you must satisfy an ACNC annual reporting requirement
you must not be part of an ACNC group reporting arrangement
your association's financial information mustn't be withheld from the ACNC register.
If your organisation operates gaming machines or conducts certain games under the Charitable and Non-profit Gaming Act 1999, you must submit fully audited annual returns to the Office of Liquor and Gaming Regulation when advised to do so in writing.
Records that need to be audited and verified
You might need to appoint a registered auditor or verifier to verify your financial statement, depending on your association’s reporting level.
Your auditor or verifier will need access to a wide range of your records for the financial year. You’ll need to give them the following documents.
You’ll need to give the auditor or verifier access to any documents outlining your income and expenses for the year including receipts you issue, payments you make, and your bank account and petty cash records.
Receipt book documents might include:
a register of receipt books
duplicates of issued receipts
unused receipt books
duplicate bank deposit slips
cash receipts journal.
Cash payment documents might include:
vouchers for payments made in chronological order
cheque butts that are used, unused and cancelled
a cash payments journal.
Bank account documents might include:
your ledger account
bank statements for the entire year
statements for the months immediately before and after the financial year begins and ends
bank reconciliations for the financial year and the previous financial year.
Petty cash documents might include:
a petty cash book
vouchers
an overall summary.
Make sure you give the auditor or verifier all documents that outline your assets and liabilities. These might cover your depreciable assets, receivable accounts and liabilities.
Depreciable assets are items you own that will decrease in value over time. Records of these might include:
a register of assets, including what you added or disposed of during the financial year
the paperwork for any assets you sold, gave away or threw out.
Receivable accounts are payments due to you from another party. Records of these might include:
a list of all unpaid accounts due at the end of the financial year
an outline of how long each account has been outstanding
an expected due date for each payment.
Liability documents might include:
a list of money you owe at the end of the financial year, no matter how big or small
the details of any loans, including
the interest rate
how much of the principal sum is left to repay
any repayments you made in the financial year.
You’ll need to provide your auditor or verifier with:
the minutes from every meeting
a copy of your association rules
the register of members
any other financial documentation they ask to see.
