It's always good to see large companies giving back to the people, and Westpac has launched a program that will have on-going benefits for many in the broader community.
The Organisational Mentoring Program is designed to support and encourage Not For Profit (NFP) management officers and staff through skills transfer and coaching from Westpac staff.
Westpac are understandably proud of their upcoming 200 year anniversary, and are keen to share their knowledge of business sustainability with close to fifty NFPs, Indigenous organisations and social enterprises throughout Australia that they have already included in this program.
Westpac hopes that the general skill development that their program offers will have a positive influence on the wider community.
Our Governor General, Quentin Bryce, was at the launch of The Organisational Mentoring Program and she applauded the bank's move to help develop the leadership, HR processes and work culture of the organisations they have taken under their wing.
Leading on from Westpac's successful pilot of The Organisational Mentoring Program in 2008 with the Juvenile Diabetes Research Foundation (JDRF) they have further developed their innovative skills transfer initiatives.
This mentoring model is seen as an opportunity for Westpac employees to develop leadership and coaching practices while helping to influence improvement and business sustainability through an exchange of management tools and methods for ongoing business improvement.
Not only do the mentors offer skill development in financial sectors, but they coach in better workplace practices, engaging employee commitment and reducing the sometimes high levels of employee turnover.
We hope that this scheme broadens even further, allowing many more Not For Profit groups to benefit from the intitiative.
Well done Westpac.
A place to find tips, tricks, resources and training to make the role of being a volunteer treasurer easier and more enjoyable no matter which part of the community sector you are serving.
Wednesday, 22 December 2010
Thursday, 25 November 2010
Engaging Younger Generations on NFP boards
In the article, Why Don’t More Members of Gens X and Y Join Boards? Emily Heard outlines some of the reasons why younger people are hesitant to join boards. They include a reluctance of older generations to involve the younger and the general tendency of people to recruit others like themselves.
So how do you overcome this and engage younger people on NFP boards?
• Appoint a youth co-ordinator to take responsibility for young members to engage and recruit them at a volunteer level.
• Use marketing strategies to ‘speak to youth’. Review your advertising and target publications specifically for youth such as street presses, music magazines, FM radio, internet etc.
• Let your existing members and supporters know you are actively seeking youth involvement and use them to spread the word and find people they know might be interested.
• Set up a mentoring program so that all members (young and older) can exchange knowledge and ideas.
• Adapt NFP organisation rules and procedures to accommodate younger people and instigate extra training programs.
• Give a clear outline of what is expected so they know their duties and how they can fit into the organisation.
Considering Gen Y is the second largest generational demographic (behind the Baby Boomers) it is clear there is a definite lack of age diversity on NFP boards. The benefits of attracting younger people to NFP boards are numerous and it is important the next generation of leaders are recruited now.
* BoardSource: Nonprofit Governance Index 2007
Wednesday, 27 October 2010
I'm on a committee
Saw this funny poem in the Heart Support - Australia newsletter and thought you might enjoy it too.
Oh, give me some pity, I’m on a committee.
Which means that from morning to night,
We attend, and amend, and contend, and defend,
Without a conclusion in sight.
We confer and concur, we defer and demur,
And reiterate all of our thoughts.
We revise the agenda with frequent addenda,
And consider a load of reports.
We compose and propose, we suppose and oppose,
And the points of procedure are fun!
But though various notions are brought up as motions
There’s terribly little gets done.
We resolve and absolve, but we never dissolve,
Since it’s out of the question for us.
What a shattering pity to end our committee,
Where else could we make such a fuss?
Is this your experience of being on a committee. :-)
Oh, give me some pity, I’m on a committee.
Which means that from morning to night,
We attend, and amend, and contend, and defend,
Without a conclusion in sight.
We confer and concur, we defer and demur,
And reiterate all of our thoughts.
We revise the agenda with frequent addenda,
And consider a load of reports.
We compose and propose, we suppose and oppose,
And the points of procedure are fun!
But though various notions are brought up as motions
There’s terribly little gets done.
