Peak bodies - minimising riskVolunteer treasurers sometimes find it difficult to carry their role through to the audit due to outside challenges thrust upon them unexpectedly. When this happens, it is equally difficult for the other committee members to give them a hard time about being slack (especially if their children are playing a sport together for example).

Did you know the office bearers of an incorporated association have the same legal responsibilities as directors of the big corporates? If the financial management gets out of hand, it becomes a huge hurdle to get it up to date again in order to meet the legal obligations of the organisation. In some cases, the mess is placed firmly in the lap of a parent organisation or peak body to fix when the office bearers resign their positions.

One case we heard of a club had not met the legal requirements of being an incorporated association for over 7 years and there was no way the peak body could remedy the situation.

Keep your finger on the financial pulse of your affiliated organisations and minimise financial risk.
We’ve also heard of a treasurer of a national body spending months to collate all the financial information for their affiliated organisations, partly because the records have not been kept up to date.

Admin Bandit minimises the risk of things getting out of hand. It reduces the burden of volunteering. Peak organisations can also register for a “Parent” licence and run an Operations Report to provide a finger on the pulse of their affiliated groups using Admin Bandit. You will know at the press of a button for each organisation:-

  • when the last transaction was entered;
  • the date of that transaction; and
  • when each account was last reconciled.
  • You can even set the parameter for when you want the dates to be highlighted. ie. when follow up is required.

    If you’d like to know more about how to minimise risk for your organisation, please contact us.