Grants are a major source of funding for NFPs, and we’re here to help from the initial stages of an application’s budget, right through to reporting requirements, assurance services and the all-important acquittal stage.
If your grant application is successful, conditions will determine where money is allocated and spent (or potentially refunded) and how spending is reported in the grant acquittal. Acquittals may require an audited financial statement, in accordance with Australian Accounting Standards, to be prepared by an approved auditor. A grant acquittal may include these components:
– the financial report
– documentation of activity performance
– written reports
– where funding was spent
– the funding agreement.
Since 2012 the Australian Charities and Not-for-profits Commission (ACNC) has required that charities in all states meet their obligations and submit financial reports, and we can provide the financial expertise to NFPs.
ACNC registered charities classed as medium or large (with annual revenue over $250,000) must provide financial statements to the ACNC within six months of the end of financial year. Organisations with revenue under that threshold may only need to submit the Annual Information Statement (but you should refer to your constitution regarding obligations to members). The ACNC can receive and addresses complaints about charities and NFPs or pass them on to another regulator. It also has the power to cancel the registration of a charity or NFP that has not met its obligations.
Reporting for NFPS that are Incorporated Associations
In some states, NFPs that are also incorporated associations have financial reporting obligations to a government department as well as the ACNC, and we can assist with these obligations, such as annual reporting.