Finances

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.

Needs to be modified to account for branch and Kingdom monies

1. The funds and property of SCANZ shall be -
   1. controlled, invested and disposed of by the committee, Something for branches, subject to this constitution, and
   2. devoted solely to the promotion of the purposes of SCANZ.
2. The committee shall maintain bank accounts in the name of the society.
   1. Something for branches
   2. Something for kingdom funds
3. All money received on account of SCANZ shall be banked within XXX working days of receipt.
4. All accounts paid or for payment from corporate or kingdom allocated funds must be submitted to the committee for approval of payment.
5. All accounts paid or for payment from branch allocated funds must be submitted to the branch council for approval of payment.
6. The committee must ensure that there are kept at all times accounting records that—
   1. correctly record the transactions of SCANZ and its branches, and
   2. allow SCANZ to produce financial statements that comply with the requirements of the Act, and
   3. would enable the financial statements to be readily and properly audited (if required under any legislation or SCANZ's constitution).
7. The committee must establish and maintain a satisfactory system of control of SCANZ's accounting records.
8. The accounting records must be kept in written form or in a form or manner that is easily accessible and convertible into written form. And the accounting records must be kept for the current accounting period and for the last 7 completed accounting periods of SCANZ.

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.

1. SCANZ's financial year shall commence on DD/MM of each year and end on DD/MM(the latter date being SCANZ's balance date).