List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.
ELEMENT | PERFORMANCE CRITERIA |
Elements describe the essential outcomes. | Performance criteria describe the performance needed to demonstrate achievement of the element. |
1. Create charitable trust file | 1.1 Identify type of charitable trust and the trust parameters from the trust instrument 1.2 Identify relevant legislation and regulators in the charitable trust area 1.3 Research and identify the specific rules and tax status that applies to various charitable entities 1.4 Arrange specialist services and other resources to assist with management of complex issues as required 1.5 Create charitable trust file according to legislative and organisational requirements |
2. Establish and administer charitable trust | 2.1 Establish and prepare appropriate tools, practices and procedures to manage a charitable trust and to promote the charitable purpose stipulated in the trust instrument 2.2 Review grant applications and respond to all applicants in accordance with organisational requirements 2.3 Distribute trust funding to eligible beneficiaries and grant funding to successful applicants 2.4 Prepare and submit information statements and financial reports as required by relevant regulatory agencies |
3. Provide for ongoing management and administration of charitable trust | 3.1 Invest charitable trust assets in accordance with the trust instrument and the trustee's legal investment obligations 3.2 Review the performance of the charitable trust's assets periodically to ensure suitability from a legal, taxation and long-term perspective 3.3 Prepare and lodge a trustee tax return where required seeking assistance from specialists as necessary 3.4 Manage the succession of a charitable trust where necessary |
Evidence of the ability to:
establish and administer a charitable trust that complies with legislative and organisational requirements
prepare and interpret complex financial statements
monitor and assess the appropriateness of the trust's assets in meeting grant requirements
create an annual information statement (AIS) for the Australian Charities and Not-for-profits Commission (ACNC).
Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.
To complete the unit requirements safely and effectively, the individual must:
describe the key requirements of legislation and regulators that govern charitable trusts including:
definition of charity under the Charities Act
Australian Charities and Not-for-profits Commission Act
Charities Act
Tax Administration Act
Income Tax Assessment Act
describe the regulators that govern charitable trusts including:
Australian Taxation Office
state and territory Attorneys-General
describe own role, responsibilities and limitations in relation to providing financial advice
outline the general features and key regulatory requirements of:
charitable funds and charitable institutions
deductable gift recipients (DGRs)
charitable will trusts and inter vivos trusts
private ancillary funds
public ancillary funds
charitable tax status
grant making programs
cy pres applications
describe organisational policies and procedures regarding the establishment, administration and review of charitable trusts including the grant consideration
outline the professional code of conduct, where applicable, in the personal trustee sector
identify the role of, and how and when to contact, internal or external specialists relating to the personal trustee sector
outline the products and services offered by personal trustee organisations and the fees and charges that apply
discuss the liabilities and penalties for non-compliance by trustees.
Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the personal trustee field of work and include access to:
common office equipment, technology, software and consumables
appropriate legislation and regulations relevant to establishing and administering a charitable trust
organisational reference materials such as policies, procedures, manuals and checklists.
Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.