New Financial Reporting Requirements

As of 1 January 2019, any organisation or entity receiving Council funding that totals more than $15,000 per annum in any financial year must provide a set of Audited Financial Statements to Council. This applies to all organisations, individuals and entities that receive grant funding (including but not limited to Community Grants, Venue Hire Grants, Heritage Grants), Councillor Ward Discretionary Funds, rental subsidies, event sponsorship and/or donations in both cash and in-kind funding. The Audited Financial Statements must be provided to Council on or before 1 September following the financial year in which the funding was received.

What does this mean for you?

Grant and funding recipients in the 2018-2019 financial year should keep a tally of all funding (cash and in-kind) received from Council during this period. If, as at 30 June 2019, the total amount exceeds $15,000 you must have your organisation's financial accounts audited, and the Audited Financial Statements forwarded to Council's Grants Officer by 1 September 2019. Any grant applicants who cannot meet this condition will be deemed ineligible and be excluded from receiving Council funding in the future. 

Please find attached a Financial Statement Template that has been prepared by Council, and is designed to assist community organisations to ensure that their fundamental financial reporting obligations are met. This template is only required if Audited Financial Reports have not already been prepared through annual reporting processes.

Please note:

  • These requirements only apply to recipients of Council funding totalling $15,000 or more. This requirement does not apply to recipients of funding below this threshold.
  • All grant recipients must also complete their existing reporting and acquittal obligations for previous grant rounds.

A reminder will be sent at the end of the financial year. Any funding recipients who have reached the threshold at 30 June 2019 and need more information in order to carry out the reporting should contact Council to discuss.



 
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