14 Nov 2016
The financial reporting requirements for charities changed this year with charities now split into four tiers for reporting purposes.
The majority of charities, including arts organisations, fall into tiers three or four. Charities in these tiers are required to provide an annual Performance Report which includes information about:
- who they are (their mission or purpose)
- what they did over the past year
- revenue in and spending out
- what they own and owe.
This reporting provides useful information to the charity’s members, its governors, management team and funders. It also forms the Annual Return to Charities Services. To reduce the need for multiple reports, Creative New Zealand is investigating how it can use the information contained in these reports as part of its own reporting requirements
More information about the new reporting standards for charities can we found on the Charities Services website. It includes information about the standards, the reporting tiers and has templates and videos to help organisations complete their reporting.