Find a wide range of information and valuable resources to efficiently manage your group's finances, including tips for budgeting, financial planning, and asset management.
Additionally, access helpful guides and templates to assist you in completing grant applications, navigating accounting and auditing processes, implementing effective fundraising strategies and more.
Please note: The financial advice provided herein is for informational purposes only and should not be considered as professional financial advice, it is strongly recommended that you seek professional advice before making any financial decisions. Consult with a qualified financial advisor or professional who can consider your specific circumstances and provide appropriate advice. Council does not assume any responsibility or liability for any errors, omissions, or inaccuracies in the information provided, nor for any actions taken based on the information provided. Any reliance on the information provided is at your own risk.
To manage your finances efficiently you need to:
- Determine your resources
- Cost your needs
- Set a budget and allocate funds to programs and initiatives to support the organisation's mission
- Administer the organisation's finances
- Monitor and report progress against your budget
It is the treasurer's duty to administer funds.
The treasurer's responsibilities include:
- Maintaining financial records
- Organising bank accounts
- Accounting for all money received
- Accounting for all money spent
- Adhering to the organisation's terms and conditions of business (payment of bills, contractual arrangements)
- Banking money
- Signing off on outgoing expenses
- Preparing monthly/annual financial statements
- Preparing books for audit
- Drawing up the budget for the board
The treasurer also prepares financial reports to assist with board reporting, future planning and performance monitoring. Treasurers should, where appropriate, keep up to date with relevant taxation legislation and legal requirements and ensure that they comply.
For more on what treasurer does, see Our Community's Damn Good Advice for Treasurers.
In order to plan a year of programs or events and to set goals, an organisation needs to know if its plans can be funded. Knowing how much money is available and allocating it accordingly gives an organisation a clear picture of where it sits financially at any given stage.
Budgets generally coincide with financial years, and so usually commence on July 1. Planning for a budget starts earlier - how early depends on the size of your group, the amount of money you turn over each year, and the amount of time generally taken to prepare the budget. You should aim for the board to sign off on the final budget by June at the latest, so all changes can be implemented for a July start.
Expenditure might include:
- Rent
- Salaries
- Bills - electricity, rates, telephone
- Stationery
- Equipment
- Insurance
- Marketing/advertising
- Printing
- Travel
Income might include:
- Membership
- Grants
- Fees
- Donations
- Sales of goods and/or services
- Bequests
- Annual fundraising events
You can learn more about Community Group financial management at Institute of Community Directors Australia (ICDA) | Financial webpage.
There are more helpful resources below in the external links sections of this page.
Some handy resources
Budget planning(PDF, 457KB)
Financial jargon buster(PDF, 289KB)
Project budget template(XLSX, 779KB)
Asset register template(DOC, 54KB)
Nillumbik Shire Council offers grants a range of grants for community groups, as well as information and advice to help you secure funding from other sources.
Nillumbik grant information and support
Nillumbik Grants Hub
Nillumbik Grants Hub is a one-stop-shop open to all local community groups, businesses, clubs, not-for-profits and individuals seeking funding opportunities provided by Federal, State and Philanthropic grant programs.
Use the Nillumbik Grant Hub to:
- Search for grants and funding from several sources
- Subscribe for free email alerts and receive email notifications about new funding opportunities
Access the Nillumbik Grants Hub
Nillumbik Grant Learning Bytes
This free, seven-part series covers getting your grant material ready, knowing your why, developing a project plan, setting up a budget, knowing your funder and finishing with grant evaluation and acquittals.
Watch the introduction video below to find out more about what this free resource has to offer.
Handy resources
Grants jargon buster(PDF, 201KB)
Project budget template(XLSX, 779KB)
Not-for-profit Law | Legal Help for Not-for-Profit Organisations (nfplaw.org.au)
Explore 300+ resources, including factsheets and guides, to help at all stages of your organisation’s lifecycle, from getting started to winding up.
Auditing of not for profits... not necessary for all
Do you need to audit? Audit requirements for not-for-profit organisations are driven by a number of factors. There are some common requirements between ACNC, ASIC and the state and territory regulators, and the requirements vary depending on annual revenue.
Damn Good Advice for Treasurers - PDF Download
Twenty-five questions a not-for-profit treasurer needs to ask.
Institute of Community Directors Australia (ICDA) | Community Finance…
The Community Finance Centre has been established by Our Community with their alliance partner Commonwealth Bank to give not-for-profit organisations access to tools and resources to help improve their financial management, and better and more cost-effective banking solutions.
Funding Centre | Fundraising fundamentals
Whether you need to know more about starting up a not-for-profit organisation, or have just landed your first role as a board member, these tools and resources will help you get your head around the basics.
Bendigo Bank Community Funding
Bendigo Bank's charitable arm helps Australian communities with grants, scholarships and community focused appeals.
Grants and programs (www.vic.gov.au)
Grants offered from the Victorian Government for community groups, organisations, volunteers and individuals.
Current Grant Opportunity List: GrantConnect (grants.gov.au)
Grants offered from the Federal Government for community groups, organisations, volunteers and individuals.
Community Grants Hub
Information regarding community grants from the Federal Government
Raffle Rules and Regulations For Victoria | Fundraising Directory
A raffle could be loosely defined as any game of chance where there is a limited number of tickets sold, and where each ticket has the same chance of winning as every other ticket sold. But as you know, there are a million and one ways to go about a raffle. From parking a wheelbarrow full of goodies outside the local shops to raffling off fancy houses on the Gold Coast, to a good old Friday night chook raffle or meat tray draw at the pub (yes, chook raffles are still alive and well).
Find all the Victorian rules and regulations for running a successful raffle.