I’ve just become a Treasurer for a small group. Can you advise on what I should include in a Board report? Westpac (Australia) have produced a helpsheet which provides a number of hints. <details> It is often helpful to circulate the report with Board papers before the meeting as this Read more
Note: in this article, the terms ‘Honorarium(s)’, ‘Honoraria’ and ‘Koha’ are used interchangeably unless the context otherwise requires. Honoraria and non‑cash gifts, are common in New Zealand charities, but they are frequently misunderstood, especially in relation to tax. This short article outlines what an honorarium is and how Inland Revenue Read more
The rules on FBT and charities have been updated. See: Charities and fringe benefit tax
Website GOOD NUMBERS recently posted a guide entitled “How to open a Bank Account for your Charity”. The guide starts: “As many in the sector know, opening a bank account for a charity can be anything but straightforward. Bank staff are often unfamiliar with the process, and it’s not uncommon Read more
A new blog post from Grant Thornton asks “Is it taxable?” If you’re a business, the answer is usually clear. The rules around calculating a company’s taxable income are well established. But what if you’re a mutual association – a resident’s association, membership organisation or industry group (among others)? Contents Read more
The Gift Trust recently published a blog post with the above title. “There are plenty of myths and misconceptions about ‘fundholding’ – a growing way of reducing the hoops community groups have to jump through to receive funding. As many of us who donate to good causes or who work Read more
With a number of charities struggling to survive, and news recently of a number closing down or seriously considering it (see note below), it was good to see some financial advice for charities recently posted from Andrew Austin of Jarden Wealth. The article starts: “Charities play a crucial role in Read more
Q: I have heard that small charities can use a shorter reporting form to make their annual return to DIA Charities. Can you please confirm. A: Yes, that is basically correct, but subject to certain conditions. The External Reporting Board has introduced a “Simple Tier 4 Reporting Template” for “very Read more
Content Provided We know things do not always go to plan, and non-profits can be adversely affected, no matter how devoted your organisation is to doing great work in the community. The one-size-fits-all approach to your risk management could make you vulnerable. Should a board member, employee, volunteer, or fundraiser Read more
The External Reporting Board (XRB) is the Independent Crown Entity responsible for setting external reporting standards. In the latest news and information bulletin (September 2022) XRB advises: “The new Incorporated Societies Act 2022 has changed how incorporated societies need to report. The Act requires all but the smallest societies to Read more
Recommendations from the recent Charities Act Review could mean registered charities with operating expenses over $140,000 per year will be required to disclose information about the reserves they hold,