7 interesting facts about not-for-profits

group charity 3Working for a not-for-profit organisation can be a great experience – most people involved are contributing their time, effort and money because they believe in the cause and have common interests at heart.

The bookkeeping for non-profits can be challenging, and I wrote about some of the differences in my post Not-for-profits – 6 ways your bookkeeping differs from other organisations.

Just because they aren’t operating to make a profit for owners, does not mean they are not financially accountable. In fact there are usually many different stakeholders to be accountable to – including Board members, government, volunteers, staff, members and donors.

I personally love the challenge of bookkeeping in the non-profit sector and have worked with wonderfully supportive board members and volunteers.

I thought I would share some interesting facts about non-profits in Australia.

  1. There were 56,894 not-for-profit organisations in Australia registered with the ATO at June 2013.
  2. At present it is estimated there are approximately 700,000 non-profit/community groups in Australia.
  3. Not-for-profits employed 1,081,900 people in 2012-13 with social services employing the most people.
  4. Charities must have an ABN (Australian Business Number).
  5. To be a registered charity, your organisation must be a not-for-profit that has a charitable purpose that is for the benefit of the public.
  6. A public benevolent institution (PBI) is a type of charitable institution whose main purpose is to relieve poverty or distress (for example, sickness, suffering or disability).
  7. The Australian Charities and Not-for-profits Commission (ACNC) is the independent national regulator of charities in Australia.

Have you been a Treasurer, bookkeeper or accountant in the not-for-profit sector? What differences and challenges did you face compared to other sectors?

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2 comments

  1. I’ve often wondered about the financial goals and structure of non-profit companies and would think the accounting for such companies would have to be more strict with greater reporting due to the the not-for-profit nature of the business but also for the regulators and audits that I think would be more frequent that those of for-profit businesses. Nice Posts 🙂

    Like

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