As we enter March, we can’t help but think how fast the year is progressing. Before you know it – the end of the financial year will be here and your to-do list will increase.

As the end of the financial year approaches, there are a number of disclosures, statements and reports that volunteer treasurers must get ready to prepare and file for the nonprofit. The following is a handy checklist of duties to help your nonprofit stay on track during this important, and busy, time!

Reconcile Accounts

One of the most important tasks is to first take the time to reconcile the nonprofit’s accounts. While it’s important to tally all of your organisation’s accounts, volunteer treasurers will want to pay special attention to petty cash as well as the nonprofit’s accounts receivable and accounts payable.

Reconciling petty cash can alert you to unauthorised transactions. While it may be just small amounts, finding them can point out weaknesses in your internal controls, and lead the way to other instances of fraud or internal malfeasance.

Reconciling your accounts payable and receivable can help you and your board have a more thorough understanding of what amounts your organisation has outstanding to suppliers and other creditors, as well as what amounts that are outstanding and due to your nonprofit.

GST amounts also must be properly reconciled in order to correctly determine and file BAS for the year.

Don’t forget to continue tracking any reversing entries that you make at the end of the financial year into the start of the New Year. This is an important task, as offsets and other balancing entries for many accounts usually will not clear until after the external audit is complete and the New Year has started.

Determine, Prepare and File the Correct Statements with the ACNC

Make certain that your nonprofit files the correct statements with the ACNC. Whether or not your nonprofit will need to file general purpose or special purpose financial statements, in addition to the Annual Information Statement depends on the size of the charity, and whether or not the ACNC considers a specific nonprofit is a required reporting entity.

You can find out more about what is required to be reported in these statements, and, which of the statements should be filed, by reading the ACNC’s Annual Financial Report Requirements.

The ACNC also provides guidelines to determine the size of your charity for reporting requirements, and other helpful information to help treasurers’ to prepare their nonprofit’s Annual Reports. This is also the location where treasurers can go to be updated on new reporting requirements for each financial year, and how to complete important changes, such as how to request a different reporting period or how to lodge collective reports.

Prepare for the External Audit

While your audit may not be complete until well into the start of the New Year, you will want to ensure that you’ve taken all of the steps that the auditor will need you to complete in order to be able to conduct a thorough audit.

Well before the scheduled date of the audit; don’t forget to ask your auditor for a timetable of the audit as well as a copy of their requirements schedule. Doing so will help you to be able to have the necessary reports and statements prepared and ready for when the actual audit start date and time occurs.

Are you Ready to File for Renewals of Grants?

The end of the financial year is also the filing date for many grant proposals and endowments. As you are preparing the books for the end of the year, take some time to review your existing grants.

Make time to file for renewals for those grants whose deadline is approaching. This is also a good time to research and look for new grants and endowments, and review their guidelines and requirements to see if your nonprofit might qualify for these additional sources of funding.

Review Performance and Set New Goals

As the existing year comes to an end, take some time to reflect and look back on how well your nonprofit performed during the current financial year. What really worked for your organisation in terms of profit and loss as well as efficiency? Is your organisation growing, and is that growth rate sustainable? What steps can you and others take to improve your nonprofit’s financial performance and increase your organisation’s financial stability? As you identify items for action take the time to set new financial goals and performance objectives for your nonprofit as it begins to start a New Year.