We resolve and absolve, but we never dissolve,
Since it’s out of the question for us.
What a shattering pity to end our committee,
Where else could we make such a fuss?
Is this your experience of being on a committee. :-)
Why Good Financial Management is Essential
Not-for-profit refers to the fact that no individual will gain from the profits earned by an organisation, but any well run organisation should be achieving some level of profit so it can meet the needs of its members or beneficiaries and to stay solvent.
Good financial management of an NFP is as important as it is for any other organisation or company. They require sound budgeting, receipting and invoicing and cash flow practices and should be audited at least annually to maintain the accuracy of all financial records.
NFP is still a business so it is important to know the financial position at any time. How else will you know which activities are profitable and which are costing you money? The Board of Management is responsible for the financial health of the organisation and if it is mismanaged, its members are often liable. Do you really want to risk your personal assets?
Members of the NFP and other members of the community that have supported their cause need to be able to see how their money has been used and the financial records need to be open to question and accessible at all times to all members. Technically, anyone who is a member can walk in and ask to see the books when they feel like it. Your books must be maintained to professional standards.
Financial management of an NFP organisation is a responsibility that is taken on by usually one or a small group of people but no matter what your role, it is important that you have a basic understanding of accounting processes so that you know that everything is being done properly.
Thursday, 30 September 2010
Finance, Administration and Back Office Awards (FABO) finalists announced
The Finance, Administration and Back Office Awards (the FABOs) are an opportunity to recognise the huge contribution that non-profit organisations make to the Australian community and to recognise the ‘quiet achievers’, the people who work tirelessly behind the scenes of our non-profit sector.
The 2010 finalists have been decided. Judges selected forty finalists in nine categories from well over 200 nominees, more than expected for the FABO’s inaugural year. And it was a tough decision!
The aim of the FABO Awards is to celebrate and publicly appreciate the contributions made by those people who spend their time working behind the scenes of our non-profit organisations and social enterprises, people in Finance, Administration, IT, Human Resources.
All nominees and finalists will be recognised at the FABO Gala Dinner Celebration, 18 October in Sydney.
For more information or to purchase tickets to the Gala dinner go to the FABO website.
The 2010 finalists have been decided. Judges selected forty finalists in nine categories from well over 200 nominees, more than expected for the FABO’s inaugural year. And it was a tough decision!
The aim of the FABO Awards is to celebrate and publicly appreciate the contributions made by those people who spend their time working behind the scenes of our non-profit organisations and social enterprises, people in Finance, Administration, IT, Human Resources.
All nominees and finalists will be recognised at the FABO Gala Dinner Celebration, 18 October in Sydney.
For more information or to purchase tickets to the Gala dinner go to the FABO website.
Fraud in Not-for-Profit Organisations
Fraud in not-for-profit organisations is, sadly, not a rare event. If you do an internet search you will find lots of reports of court cases where a committee member has stolen funds from a community group. Often the group is something small like a volunteer fire brigade or kinder committee and they are the ones who can least afford the loss.
The problem with smaller not-for-profit groups is that they are often from small communities where it is hard to find someone who is willing to take on one of the roles. Sometimes members hold roles on a couple of different committees so they tend to do their own jobs and not worry about the rest. I'm sure you know people just like this.
This leaves the organisation open to misuse of funds. Reading reports of some of the court cases will show you that people accept the roles in good faith but that, through unfortunate circumstances or a gambling addiction, they begin dipping into funds which they can never pay back. It's sad for the organisation and the individual that usually this goes on for a long time before it is discovered.
What can you do to help reduce the risk of this happening in your organisation?
1. Identify the areas of potential risk.
2. Develop a plan to monitor the situation.
3. Take action.
For smaller groups this means actively working with the treasurer to help record and monitor your invoices and payments. It means not leaving the control to one person. An accounting system like Admin Bandit can bring some control to your bookkeeping because it is harder to 'fudge' than manual accounts.
