Guide to Giving
MEDIA, JOBS & RESOURCES FOR THE COMMON GOOD
NEWS  |  Politics

Improved Accountability For Court-Managed Disability Funds


Thursday, 18th September 2014 at 8:59 am
Lina Caneva, Editor
Legislation to modernise the management of funds held by the Supreme Court on behalf of people with a disability and those under eighteen has been introduced in the Victorian Parliament.

Thursday, 18th September 2014
at 8:59 am
Lina Caneva, Editor


0 Comments


FREE SOCIAL
SECTOR NEWS

 Print
Improved Accountability For Court-Managed Disability Funds
Thursday, 18th September 2014 at 8:59 am

Legislation to modernise the management of funds held by the Supreme Court on behalf of people with a disability and those under eighteen has been introduced in the Victorian Parliament.

Victorian Attorney-General, Robert Clark said the legislation would improve transparency and accountability for more than 5,200 Victorians whose funds and assets are managed and administered by the Supreme Court.

“Approximately $1.5 billion dollars belonging to people who are under a ‘legal disability’ is managed by an Office of the Supreme Court called Funds in Court,” Clark said.

A person is under a legal disability if they are under 18, or have an intellectual or physical disability or both, usually as a result of accident, injury or illness.

In the absence of another administrator, the Supreme Court can order that funds awarded to a person under a legal disability be administered on their behalf by the Senior Master. The Senior Master is an Associate Judge of the Court who is supported by the Supreme Court’s Funds in Court office.

“Funds in Court invests money awarded to beneficiaries, and administers payments to meet the needs of beneficiaries, for example, by buying a car or a home,” he said.

Clark said that while Funds in Court has been run professionally by the Court for many years, there was a need to update the legislation governing Funds in Court to better provide for and facilitate modern funds management practices and accountability to beneficiaries.

Among the reforms contained in the legislation are:

  • revisions to objectives, legislated annual reporting and audit requirements, annual statements to beneficiaries and information statements to new beneficiaries;
  • clarification that there is no presumption that funds for a person under a legal disability are to be administered by Funds in Court rather than another funds administrator;
  • enabling the Court to have some, or all, of the funds it holds managed by or vested in one or more external funds managers or custodians;
  • setting out procedures for beneficiaries to apply to the Court to transfer their funds to an external funds administrator; and
  • providing for a complaints handling procedure for services provided by Funds in Court, along with a requirement to report annually on complaints.

The Legislation can be found HERE.

 


Lina Caneva  |  Editor |  @ProBonoNews

Lina Caneva has been a journalist for more than 35 years, and Editor of Pro Bono Australia News since it was founded in 2000.

Guide to Giving

FEATURED SUPPLIERS


Helping the helpers fund their mission…...

FrontStream Pty Ltd (FrontStream AsiaPacific)

...


Brennan IT helps not-for-profit (NFP) organisations drive gr...

Brennan IT

HLB Mann Judd is a specialist Accounting and Advisory firm t...

HLB Mann Judd

More Suppliers


YOU MAY ALSO LIKE

Public Interest / Private Interest – A Fundamental Distinction

David Crosbie

Thursday, 14th September 2017 at 8:46 am

Boosting Philanthropy For A Stronger Australia

Wendy Williams

Monday, 11th September 2017 at 5:16 pm

Students With a Disability Face Cuts in Five States and Territories Next Year

Luke Michael

Friday, 8th September 2017 at 10:08 am

POPULAR

Moves to Stop Volunteering at Overseas Orphanages

Luke Michael

Wednesday, 13th September 2017 at 1:54 pm

Future Uncertain for Disability Organisations Following Funding Cuts

Wendy Williams

Tuesday, 19th September 2017 at 8:29 am

Majority of NFPs Are Not Believed to be Well-Run, According to New Survey

Luke Michael

Tuesday, 12th September 2017 at 4:14 pm

More Australians Are Giving Time Not Money

Wendy Williams

Monday, 11th September 2017 at 5:07 pm

Write a Reply or Comment

Your email address will not be published. Required fields are marked *


Guide to Giving
pba inverse logo
Subscribe Twitter Facebook

Get the social sector's most essential news coverage. Delivered free to your inbox every Tuesday and Thursday morning.

You have Successfully Subscribed!