NFP Services
We have a team of specialists dedicated to the NFP sector.
Their long experience and deep understanding of the unique requirements of NFPs is your guarantee of sound advice.
The range of services offered by our specialists demonstrates our commitment to the sector.
As a client of 1 Accountants you have access to our experience in advising on matters including:
Grant acquittals
Financial Report audit
Deductible Gift Recipient registrations and requirements
Charitable Fundraising requirements
Tax exemption and GST treatment
Fringe Benefits Tax and Salary Packaging
The Incorporation of charitable organisations
Risk assessment, monitoring and management
Corporate governance issues
What is a grant acquittal?
A requirement of many funding agreements is for a grant acquittal to be performed by the recipient of the funding, to the organisation providing the funding. An acquittal can take a number of forms and often depends on the size of funding, whom it is being received from or what it is being received for.
An acquittal is required to be sent to the funding provider and a review of the acquittal often impacts of the eligibility of future funding, so it is important that compliance with the funding agreements is achieved.
Various acquittal requirements may include:
Financial report
Written reports
Documentation of activity performance
Where funding was spent
Funding agreement
It is important that you are aware of the conditions set out in your funding agreement. These agreements can set out when funding will be received, requirements on how money is to be spent, whether it needs to be paid back if it is under spent and the requirements for an acquittal etc.
Audit requirements
Some grant acquittals require audited financial statements in accordance with Australian Accounting Standards in respect of the funding, as to whether the financial information for the activity represents the financial transactions fairly and is based on proper accounts and records. The audit must be performed by an approved auditor.
how can we help you?
Contact us at the 1 Accountant Office nearest to you or submit a business inquiry online.
You will be amazed by the results derived by our expert team.
How can we help?
We can
assess your grant reporting requirements
provide assurance services and
assist with the preparation of grant acquittals
Contact 1 Accountant Team today to discuss your Not for Profit compliance needs.
In today’s costly and highly regulated environment the importance of a robust audit and risk assurance process is of crucial importance for all stakeholders in any organization.
1 Accountants provide independent and impartial advice while ensuring compliance with current regulatory requirements and accounting standards. Our capability and experience in providing audit and risk assurance services include:
You will be amazed by the results derived by our expert team.
1 Advisory Team
Contact us today , for your Accounting , Audit , Company secratarial or Taxation needs!