The Value of Attention to Detail
We who are Tri-meridian, are passionate about supporting the Not-for-Profit sector and are specifically interested in assisting NFP’s to make the most of the benefits available. Whether this be through establishing effective governance, providing organisational solutions or giving advice on possible tax relief and rate relief.
Our aim is to provide relevant and effective guidance to NFP’s to assist in the establishment of good organisational practices, which ultimately, will help make sure that the funds that are available, are going as far as possible towards achieving the organisation’s purposes.
Here we will talk about two areas in which your NFP can pay close attention to detail to help in maximising your impact!
Maximising Impact through Good Governance
Establishing good governance can seem like just another burden on top of the organisation’s daily operational focus. However good governance can assist in a number of different ways which will add value to your NFP and better equip it to achieve its goals.
Good governance enhances an organisations standing and their overall reputation.
Susan Pascoe, the Commissioner of the ACNC, in the latest issue of the Third Sector magazine, said that “charity leaders who strategically communicate the results of their work and their governance processes are likely to be favourably viewed by donors and grant makers.”
The Commissioner goes on to argue that having low administration and governance costs don’t necessarily equate to efficient expenditure. What is more important to consider is what administration and good governance result in; and that is maximising the charity’s impact.
Good governance may come at a cost, but it can aid the overall effectiveness of the organisation as well as provide another means of marketing. For more information on good governance principles, please see our recent BLOG here.
In our experience, paying close attention to getting the detail right, makes good governance easier and increases the ability to identify opportunities to extend the use of funds.
Maximising Impact through Tax and Rate Relief
One of our more recent BLOGS was about the potential cost savings and exemptions that NFP’s (such as Charities and Churches) may qualify for.
New information has come out (as of the 7th of June 2016) broadening the land tax exemptions as part of the 2016-17 State budget. It has been announced that there will be an expansion of the land tax exemptions for land held by sporting and racing associations and changes to the eligibility of charitable organisations.
For more information on these changes then please see the Information Circular No: 93 at the bottom of the page. The potential effect of these changes will be dependent upon the specific circumstances particular to each NFP. If you require advice on how best to assess the effect of these changes on your organisation, or other general legal and business advice regarding your NFP then please do not hesitate to contact us.
Information Circular No: 93
For further information, please contact the author.
This article is posted in Adelaide, South Australia by Tri-meridian Corporate & Commercial Law and is intended to be used as a guide only. It is not, and is not intended to be, advice on any specific matter. We do not accept responsibility for any acts or omissions resulting from reliance upon the content of this article. Before acting on the basis of any material in this article, we recommend that you consult your professional adviser.