Of course, running the NFP is worthwhile for the
cause/charity involved but it isn’t going to happen without a dedicated team
who are committed to ensuring it is run with precision and care to ensure the
best possible outcome at all times. Your board needs to be not only in line
with your cause but must also have the skill set to ensure the NFP runs like a
well-oiled machine including fundraising, staffing and meeting all reporting
obligations.
It is not good enough to assume that someone in the
organisation is meeting the statutory reporting needs as part of their role. This
is a large part of running an NFP and needs to be allocated to a specific
person who not only has the right skill set but the understanding of the
importance of meeting these guidelines and ensuring that they are met on a
regular basis.
One of the biggest areas outside of funding
compliance, is the reporting and compliance of tax and superannuation
guidelines for not for profit organisations. The Australian Taxation Office
provides a wealth of information for NFPs including this handy Self-Governance
Checklist for not for profit organisations. This checklist
will allow key stakeholders to review and understand the organisations
obligations for tax and superannuation reporting and allow them to put in place
the necessary procedures to ensure these items are met in a timely manner as
required by the Australian Taxation Office.
There are serious consequences if not for profit
organisations fail to meet reporting requirements and it is not a good enough
excuse to pass it off as someone else’s role. This role needs to be clearly
defined from the outset and allocated to someone with strong skills in this
area who will ensure the organisation’s performance and reputation are never
brought into question.