If you are the treasurer for your organisation you need to protect yourself from risk by having at least two signatures on each cheque and regularly having the cash tin counted and balanced against your books. It means asking for help when risky or difficult work comes in.
The problem with smaller not-for-profit groups is that they are often from small communities where it is hard to find someone who is willing to take on one of the roles. Sometimes members hold roles on a couple of different committees so they tend to do their own jobs and not worry about the rest. I'm sure you know people just like this.
This leaves the organisation open to misuse of funds. Reading reports of some of the court cases will show you that people accept the roles in good faith but that, through unfortunate circumstances or a gambling addiction, they begin dipping into funds which they can never pay back. It's sad for the organisation and the individual that usually this goes on for a long time before it is discovered.
What can you do to help reduce the risk of this happening in your organisation?
1. Identify the areas of potential risk.
2. Develop a plan to monitor the situation.
3. Take action.
For smaller groups this means actively working with the treasurer to help record and monitor your invoices and payments. It means not leaving the control to one person. An accounting system like Admin Bandit can bring some control to your bookkeeping because it is harder to 'fudge' than manual accounts.
If you are the treasurer for your organisation you need to protect yourself from risk by having at least two signatures on each cheque and regularly having the cash tin counted and balanced against your books. It means asking for help when risky or difficult work comes in.
The risk of fraud is always present but if you can minimise the opportunity you will be protecting your organisation's future.
Thursday, 23 September 2010
Canberra accounting software rewarded for helping community
Senator Kate Lundy presents ACS award to Nerida Gill |
“Our software is fast developing a reputation as the premier financial management tool for Australia’s grass roots community and non-profit groups,” said Admin Bandit Director, Nerida Gill.
“The ACS is the peak body for ICT professionals, so to have our peers recognise our commitment to supporting community life in this country is a terrific endorsement,” she continued.
Admin Bandit has produced the only accounting software tailored to the unique needs of organisations at the grass roots of the community sector. It solves the many problems faced by volunteer treasures by providing users with the exact tools for meeting their legal responsibilities, including BAS, audits and monthly committee reports.
Award presenter Senator Kate Lundy MP said, “I am thrilled to present this award to Admin Bandit Online because it is a fantastic financial management software that supports hard-working volunteers who are contributing to their community”.
The award is another feather in Admin Bandit’s cap for what is turning out to be an exceptional year. In the last 12-months, the company has continued to upgrade its web-based software application, secured an internationally-renowned investor, won the nation’s most prestigious ICT award and represented Australia at the Asia Pacific ICT awards. Meanwhile, Ms Gill was crowned the Women in Information and Communication’s woman of the year for her contribution and role as mentor in the ICT industry.
“These successes are a great boost for our morale and credibility,” Ms Gill said. “However, as a former volunteer treasurer, the biggest reward is giving community and non-profit organisations a tailor-made product to modernise their financial management. Ultimately, that results in an enriched community life for us all.”
Photo by Emily White Photography
Thursday, 26 August 2010
Settling in as a Volunteer Treasurer.
Are you new to the role of Treasurer? Sometimes when you agree to take on a new role the other committee members forget to tell you what the job entails. If you haven't been a treasurer before it can be a bit overwhelming.
Some time ago at Admin Bandit we put together this clip to help people start off on the right foot. I hope it helps you to get settled into the role.
Some time ago at Admin Bandit we put together this clip to help people start off on the right foot. I hope it helps you to get settled into the role.
Wednesday, 28 July 2010
Coming to a Consensus
Over at the Admin Bandit blog we have been talking about decision making by consensus. In a 2 part series we looked at what consensus really is and then the steps committees need to go through when using the consensus model.
It pays to have a consensus when making decisions about finances so we thought we should bring you a summary of the consensus process and why it works so well. For a more detailed explanation you can drop into the Admin Bandit blog.
Consensus means ‘by general agreement’. It doesn’t mean that everyone agrees with the decision but it does mean that everyone can accept it. The power of consensus is that the decision is supported by the group. No member disagrees to such an extent that he or she will undermine the result.
