We have just received news from The Hon Dr Gary Johns that our application to the Australian Charities and Not-for-profits Commission (ACNC) has been accepted, and The Australasian Corrosion Association Inc. (ACA), the peak body for the Australian and New Zealand corrosion industry, is now an ACNC-registered Not-for-profit.
ACNC is the national regulator of charities. It registers and regulates Australia’s 59,625 charities and helps charities understand and meet their obligations through information, advice and guidance. Additionally, ACNC helps the public understand the work of the not-for-profit sector and provides a free searchable database of charities.
What does this mean for ACA?
Being approved as a charity registered under ACNC means that ACA can apply for relevant discounts for its not-for-profit work while still maintaining its identity as an incorporated association under the Government of South Australian regulator, Consumer and Business Services (‘CBS’).
An organisation can still be not-for-profit if it provides a benefit to a member while genuinely carrying out its business objectives as outlined in its governing documents (eg ACA’s constitution or legislation under which the organisation operates).
ACA future reporting to ACNC
Charities that are SA incorporated associations will no longer need to submit to CBS. Instead, they will report once to ACNC via their Annual Information Statements, and submit their annual financial reports. ACNC will then share relevant data with CBS.
From 2019, incorporated associations in SA, like ACA, must use accrual accounting and ensure their annual financial reports meet all ACNC reporting requirements, including ACNC’s requirements for audits or reviews.
Congratulations to the ACA Board for approving this positive direction, which supports the Board’s fiduciary duty as well as raises the awareness of ACA’s purpose to advance education for the corrosion industry.