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New Financial Reporting Requirements


From 1 January 2019, any organisation, individual 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 should keep a tally of all funding (cash and in-kind) received from Council during the financial year. If the total amount is more than $15,000 on 30 June, you must have your organisation's financial accounts audited, and the Audited Financial Statements forwarded to Council's Grants Officer by 1 September. Any grant applicants who cannot meet this condition will be deemed ineligible to receive Council funding in the future. 

If Audited Financial Reports have not already been prepared through annual reporting processes, please use this Financial Statement Template. It has been designed by Council to help community organisations meet their fundamental financial reporting obligations. Please note:  

  • These requirements only apply to recipients of Council funding totalling more than $15,000. They do not apply to recipients of funding below this threshold.
  • All grant recipients must still meet their existing reporting and acquittal obligations for previous grant rounds.

A reminder will be sent at the end of the financial year.

For more information, please contact Council's Grants Officer on 02 9330 6400 or grants@georgesriver.nsw.gov.au.

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