Not for Profits Awarded for Transparency
Monday, 15th April 2013 at 2:37 pm
An international aid organisation has taken out the top prize for transparency at the sixth annual PwC Transparency Awards in Sydney.
Plan International Australia was named the winner, in the revenue of $30 million or more category, while Sydney-based youth homelessness organisation Youth off the Streets won in the $5 million-to-$30 million revenue category.
A collaboration between PwC Australia, the Institute of Chartered Accountants Australia (ICAA) and the Centre for Social Impact (CSI), the PwC Transparency Awards recognise and encourage improvement in the quality and transparency of reporting in the Australian Not for Profit sector.
The Awards demonstrate and recognise best practice in financial reporting, which PwC says is particularly relevant given sector-wide reform including the introduction of the Australian Charities and Not-For-Profits Commission (ACNC) in 2012.
PwC corporate responsibility partner Mark Reading congratulated Plan and Youth off the Streets for the amazing job they do in the community.
“In their submissions we saw that their goals and business strategy are clear, focused, and well articulated. It’s encouraging to see them recognised for their efforts in providing the public with quality and transparent reporting,” Reading said.
“The PwC Transparency Awards continue to play an important role in increasing public confidence in the NFP sector.
“The sector has told us there’s a need for constructive efforts to encourage improvement in the overall standard of NFP reporting in Australia and we’re pleased to see the awards raising the bar.”
Winners of other categories include St John Ambulance SA for most improved charity while the best first year entrant went to Good Beginnings.
ICAA chief executive Lee White said that the continued success of the awards over the past six years demonstrates the importance of transparent reporting in the Not for Profit sector.
“Our involvement with the PwC Transparency Awards highlights the Institute’s ongoing commitment to strengthening this vital sector. Keeping abreast of reporting standards and other regulation is a key part of that,” he said.
PcW says that the awards were introduced to Australia in 2007 to recognise the quality and transparency of reporting in the Not for Profit sector.
Organisations’ level of disclosure is reportedly assessed according to criteria including: strategy, financial and operational performance, stakeholder reporting, governance, risk policies and sources of funding.
Revenue greater than $30m
Winner: Plan International Australia
Runner up: Mission Australia
Australian Red Cross
Cancer Council NSW
Plan International Australia
SDN Children’s Services
The Benevolent Society
West Wimmera Health Service
World Vision Australia
Revenue $5m to $30m
Winner: Youth Off The Streets
Runner up: St John Ambulance SA
Bridge Housing Limited
Cancer Council SA
Leukaemia Foundation of Australia
Opportunity International Australia
St John Ambulance SA
Surf Life Saving NSW
Youth Off The Streets
“The NFP sector faces very significant challenges over the coming years. It will be increasingly relied upon to deliver increasing social outcomes with fewer resources, as the ageing population places tremendous pressure on government revenues and increases competition for workers,” Centre for Social Impact chief executive Andrew Young said.
“Now, more than ever, Australia needs effective measurement and transparent reporting of performance in delivering social outcomes. Throughout our social purpose system, we need to make the best, most informed decisions we can in allocating resources where they are most needed and most effectively used.
“The PwC Transparency Awards are increasingly relevant in promoting and rewarding organisations who are pursuing these goals. Funders and the community want to see where their money is going, and more importantly they want to see that it’s making a difference.”