Reporting requirements
Clubs are now required to compile balance sheets and detailed loss and profit and trading accounts on a quarterly basis, and provide that information to its governing body.
Those statements must also be made available to club members at the club premises, and a notice indicating the availability of the information is to be displayed on a club's noticeboard and a club's website (when a website is maintained) in a form approved by the Director. The statements must also be made available to the Director on request
This requirement will replace existing sections 37, 37A, 38(1) and 40 of the Act, which will be omitted or amended. The current clause 50 of the regulation will also be deleted. The new requirements are found in clause 47H of the regulation.
Reporting to club membersThe reporting requirements in section 41H(1) of the Act have been transferred to clause 47HA of the regulation, but the matters that must be reported are unchanged. So that members can easily access this information, the following requirements apply:
- The information is to be kept in a register in a form approved by the Director.
- The information must be available to club members at the club premises and a copy provided to members in response to a written request.
- The information must be made available to the Director on request.
In addition, a notice indicating the availability of the information at the club or on written request is to be displayed on a club's noticeboard and a club's website (when a website is maintained) in a form approved by the Director.
Financial reports and information for club members
Q&As
Q. How should a club make the required financial information available to members?
A. The required financial reports and other information should be kept on club premises. Arrangement should be made so that there is a location where club members can easily view that information. The information should also be kept in a form that will allow for a club to respond quickly to any written request for a copy of the information.
Q. How soon after a club receives a written request for a copy of the financial statements from a club member or the Director must they be provided?
A. There are no specific requirements for how soon the information is to be provided, but the information should be provided as soon as possible.
Q. How soon after the new reporting requirements commence must a club ensure that it complies fully?
A. A club will be not be expected to achieve full compliance until the end of the club's first full financial year after the commencement of the new requirements.
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