As a treasurer for your Not-for-Profit (NFP), it’s really no surprise if you are starting to feel at least a few pangs of anxiety during this time; after all, the end of the financial year is fast approaching. This is a time that the various statements and forms that report on the financial condition of your NFP are due.

Recent Changes to Regulatory Bodies and NFP Financial Reporting Requirements

Over the last few years, NFPs have seen drastic changes to the number and types of documents that they are required to file each year. From 2010 to 2013, the Australian Government passed a series of reform measures, including the establishment of a nationwide independent regulatory body for charities on December 3, 2012: The Australian Charities and Not-for-profits Commission (ACNC)

While the ACNC currently supports and regulates the non-profit charitable sector, it is thought that perhaps their oversight will eventually expand to include some concerns which participate in some for profit activities, such as sporting associations.

How to Stay Current on Updates and Simplify the Preparation of Your Annual Report

Regardless of your charity’s specific mission and size, keeping up with all of these regulatory changes can be quite demanding for the volunteer treasurer, but our handy manual and guide helps to reduce the pressure on you and helps you to keep calm as we walk you through all of the stages of preparing the required disclosures, statements and end of year reports that your NFP needs to file. We make the process of complying with the updated requirements and providing greater transparency and accountability to all of your NFPs various stakeholders more organised and less stressful.

Additional Tips for Providing Greater Transparency and Accountability in Your NFP’s End of Year Reports

In addition to the information that the ACNC requires your NFP to disclose, you may wish to incorporate some additional details in your financial reports to more fully inform all of your stakeholders about the mission and goals of your NFP.

A great source for the types of information that you may wish to include in your financial reports are the tips found in a handy checklist first published in 2003 by The Institute of Chartered Accountants in Australia (the ICAA or the Institute) This professional accounting body is now known as Chartered Accountants Australia and New Zealand .

Despite the age of the checklist, it still contains valuable strategies and suggestions. A perfect example of this is the ICAA’s suggestion that each NFP’s end of year financial reports incorporate the answers to the following questions.

5 Questions Your Annual Report Should Answer

If you would like to learn more about how to prepare end of year financial reports that answers these questions, why not take a look at the actual ICAA checklist and discover ways that you can easily incorporate these details into your end of year reports?

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