CoB Accounting Policy

PURPOSE
Objective
The purpose of this policy is to ensure that the financial affairs of Bush Fire Brigades of the City of Busselton are conducted in a manner that will ensure accountability of community funds.
SCOPE
Policy Statement
Through the application of this Policy, the City of Busselton seeks to ensure that the financial affairs of volunteer bush fire brigades are managed in a manner that will ensure that brigade and community CoB members can be satisfied that any funds held by the brigade are properly accounted for, and are used for the purposes for which they were raised.
POLICY CONTENT
1. Accounts at Financial Institutions
(1) The brigade must disclose where brigade account(s) are to be held for the ensuing Financial Year at each AGM and record this information within the minutes of the AGM.
(2) The brigade must have three (3) Brigade Executive Committee Members to act as signatories for the brigade accounts each Financial Year.
(3) A minimum of two (2) signatures is required on any brigade account cheque or bank
transaction form.
(4) All brigade purchases are to be approved by the Brigade Executive Committee.
(5) All accounts raised, works undertaken or goods to be purchased by the brigade must be
authorised in advance by the Brigade Executive Committee.
(6) All accounts raised, works undertaken or goods to be purchased need to be ratified by the brigade at the next Ordinary Meeting.
(7) All funds raised by the brigade are to be used for the purpose of improving the profile and operation of the brigade and its members.
(8) All payments issued must be accompanied by the appropriate documentation (invoice or monthly account).
(9) All money received by the brigade or by a member on behalf of the brigade must be recorded in the brigade financial records.
2. Financial Reports
(1) The Treasurer must, at each AGM, present a financial report for the previous 12‐month period or since the last AGM.
(2) The financial report must include—
Last updated 12/08/2015 (Implementation)
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(a) a Statement of Receipts and Payments;
(b) a Bank Reconciliation Statement;
(c) notes detailing any outstanding receipts or payments; and
(d) an Inventory of Assets held by the brigade.
3) The financial report will be forwarded to the Executive Officer of the Bush Fire Advisory
Committee for the information of the local government
(4) The City shall have the option to re/view the financial statement of any brigade if it considers it is necessary, and may undertake an audit if required by the Chief Executive Officer
3. Rules for Deductible Gift Recipient Funds
(1) If a Volunteer Bush Fire Brigade establishes a Fire and Emergency Public Fund, the fund called the “(insert Brigade name) Volunteer Bush Fire Brigade Public Fund” is to be governed by this policy.
(2) The object of the (insert Brigade name) Volunteer Bush Fire Brigade Public Fund is to solicitand receive gifts from the public solely for the purpose of supporting the volunteer‐based emergency service activities of the (insert Brigade name) Volunteer Bush Fire Brigade.
(3) The (insert Brigade name) Volunteer Bush Fire Brigade must maintain the (insert Brigade name) Volunteer Bush Fire Brigade Public Fund as a ‘gift fund’ to receive and record all of the following:
a) gifts of money or property;
b) deductible contributions described in item 7 and 8 of the table in section 30‐15 of the
Income Tax Assessment Act 1997 in relation to a fund‐raising event held for that
purpose;
c) money received because of such gifts and contributions.
(4) The public fund is not to receive any other money or property.
(5) All receipts for gifts must include all of the following:
a) be issued in the name of the (insert Brigade name) Volunteer Bush Fire Brigade Public
Fund;
b) state that the receipt is for a gift;
c) state the (insert Brigade name) Volunteer Bush Fire Brigade’s ABN.
(6) The (insert Brigade name) Volunteer Bush Fire Brigade may invite the public to donate to the (insert Brigade name) Volunteer Bush Fire Brigade Public Fund.
(7) A Brigade Executive Committee of management of no fewer than three persons will be
appointed by the (insert Brigade name) Volunteer Bush Fire Brigade to administer the (insert Brigade name) Volunteer Bush Fire Brigade Public Fund. A majority of the members of the Brigade Executive committee of management are required to be persons having a degree of responsibility to the general community by reason of their occupation or standing in the community.
(8) The (insert Brigade name) Volunteer Bush Fire Brigade Public Fund (Fund) shall operate on a non‐profit basis. No portion of the assets or income of the Fund will be distributed directly orindirectly to members of (insert Brigade name) Volunteer Bush Fire Brigade or the Fund’s management Brigade Executive committee apart from bona fide compensation for services rendered or expenses incurred on behalf of the Fund.
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(9) If the (insert Brigade name) Volunteer Bush Fire Brigade Public Fund is wound up or if the endorsement of the (insert Brigade name) Volunteer Bush Fire Brigade as a deductible gift recipient for the operation of the Fund is revoked, any surplus assets of the (insert Brigade name) Volunteer Bush Fire Brigade Public Fund remaining after the payment of liabilitiesattributable to it, shall be transferred to a fund, authority or institution which has similar objects and to which income tax deductible gifts can be made.
(10) (insert Brigade name) Volunteer Bush Fire Brigade must notify the Australian Taxation Office in writing or email if it is no longer entitled to be endorsed for the operation of the (insert Brigade name) Volunteer Bush Fire Brigade Public Fund, or of any changes that would affect its entitlement to endorsement.

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