There is a fairly firm procedure to go through in this model of decision making. The steps are:
1. Present the proposal to the group.
Be as clear as you can about what the proposal covers. The more work you can put into this proposal the more likely it is that the next stages will go smoothly.
2. Question time.
Let committee members get the clarification they need. People need to be sure that they understand the proposal and some need more information than others.
3. Open Discussion
The committee is encouraged to talk it through. You may find that you need to make some alterations to the original proposal – clarify, rephrase or even remove bits.
4. Call for consensus.
Ask you committee for their agreement. Find out who is not yet satisfied and identify the issues. Once you know the objections you can usually redraft the proposal to suit.
5. Present rephrased/rewritten proposal and call for consensus.
This is usually a formality by this stage. All concerns have been addressed and your proposal modified so you should reach consensus now.
6. Work out objections.
If there are still objections at this point you will have 2 options. Firstly, you can guage the extent of the objection. It might be that the member can 'live with it' and will agree with the others. The other option is for when the objection cannot be overcome and that is to scrap the proposal and start again.
Consensus is a powerful thing and it is worth the time it takes to reach it. Just imagine how strong and united your committee would be if they could reach consensus on all of the decisions?
It pays to have a consensus when making decisions about finances so we thought we should bring you a summary of the consensus process and why it works so well. For a more detailed explanation you can drop into the Admin Bandit blog.
Consensus means ‘by general agreement’. It doesn’t mean that everyone agrees with the decision but it does mean that everyone can accept it. The power of consensus is that the decision is supported by the group. No member disagrees to such an extent that he or she will undermine the result.
There is a fairly firm procedure to go through in this model of decision making. The steps are:
1. Present the proposal to the group.
Be as clear as you can about what the proposal covers. The more work you can put into this proposal the more likely it is that the next stages will go smoothly.
2. Question time.
Let committee members get the clarification they need. People need to be sure that they understand the proposal and some need more information than others.
3. Open Discussion
The committee is encouraged to talk it through. You may find that you need to make some alterations to the original proposal – clarify, rephrase or even remove bits.
4. Call for consensus.
Ask you committee for their agreement. Find out who is not yet satisfied and identify the issues. Once you know the objections you can usually redraft the proposal to suit.
5. Present rephrased/rewritten proposal and call for consensus.
This is usually a formality by this stage. All concerns have been addressed and your proposal modified so you should reach consensus now.
6. Work out objections.
If there are still objections at this point you will have 2 options. Firstly, you can guage the extent of the objection. It might be that the member can 'live with it' and will agree with the others. The other option is for when the objection cannot be overcome and that is to scrap the proposal and start again.
Consensus is a powerful thing and it is worth the time it takes to reach it. Just imagine how strong and united your committee would be if they could reach consensus on all of the decisions?
Friday, 25 June 2010
ATO News Service
Did you know that the Australian Taxation Office has a free news service relevant to the Not For Profit sector? This is a free service where emailed information is sent out at a time to suit you - daily, weekly or monthly.
"The Non-Profit News Service will keep you up-to-date on key tax issues affecting the non-profit sector, new publications we release for non-profit organisations, and changes to the tax law. This is a free service through our email updates."
This service is very useful and although there will be releases that don't apply to your area of NFP there are releases that might prove vital to you. The emails keep you up to date on changes within the Budget, tell you when important events occur such as the mail out of franking credit refunds or about alterations to the deductible gift register.
This is a simple way to stay up to date with important changes in legislation and government activity that may affect your NFP All it will cost you is your email address.
"The Non-Profit News Service will keep you up-to-date on key tax issues affecting the non-profit sector, new publications we release for non-profit organisations, and changes to the tax law. This is a free service through our email updates."
This service is very useful and although there will be releases that don't apply to your area of NFP there are releases that might prove vital to you. The emails keep you up to date on changes within the Budget, tell you when important events occur such as the mail out of franking credit refunds or about alterations to the deductible gift register.
