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Elements and Performance Criteria

1. Establish a financial management structure
   • Establish a structure to undertake regular financial management responsibilities on behalf of the board
   • Document respective responsibilities of the board and management
   • Determine financial information required by the board from management
   • Seek advice on suitable financial management systems for the organisation
   • Identify relevant statutory requirements
2. Establish financial management processes and systems
   • Ensure appropriate policies and procedures are in place to open and operate necessary bank accounts
   • Identify approved signatories for bank accounts
   • Ensure authority and delegation between the board and management for management of finances are documented
   • Ensure statutory requirements on financial management are followed
   • Ensure duties of finance staff are documented
   • Ensure accepted procedures for receiving and expending funds are established and maintained by management
   • Ensure accepted systems for financial reporting are established and maintained
3. Sign contracts on behalf of the organisation
   • Ensure procedures for developing and documenting contracts are developed and followed
   • Identify people authorised to sign contracts on behalf of the organisation
   • Check proposed contractual arrangements are realistic for the organisation and in the organisation’s and community’s best interests
   • Ensure contracts are signed according to organisational policies and procedures
4. Follow finance procedures specified by funding bodies
   • Seek variations to financial agreements from relevant funding bodies if required
   • Identify and follow purchasing and disposal procedures specified by funding bodies
   • Check requirements for finance documentation specified by funding bodies are met
5. Advise the community of the financial situation of the organisation
   • Identify type and content of financial information that can be made publicly available
   • Ensure financial information is made available to members as specified in the constitution
   • Present financial information at meetings in a clear and simple manner
6. Meet reporting requirements of relevant corporate authorities and funding bodies
   • Identify reporting requirements by relevant corporate authorities and funding bodies
   • Establish timelines to ensure financial statements are completed within timeframe required by relevant corporate authorities and funding bodies
   • Ensure auditor is appointed at annual general meeting
   • Review and evaluate financial statements to ensure they meet requirements
   • Check financial reports are submitted to relevant corporate authorities and funding bodies within required timeframe