Reporting requirements for community organisations
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New laws for Victorian incorporated associations came into effect on 26 November 2012. The resources in this section have been updated to reflect the new laws. The new Associations Incorporation Reform Act 2012 (Vic) can be accessed here, and you can read more about the changes at Consumer Affairs Victoria's website here.
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Whether your community organisation is incorporated as a state-base organisation such as an incorporated association, or as an federal organisation such as a company limited by guarantee (CLG) the responsibilities of the management of the organisation in relation to reporting, and in particular financial reporting, organisation are very similar. However, there are slightly different rules for each kind of community organisation, and if your organisation has a specific legal issue you should seek advice from a lawyer before making a decision about what to do.
*NOTE* Companies, including CLGs, have traditionally reported to the Australian Securities and Investments Commission. Companies that are registered as charities will now transition to reporting to the Australian Charities and Not-for-profits Commission (ACNC) throughout 2013-2014. The information on this page has not yet been updated to reflect these changes. For more information go to the PilchConnect information page on the ACNC here.
If you are looking for information on financial difficulties in your organisation, please see If things go wrong > Financial problems or insolvency.
This section has information on reporting for:
Victorian Incorporated Associations
Financial reporting
This information sheet sets out the legal obligations for financial reporting of a Victorian incorporated association. A Victorian incorporated association is established under the Associations Incorporation Act 1981 (Vic) and must report to Consumer Affairs Victoria (CAV).
Reporting to CAV
For more detailed information on the reporting requirements of incorporated associations, go to:
Companies Limited by Guarantee (CLG)
Financial reporting
This information sheet sets out the legal obligations for financial reporting of a company limited by guarantee. A company limited by guarantee is established under the Corporations Act 2001 (Cth) and must report to the Australian Securities and Investments Commission (ASIC), unless it is registered with the Australian Charities and Not-for-profits Commission (ACNC).
*Note Reporting for CLGs registered as charities with the ACNC will transition to the ACNC in 2013. More information on reporting with the ACNC can be accessed at the ACNC's website here.
Resources
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The ICA has a guide on annual and financial reporting.
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CSA is the peak professional body for governance professionals. The CSA has a series of good governance guides on financial reporting. They also provide a pro bono program to assist with things like governance audits, board paper templates and annual report preparation. Contact CSA for their guidelines on when a group is eligible for this free assistance.
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CPA has a toolkit with two guides relevant to not-for-profit management.
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The Australian Centre for Philanthropy and Nonprofit Studies at the Queensland University of Technology has a resource on nonprofit governance which includes a page on approving financial statements.