Following changes to Victoria’s incorporated associations law last year, sporting clubs that are also incorporated associations will now need to undertake new reporting requirements to maintain clear financial transparency.
Associations must hold their Annual General Meetings within five months of their club’s end of financial year and present their members with appropriate financial statements.
Under the changes, clubs must also lodge their financial statements with Consumer Affairs Victoria.
Associations earning $250,000 to $1 million must now have their accounts reviewed by an independent accountant prior to the Annual General Meeting, while those earning more than $1 million must have their accounts audited by an independent auditor. The rules have not changed for associations earning less than $250,000.
Clubs whose end of financial year is before 30 June 2013 can opt to submit this year’s financial statements under the previous rules.