Close Search
 
MEDIA, JOBS & RESOURCES for the COMMON GOOD
News  |  Governance

Australian Guide to Managing Charity Money


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

Lina Caneva | 21 January 2016 at 9:36 am


0 Comments


 Print
Australian Guide to Managing Charity Money
21 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. She was the editor of Pro Bono Australia News from when it was founded in 2000 until 2018.

PB Careers
Get your biweekly dose of news, opinion and analysis to keep you up to date with what’s happening and why it matters for you, sent every Tuesday and Thursday morning.

Got a story to share?

Got a news tip or article idea for Pro Bono News? Or perhaps you would like to write an article and join a growing community of sector leaders sharing their thoughts and analysis with Pro Bono News readers? Get in touch at news@probonoaustralia.com.au or download our contributor guidelines.

Get more stories like this

FREE SOCIAL
SECTOR NEWS

Your email address will not be published.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



YOU MAY ALSO LIKE

Navigating sector challenges and the disruption of the pandemic

Contributor

Thursday, 13th August 2020 at 7:00 am

Building quality and safety in service delivery

Alan Hough

Tuesday, 11th August 2020 at 7:00 am

Finding the right skills to ensure good governance

Contributor

Thursday, 6th August 2020 at 7:30 am

World Vision Australia slashes staff to save humanitarian programs

Maggie Coggan

Wednesday, 5th August 2020 at 5:44 pm

pba inverse logo
Subscribe Twitter Facebook
×

We need your help.

Since the outbreak of COVID-19, Pro Bono Australia has seen a devastating fall in advertising and less people posting on our job board, which is how we fund our free news service. You can show us that you value the work we do by making a contribution.

 Make a contribution 

You have Successfully Subscribed!