Transparency in NFP sector reaches new heights
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As part of the 2014 Annual Information Statement (AIS), all charities, except for Basic Religious Charities and those registered with the Office of the Registrar of Indigenous Corporations (ORIC), are required to provide financial information to the Australian Charities and Not-for-profits Commission (ACNC). As part of the 2013 Annual Information Statement, over 8,000 registered charities provided financial information voluntarily.
“The 2014 AIS marks the first time all Australian charities will be required to report financial information to a single, national, regulator of charities,” says ACNC Commissioner, Susan Pascoe AM.
“And just as importantly, it is the first time that this information will be made available to the public in one place, free of charge.
“Financial statements, which are required for medium and large charities, and financial information that charities provide as part of their 2014 AIS will be published on the ACNC Charity Register at acnc.gov.au/findacharity.”
An estimated 35,000 charities report on a standard financial year (1 July to 30 June) and this group are required to submit their 2014 AIS by 31 December.
The ACNC has begun contacting these charities to offer guidance and support. If charities using a standard financial year do not hear from the ACNC by early December, they’re encouraged to log into the Charity Portal (charity.acnc.gov.au) to check their contact details.
Charities that have not submitted their 2013 AIS will now have a statement on the Charity Register indicating that they have not met this requirement, and that they may face penalties in the future.
Penalties such as fines, or even revocation of their charity status, will be applied to charities that deliberately fail to comply, or that do not meet this obligation two years in a row.
“Charities that fail to submit successive Annual Information Statements will have their charity status revoked, jeopardising their access to Commonwealth charity tax concessions. I encourage all charities to ensure they are meeting their obligations under the ACNC Act, says Pascoe.
“We are only too happy to assist any charity that needs advice or support.”
