Accounts and auditing
Some associations might operate on a small budget, while others manage budgets of millions of dollars. An association may derive its funds from a number of sources, including government subsidies, sponsorships, donations, fundraising activities and membership fees. This chapter outlines what the Act requires in terms of accounting and auditing procedures.
- An incorporated association must keep accurate and up-to-date financial records.
- An incorporated association must present the financial statements to the members at each Annual General Meeting.
- Financial reporting requirements are based on a three tiered system with responsibilities increasing based on an incorporated association's annual revenue.
- Not all incorporated associations are required to audit their financial statements. However this is advisable as it makes for responsible financial management. Moreover, some funding bodies may require financial statements to be audited.