This is a simple way to stay up to date with important changes in legislation and government activity that may affect your NFP All it will cost you is your email address.
Tuesday, 15 June 2010
Women's Leadership Grants 2010/11
Applications are now open for the second round of Victorian Women's Leadership Grants. The Women's Leadership Grants are part of the Victorian Government's commitment to creating a community where women have equal representation and can fully participate in all aspects of community and public life. Grants of up to $20,000 will be available to local councils, non-profit community and women's groups in Victoria for projects and activities that increase the capacity of women to participate in decision making; increase opportunities for women's leadership; increase diversity amongst Victoria's female leaders in particular women from culturally and linguistically diverse backgrounds and rural and regional areas. Applications close Tuesday, 3 August 2010. For more information go here.
Here's to the leadership of volunteer treasurers..
Friday, 28 May 2010
Using Facebook for Fundraising
If you thought that Facebook was a waste of time or perhaps useless for charities and not-for-profit organisations you might want to think again. Take a look at how The Royal Children's Hospital Good Friday Appeal used Facebook for fundraising.
The charity set up its page in the weeks leading up to the event and had around 38.000 members within a few weeks. A report by Pro Bono News quotes the appeal director who says "....the Facebook page went from hundreds of fans joining up each day to thousands as the Appeal got closer – with each fan telling their own story of appreciation and care from the Royal Children’s Hospital. She says as it got closer to the day the fans then began urging each other to donate as well as connecting up with families they had met at the hospital over the years."
The beauty of social media is that your fans become your campaigners as they each spread the word about your good work.
Have you set up your Facebook page yet? If not, you could be missing out on some potential income.
The charity set up its page in the weeks leading up to the event and had around 38.000 members within a few weeks. A report by Pro Bono News quotes the appeal director who says "....the Facebook page went from hundreds of fans joining up each day to thousands as the Appeal got closer – with each fan telling their own story of appreciation and care from the Royal Children’s Hospital. She says as it got closer to the day the fans then began urging each other to donate as well as connecting up with families they had met at the hospital over the years."
The beauty of social media is that your fans become your campaigners as they each spread the word about your good work.
Have you set up your Facebook page yet? If not, you could be missing out on some potential income.
Sunday, 25 April 2010
Kookaburra Awards - Community Groups, Projects and Individuals
We received an email this week about the Kookaburra Awards. Nominations close on May 12th.
The 2010 Kookaburra Awards will offer prizes to individuals, groups and projects that really made a difference – that stretch people’s vision of what’s possible in Australia’s society today.
At times, we might think of these people as ratbags, or cranks, or worse.
We call them radical, or subversive, or infuriatingly single-minded. But we can’t deny that they made a difference in the world. Nominate now for a 2010 Kookaburra Award!
There are prizes for:
COMMUNITY GROUPS: It’s not about being the biggest, or the best resourced, or the highest-profile group, it’s about being a group that does what it does brilliantly – and one that stands out as a bea con of innovative community leadership and works to change things for the better.
PROJECTS: It’s not about having a project that brought in a large grant, or came in below budget. We’re looking for projects that have changed people’s lives; that make people say “Gosh, I didn’t know you could do that. Awesome!”
INDIVIDUALS: It’s not about being a saint, or a guru, or a great philanthropist: it’s about being some one who can bring ordinary people along with a movement to change their lives, and ours.
Each winner will receive a total prize package valued at more than $10,000, plus free tickets (including flights and accommodation for those outside Victoria) to attend Australia’s best community conference – Communities in Control 2010. The winners will be announced at the conference in front of an audience of 1500 community groups, MPs and dignitaries.
If you know of people, groups and projects in your community that fit that description, make sure their names are put forward for a Kookaburra Award. Nominate Now
Thursday, 22 April 2010
Does your committee understand your reports?
The role of treasurer is yours but the financial decisions are made by the committee, not by you alone. That means that all committee members are equally responsible and need to understand the reports that you are presenting.
