Entity Structure and Governance Responsibilities
The structure of your organisation affects its governance framework, reporting responsibilities, decision-making processes and relationships with members, directors and funding bodies.
Indigenous organisations may operate as corporations registered under the Corporations (Aboriginal and Torres Strait Islander) Act 2006, commonly called the CATSI Act, companies, incorporated associations, charities, trusts, partnerships or other business structures.
We help you understand the accounting, tax and reporting implications of your current structure and assess whether your financial processes support the organisation’s purpose and objectives.
ORIC Compliance and Annual Reporting
Corporations registered under the CATSI Act may have reporting and governance obligations administered by the Office of the Registrar of Indigenous Corporations, commonly known as ORIC.
We help ORIC corporations prepare financial information, review reporting requirements, maintain supporting records and coordinate the accounting work needed for annual reports, financial reports and audits where these requirements apply.
The reports required depend on factors such as the corporation’s size, income, activities and any exemptions or additional requirements that apply. ORIC compliance also relies on directors and management providing complete and timely information.
Grant Management and Financial Acquittals
Grant funding is commonly provided for an approved purpose, program or project. The organisation may need to track how the money is spent, retain evidence, report against an approved budget and complete financial acquittals.
We help you establish grant budgets, track project expenditure, separate funding streams, monitor budget variances and prepare financial information for progress reports and acquittals.
Grant conditions differ between programs. Eligibility, approved expenditure, reporting dates and audit requirements depend on the relevant funding agreement. Final decisions about funding, compliance and acceptance of an acquittal rest with the funding body.
Board Reporting and Financial Systems
Directors need clear and timely information to understand the corporation’s financial position and make informed decisions.
We help you improve board reports, budgets, cash flow forecasts, project reporting, approval processes and financial controls. This may include reporting on actual results against budget, grant expenditure, cash reserves, outstanding liabilities and upcoming commitments.
The reporting systems that may be suitable will depend on your organisation’s structure, programs, funding arrangements, team, existing software and governance requirements. Forecasts and financial models rely on assumptions, and actual results may differ.