FIT Sponsorship
MEDIA, JOBS & RESOURCES FOR THE COMMON GOOD
NEWS  |  Leadership

Australian Guide to Managing Charity Money


Thursday, 21st January 2016 at 9:36 am
Lina Caneva, Editor
The national charity regulator has launched a new guide for Not for Profit board members on managing finances and meeting their reporting duties.

Thursday, 21st January 2016
at 9:36 am
Lina Caneva, Editor


0 Comments


FREE SOCIAL
SECTOR NEWS

 Print
Australian Guide to Managing Charity Money
Thursday, 21st January 2016 at 9:36 am

The national charity regulator has launched a new guide for Not for Profit board members on managing finances and meeting their reporting duties.

The Australian Charities and Not-for-profits Commission (ACNC) said the guide provided insights into good practices of financial management, focussing on practical steps that charities could take to ensure their finances were used appropriately and protected from misuse.

It also explained the obligations that charities have to the ACNC with regard to their finances such as providing financial reports and ensuring that they operate as Not for Profits.

“This guide has been developed to help charities understand their obligations to the ACNC related to managing their finances, reporting on their transactions and ensuring their funds are used to further their charitable purpose, and not for any private benefit,” ACNC Commissioner, Susan Pascoe AM, said.

“Being Not for Profit is an essential element of being a charity, and although the term is used commonly, the definition of Not for Profit is not always well understood.”

“Overwhelmingly, the majority of charities want to do the right thing. However, when issues do arise in charities, they tend to relate back to governance.

“72 per cent of concerns substantiated and addressed by the ACNC between 2012 and the end of 2014 were about breaches of the ACNC governance standards,” Pascoe said.

“To help address these issues, the ACNC is providing resources to assist all charities to operate with good governance and to understand their obligations as a registered charity.”

The guide looks at the main reporting and record-keeping obligations, as well as what the term “Not for Profit” means in practice.

It contains an overview of some of the main issues charity board members need to be aware of, such as being diligent about a charity’s financial affairs, protecting its resources from abuse and ensuring it is accountable.

The ACNC said the guide was for people who are, or are considering becoming, board members of a charity registered with the ACNC as well as employees and volunteers of charities.

The guide can be downloaded 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.

FEATURED SUPPLIERS


Helping the helpers fund their mission…...

FrontStream Pty Ltd (FrontStream AsiaPacific)

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

HLB Mann Judd

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

Brennan IT

Yes we’re lawyers, but we do a lot more....

Moores

More Suppliers

Get more stories like this

FREE SOCIAL
SECTOR NEWS

YOU MAY ALSO LIKE

A Fox in Charge of a Hen House

Rachel Siewert

Friday, 22nd December 2017 at 3:01 pm

Three Fundamental Practices to Restore Trust and Attract Donation Income

Ushi Ghoorah

Thursday, 21st December 2017 at 11:55 am

ACNC Review Panel and Terms of Reference Released

Luke Michael

Wednesday, 20th December 2017 at 5:23 pm

Government Confirms New Resources for ACNC to Police DGR

Luke Michael

Monday, 18th December 2017 at 5:17 pm

POPULAR

$110M Package Tackles Anxiety and Depression Among Young Australians

Wendy Williams

Tuesday, 9th January 2018 at 8:46 am

Privatisation Poses New Challenges for NFPs Managing Their Workforce

Luke Michael

Tuesday, 9th January 2018 at 4:36 pm

Social Enterprise Announces $500,000 Funding for Social and Affordable Housing

Luke Michael

Monday, 15th January 2018 at 11:26 am

White Ribbon Australia CEO Announces Retirement

Wendy Williams

Wednesday, 10th January 2018 at 5:15 pm

Write a Reply or Comment

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


FIT Sponsorship
pba inverse logo
Subscribe Twitter Facebook

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

You have Successfully Subscribed!