These tips will help you avoid common mistakes that charities have made when completing their 2016 Annual Information Statement.
1. Make sure that your address for service email is not your personal email
We send important information to this email address. If you are on leave, using a personal address will make it hard for us to contact your charity.
2. Will you report as a Basic Religious Charity? Know the requirements
3. Make sure you select the right activities for your charity
Most of your activities will fall within the categories provided. You should only select ‘other activities’ in exceptional circumstances.
4. Remember to provide financial information
Don’t forget to provide financial information, even if you did not conduct charitable activities during the year.
5. Check that the financial information you enter is correct
Medium charities must submit a financial report that is either reviewed or audited. Large charities must submit a financial report that is audited. The tips below are for medium and large charities.
6. Know your financial report type
types of financial statements you can include.Are you submitting a general purpose or special purpose financial report? Make sure you have adequate accounting policy disclosures which highlight the type of financial report prepared. Read more about the
7. Will you provide a consolidated financial report?
Although we accept consolidated financial reports, don’t forget that the financial information questions in the Annual Information Statement are only for the registered charity and not the entire group.
8. Make sure you attach all required documents
For medium and large charities these include:
- statement of profit or loss and other comprehensive income
- statement of financial position
- statement of changes in equity
- statement of cash flows
- notes to the financial statements
- reviewer’s report/auditor’s report – signed and dated. Download a reviewers’ report/auditor’s report template.
- a signed and dated responsible persons’ declaration about the statements and notes.Download the template.
9. Preparing a special purpose financial statement? Remember the accounting standards
10. Preparing a general purpose financial statement? Check the completeness and quality of the related party disclosures
Make sure you comply with all relevant accounting standards and provide sufficient detail of transactions between related parties and key management personnel compensation.
If you have any questions, you can always contact us on 13 22 62 (13 ACNC).