Talk:Finances

Help text from Constitution Builder

Control and management (Mandatory section)

The Incorporated Societies Act 2022 gives a society full capacity to enter into any transaction or activity but also says that a society’s constitution may restrict its capacity, rights, or powers.

To ensure that a society’s activities are appropriately constrained, it would be useful to include such a rule. This helps to reinforce that the society’s activities should be restricted to those that advance or support its purposes.

The Act and the Regulations set out financial recording and reporting requirements for incorporated societies, which vary depending on the size of the society.

Balance date (mandatory section)

The balance date determines timelines for other obligations. For instance, your society must hold its annual general meeting within 6 months of its balance date. It must also prepare and file annual financial statements with the Registrar within 6 months of its balance date.

The Act and Regulations determine the specific requirements for how each society prepares its financial statements, and whether they need to be audited.