So you’ve been elected to the committee of the charity or ‘not for profit’ and now the fun starts.
Whether you wanted the job or not you now have an obligation to do the best job possible to protect resources and help members make informed decisions about your most scarce resource…money!
We understand that most clubs and associations have limited resources and your main aim is to allocate as many of those resources into the services which are the clubs reason for existing.
However, you do need to do the right thing by the members and ensure there is a proper accounting of the flow of money through the club or charity.
Every year we advise new committee members of the records they need to keep, their obligations, their legislative requirements, and to explain where necessary, the reports needed to get grants or meet obligations.
At a minimum a charitable organisation must produce a:
- Financial statements including a statement of Income and Expenditure
- Information and notes to the financial statements
- A declaration of the truth behind the figures by the principal officer
- An Auditor’s Report or Review that includes details from an audit/review of the financial statements dependent upon your constitution requirements.
When we do the audit, we are required to check the accuracy of the data supplied. This gives the members an opinion as to whether the financial reports are fair and true.
If you do the record keeping properly, it shows members what happened to the money of the organisation during the past 12 months.
This means that the members can use the information to evaluate and make decisions about the use of those scarce resources.
We advise and report for a large range of sporting clubs, body corporations, charitable organisations and school organisations. For us to help you, you need to see us as soon as possible after a new committee is elected.