Your Not For Profit should keep accurate and up-to-date records of financial transactions. The exact requirements may vary depending on the legal structure of your organisation.
- Incorporated associations: If your Not For Profit is an incorporated association you will need to maintain accurate accounts. You must keep these records for seven years. More information is available on the record keeping for incorporated associations page on the CAV website
- Companies limited by guarantee: If your Not For Profit is a company limited by guarantee, there are specific compliance considerations, detailed on the Australian Securities and Investment Commission (ASIC) website, on the ‘What books and records should my company keep?’ page
- Co-operatives: If your Not For Profit is a co-operative, there is a range of records you need to keep, including financial records. The complete list and additional information is available on the Responsibilities of a co-operative page on the CAV website
- Indigenous corporations: If your Not For Profit is an indigenous corporation, you must keep financial and other records so that you comply with the Corporations (Aboriginal and Torres Strait Islander) Act 2006 (CATSI Act). Information about what financial records must be kept by your corporations is available on the Financial records page on the Office of the Regulator of Indigenous Corporations (ORIC) website.
Who is responsible?
For all organisations, regardless of their legal structure, the leadership or management team is responsible for ensuring that the organisation’s financial transactions and accounts comply with the law. Even if you have a treasurer in place or have an auditor checking your accounts, the law is clear that members of the management committee of an incorporated association and the directors of corporations are directly responsible for making sure that the finances are accurate and up-to-date.
See the list below for information for the most common types of Not For Profit organisations: