Financial Housekeeping
Posted in Finance
2019 Financial Statements
Uniting Church Regulations require congregations to have their financial records audited at least annually by a qualified auditor. This is required by the regulations to support good governance practices and sound stewardship of our resources.
There are some exceptions for smaller congregations with an annual income of less than $143,000. In this instance a Church Council may appoint two people considered to be ‘fit and proper persons’ capable of performing the task. While this option is available it is highly recommended that audits are performed by qualified accountants wherever possible. All auditors appointed should be independent of the congregation’s administrative functions and should not be a member of Church Council.
If your congregation cannot find a suitable auditor, arrangements may be made through the Congregational Bookkeeping Unit (CBU) of the Synod by emailing Turn on Javascript!. There are some costs associated with this service.
All congregations should provide the Synod with a copy of their 2019 audited accounts before 30 April 2020. Please forward a copy of the congregation’s profit and loss, balance sheet and independent auditor’s report to: Turn on Javascript!.
2020 Budgets
Another important governance practice that all congregations should adopt is the preparation of annual budgets. By now all congregations should have an approved 2020 budget which is detailed enough to track actual income and expenditure against budgeting amounts.
A detailed budget will help identify any issues from income shortfalls or expense overruns before they become significant issues.
Australian Charities & Not-for-profits Commission (ACNC)
As part of the end of year process, congregations should ensure that ACNC registrations remain current by completing the 2019 Annual Information Statement (AIS). This is a task that every Uniting Church congregation must perform in order to remain compliant with ACNC requirements.
Uniting Church congregations must submit an Annual Information Statement within six months from the end of a congregation’s financial year. For most congregations the due date for the 2019 AIS will be 30 June 2020.
Comments (0)