Not for Profit entities usually take the form of an incorporated association and are regulated by Consumer Affairs Victoria (or other respective State based body). The governing rules operate in combination with the Associations Incorporation Reform Act 2012 and the Association’s own model rules.
Not-for-profit entities are viewed in three Tiers for the purposes of determining audit requirements:
Revenue less than $250,000 and not a Deductible Gift Recipient. No audit or review required, unless specifically requested by the members or regulator.
Revenue from $250,000 to $1 million and not a Deductible Gift Recipient. A review by an independent accountant is required as a minimum.
Revenue more than $1 million or a Deductible Gift Recipient. An audit is required by an appropriately qualified auditor, for example a Chartered Accountant or equivalent.
Please contact Andrew Marshall or Janine Orpwood at Langley McKimmie Chartered Accountants on (03) 5427 8100 to discuss further.
We provide accounting and wealth management services to clients in Woodend, Gisborne and Macedon Ranges areas within Victoria Australia.