At one regional Community Health Service it became quite obvious to the treasurer that Board members didn't understand the reports they were getting. Some members were not even familiar with accounting terminology so discussing liquidity and profit ratios sent them off into a vacant mental space. You can't afford to let that happen. In this case, the treasurer decided to make a special presentation to the Board which explained in simple terms how the finances worked across the agency. Each Board member was given a booklet which explained the terms used in a treasurer's report along with a simple explanation of the budget process. The examples in the report were specific to the agency so they were quite real to the readers. While this didn't turn them into financial experts it did give them enough information that they could read and question the treasurer's reports.
You might not have to go this far with the members of your committee but I think part of your role will always have to include teaching people to understand simple financial reports. It shifts the load from your shoulders and puts it back where it should have been - spread fairly across the shoulders of every committee member.
At your next meeting watch the faces of your committee members. Do they look as though they understand what you are saying? If they don't you need to take some action.
Monday, 22 March 2010
Participate in the NFP Risk Survey - Great prizes to be won
I received this email recently and I hope you are able to help out this charity. You may win yourself some great prizes while doing so.
A local charity was collecting gifts for underprivileged children for Christmas. They worked very hard and collected a number of gifts from people in the community. A member of the public donated a small electric toy of the more "economical" variety that, unfortunately, must have bypassed safety testing on the way into the country. While in storage it caught fire and burned down all the donated gifts AND the offices of the charity concerned. I wonder if this was a type of risk that any of the devastated staff at the charity have even considered?
The management of risk plays an enormous role in the success of your organisation. It is with this in mind, I'd like to invite you to participate in the 2010 Not-for-Profit Risk Survey. The survey is being undertaken to gain an understanding of the risks facing not-for-profit organisations from around the world. The results will be used to make nonprofit organisations more aware of the key risks that could impact on the success of their organisation. As a participant you will be one of the first to recieve a copy of the final report on its release.
The survey is designed to be simple to complete and should not take more than 15 minutes. If you wish, you can choose to remain anonymous but if you complete the survey by 10 April and provide your details, you will go into the draw to win one your choice of four fabulous prizes ...
64GB Apple iPod Touch valued at approx $540;
Playstation 3 Console (Slim) 120GB valued at approx $465;
Dell S561207AU Inspiron Mini 10” Netbook valued at approx $490; or
Olympus Tough 8000 Black 12 MP Digital Camera valued at approx $475.
All participants who provide their contact details will receive a copy of the survey findings. I would really appreciate it if you also could forward this along to others in the sector from around the world to help us to create the most comprehensive resource possible. Click here to complete the survey.
The survey will be authored by Lisa Bundesen, a PPB Partner and one of Australia's foremost experts in risk management and fraud control in the Not-for-Profit sector along with Andrew Morgan, a PPB Director with considerable experience in the identification and management of risk in business.
The deadline for participation is Friday 10 April 2010 to complete the survey. If you have technical difficulties or would like any clarification on questions, please contact Andrew Morgan of PPB at amorgan@ppb.com.au
I hope you'll be able to be a part of this great initiative. Please click here to complete the survey.
A local charity was collecting gifts for underprivileged children for Christmas. They worked very hard and collected a number of gifts from people in the community. A member of the public donated a small electric toy of the more "economical" variety that, unfortunately, must have bypassed safety testing on the way into the country. While in storage it caught fire and burned down all the donated gifts AND the offices of the charity concerned. I wonder if this was a type of risk that any of the devastated staff at the charity have even considered?
The management of risk plays an enormous role in the success of your organisation. It is with this in mind, I'd like to invite you to participate in the 2010 Not-for-Profit Risk Survey. The survey is being undertaken to gain an understanding of the risks facing not-for-profit organisations from around the world. The results will be used to make nonprofit organisations more aware of the key risks that could impact on the success of their organisation. As a participant you will be one of the first to recieve a copy of the final report on its release.
The survey is designed to be simple to complete and should not take more than 15 minutes. If you wish, you can choose to remain anonymous but if you complete the survey by 10 April and provide your details, you will go into the draw to win one your choice of four fabulous prizes ...
