State Government legislation only requires a professional audit if an association turns over more than $250,000.
From the State Government website
“If your association’s total gross revenue is less than two hundred and fifty thousand dollars then it is a tier one association. This means that you are not required by the Act to have your financial statements reviewed or audited.”
It is a VERY good idea to get someone independent and knowledgeable to look at your Club’s books – It is peace of mind for your members, sponsors and potential grant awarders to demonstrate that the Club is being run responsibly. You do NOT need to pay a CPA, but find try to find someone to do it pro bono or for a minimal fee, or do a trade with another local club to check over each other’s books annually (provided that you are not a member/connected with theirs and vice versa).
Preparation for your Audit/Annual Report
General Treasurer Information
For more information about how to manage your Club's finances there is information from the State Government here . Also the Guide for Community Treasurers from Westpac.
Consider preparing a Financial Procedures Manual for your club, to help other Committee members and volunteers understand how money is to be handled within your club. Treasurers would find the Secretary/Administration Manual a valuable resource, to help with year planning and general knowledge about their club. Another document with an overview of Treasurer Duties for your club can be found at the Our Community website.
Grant Information here
|PCAV would like to remind Treasurers to make sure that we have up to date contact information from you. Please contact our Accounts department if you have any queries, or need copies of Statements or Invoices. Please be aware that Membership, Club Renewal and Shop Invoices have a Thirty Day payment period.