Third Dimension is our free legal newsletter for charities, not-for-profits, community groups etc.
We hope you will find this useful and informative for keeping up to date with recent news, cases and legislative changes in the Charity and Not-for-profit sector.
If you have any queries, please contact Vera Visevic, Partner of the Sydney office.
In what is an increasingly commercial environment for charities, many organisations are now engaging in commercial activities in order to fund their charitable purposes. These commercial activities can include social enterprises, ethical investment, and commercial fundraising.
Under the new Australian Accounting Standards Board (AASB) income reporting standard, AASB 1058 Income of Not-For-Profit Entities (AASB 1058), not-for-profits (NFPs) may be required to report volunteer services as income.
Australia has some of the most severe and wide-reaching provisions prohibiting insolvent trading. It is essential that organisations are aware of the indicators and consequences of insolvent trading, and implement processes to protect the organisations and their officers from harm.
It is clear that officers of not-for-profit organisations contribute a great deal to their cause, often at a personal cost. In addition to their investment of time and energy, officers are also authorised and expected to take risks on behalf of their organisation.