Financial management is a process of planning, organising, directing, and controlling your Branch or Clubs financial resources to achieve its financial goals and objectives effectively and efficiently. These goals MUST be linked to the objects of the organization.
It involves making informed financial decisions, allocating resources, and managing financial risks to ensure the long-term financial sustainability and success for your Branch or Club.
Financial Planning
A financial plan is a comprehensive and strategic roadmap that outlines an individual’s or an organisation’s financial goals, objectives, and strategies needed to achieve them. It serves as a blueprint to guide financial decision-making, resource allocation, and wealth management over a specific period, often spanning several year.
Financial plans can consist of:
Cash Flow
Cash flow refers to the movement of money in and out over a specific period, typically a month, quarter, or year. It represents the net amount of cash generated or used during that period and is a crucial indicator of its financial health.
Cash flow can be positive, negative, or neutral, depending on whether your Branch or Club is receiving more cash than it spends (positive), spending more cash than it receives (negative), or receiving and spending an equal amount of cash (neutral).
Law Changes for Incorporated Associations
A reminder to Clubs of the law changes for Incorporated Associations which came into effect on 1 July 2023 in regard to financial reporting thresholds.
Law Changes for Incorporated Associations
Remuneration Disclosure for Incorporated Associations
From 1 July 2024, all incorporated associations will need to disclose remuneration and other benefits given to management committee members, senior staff, and their relatives at their annual general meeting.
Remuneration Disclosure for Incorporated Associations
Refer to SLSQ Circular – 083.06.2024 – Associations Incorporations Act – Disclosure of Remuneration Requirements
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