Check out the second fortnightly NFP House editorial in the Gladstone Today (3rd August 2023).
As a key pillar of our society, not for profit organisations efforts in addressing various social issues are commendable; however, it’s getting harder and harder to maintain volunteer numbers and the legal obligations of managing these not for profits often gets overlooked!
This is a reminder that annual returns are a vital aspect of maintaining transparency, accountability and credibility, allowing members, volunteers, funders and the public to build trust and confidence in your organisation.
Deadline for Submission: Not For Profit Organisation returns must be submitted within one month of their AGM.
Required Documents: The financial documents presented at the AGM which should include:
- A profit and loss statement
- A balance sheet
- All mortgages, charges and securities
- A copy of the signed audit report or the verification statement from your accountant, auditor or verifier
Submit Documents: The documents can be submitted by mail or can be lodged online via qld.gov.au
Seek Professional Advice if Required: If there are any questions or queries don’t hesitate to seek guidance from financial advisors or legal professionals who specialise in not for profit compliance
Consequences of Non Compliance: Failure to submit the returns on time may result in penalties, suspension or even loss of your not for profit status, jeopardising your ability to carry out your much needed activities for the community.
As such valued contributors to our community’s wellbeing, we urge all not for profits to adhere to these obligations, to continue to ensure a brighter future for all.
If you’re volunteering for a not for profit and could use some help, contact NFP House or check out our volunteering portal at nfphouse.org.au.
Lois from NFP House, where you can contact us anytime, to make a difference to your life and our community!