoe led the session, which was attended by at least 150 representatives from the very small to some of the state’s largest Not for Profit organisations.

Senior adviser for the Office of the Not-for-Profit Sector Ruth Richardson and Federal Treasury’s Chris Leggett also took questions from the audience.

Key concerns raised at the session included questions from charities that already report to the Federal Government’s Australian Securities and Investments Commission (ASIC) and Office of the Registrar of Indigenous Corporations (ORIC) and how the transition will work.

In response, Commissioner Pascoe stressed to attendees that reporting is still in the transition period and that the transition to reporting to the ACNC to remove and minimise duplication will take time.

Not for Profits also expressed concern about how the Corporations Act will affect the way in which they comply with reporting regulations of the ACNC and how the statutory definition of ‘charity’ will affect them.

Pascoe told the capacity crowd she expected the ACNC to run similarly to other charity regulators abroad.

“We exist to maintain, protect and enhance public trust and confidence in the Australian Not for Profit sector,” she said.

“The ACNC is delighted to contribute to a robust, vibrant and innovative Not for Profit sector.”