64GB Apple iPod Touch valued at approx $540;
Playstation 3 Console (Slim) 120GB valued at approx $465;
Dell S561207AU Inspiron Mini 10” Netbook valued at approx $490; or
Olympus Tough 8000 Black 12 MP Digital Camera valued at approx $475.
All participants who provide their contact details will receive a copy of the survey findings. I would really appreciate it if you also could forward this along to others in the sector from around the world to help us to create the most comprehensive resource possible. Click here to complete the survey.
The survey will be authored by Lisa Bundesen, a PPB Partner and one of Australia's foremost experts in risk management and fraud control in the Not-for-Profit sector along with Andrew Morgan, a PPB Director with considerable experience in the identification and management of risk in business.
The deadline for participation is Friday 10 April 2010 to complete the survey. If you have technical difficulties or would like any clarification on questions, please contact Andrew Morgan of PPB at amorgan@ppb.com.au
I hope you'll be able to be a part of this great initiative. Please click here to complete the survey.
Thursday, 18 March 2010
Changes to BAS Tax Agent Legislation
The new BAS Tax Agent Legislation has come into effect 1st March 2010 and it is likely to have an impact on you. It sets the new standards for BAS and Tax Agents.
The new Tax Practitioners Board says that "Bookkeepers who prepare business activity statements (BAS) other than as employees will be required to register as BAS agents. To help them transition into the new arrangements, those who have been providing BAS services immediately before 1 March will be able to register by notifying the board within six months."
There is a FAQ section on the website which explains the changes in detail including arrangements for transitional agents.
From now on when you use the services of a bookkeeper you will need to be sure that they meet certain requirements including registration and experience levels. From 1 July 2011 BAS Agents will need to have professional indemnity insurance.
If you use the services of a bookkeeper you need to familiarise yourself with these changes for your own protection.
For more information, please visit the Tax Practitioners Board website at http://www.tpb.gov.au/.
Saturday, 27 February 2010
Record Keeping for Smaller Not-For-Profits
No matter how small your organisation is you need to have an efficient record-keeping system in place. Keeping the paperwork straight can sometimes be the messiest part of the job but it is your responsibility to do so. It is this information which the committee will use as a basis for its financial decisions.
The Australian Taxation Office says that the basic records you may need to maintain are:
*cash book records of daily receipts and payments
*GST tax invoices and income tax records, such as debtors and creditors lists, stocktake records and motor vehicle expenses
*records of payments relating to employees, such as PAYG withholding, superannuation and fringe benefits payments
*records of payments withheld from suppliers who do not quote an ABN, and
*bank reconciliation statements.
The Institute of Chartered Accountants recommends that you also keep these records:
Asset Register – recording any office equipment
Insurance File – containing details of any insurances
Statutory File – containing Constitution, Minutes, etc.
Next time you are sighing over your record-keeping responsibilities remember that they also form part of your protection should something go wrong. Decisions can be questioned months after they were made especially if they weren't minuted properly. These records are the paper part of an audit trail that investigators will be searching through looking for their answers. Keep them well and keep them carefully.
The Australian Taxation Office says that the basic records you may need to maintain are:
*cash book records of daily receipts and payments
*GST tax invoices and income tax records, such as debtors and creditors lists, stocktake records and motor vehicle expenses
*records of payments relating to employees, such as PAYG withholding, superannuation and fringe benefits payments
*records of payments withheld from suppliers who do not quote an ABN, and
*bank reconciliation statements.
The Institute of Chartered Accountants recommends that you also keep these records:
Asset Register – recording any office equipment
Insurance File – containing details of any insurances
Statutory File – containing Constitution, Minutes, etc.
Next time you are sighing over your record-keeping responsibilities remember that they also form part of your protection should something go wrong. Decisions can be questioned months after they were made especially if they weren't minuted properly. These records are the paper part of an audit trail that investigators will be searching through looking for their answers. Keep them well and keep them carefully.
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