Financial Management

/Financial Management

Breaking Bad Budget Habits

April 6th, 2017|Financial Management|

Softer Changes in Store for Superannuation

Treasurer Scott Morrison recently announced changes to the originally proposed Budget measures. These changes targeted some tax-free strategies available within the current superannuation structure. The initial changes purported by the draft Federal Budget have undergone severe industry and parliamentary scrutiny leading to a subsequent softening. The initial push for changes were expected to help rectify [...]

October 19th, 2016|Financial Management|

Changes Coming to NFP Accounting

The Australian Accounting Standards Board (AASB) is currently finalising two as yet un-numbered new accounting standards that deal with Not For Profit entities in relation to donations, grants, contributions and contract revenue. The two new standards are: AASB 10XX – Income for Not For Profit Entities; and AASB 2016-X – Australian implementation Guidance for Not [...]

October 19th, 2016|Financial Management|

Principal and Business Manager Salary Surveys

Each year The Bursars Forum (www.bursarsforum.com) runs two major surveys amongst a number of other surveys, being Salary Surveys on both Business Managers and Principals. These two surveys prove to be quite popular in their participation levels (we can’t imagine why!) with over 200 schools participating in the two surveys. As we move around Australia [...]

October 19th, 2016|Financial Management, Strategic Leadership|

Mutuality and Taxable Income

The ATO has released a new Guide to assist Not For Profit Clubs, Societies and Associations that are taxable – ie. those that are not exempt from income tax. The Guide will help these organisations to: Work out if they need to lodge an annual tax return Calculate their taxable income How to treat the [...]

June 28th, 2016|Financial Management|

Administration and Finance Reviews

A common issue that many organisations and schools face is that as they grow, their structures, processes and systems do not keep pace or become so complex and expensive that the situation soon becomes unworkable. Similarly, when organisations shrink (whether it be enrolments, donations or even overall level of activity) the administration and finance area [...]

June 28th, 2016|Financial Management, Strategic Leadership|

Preparing for the Commonwealth Census

Each year in August, Australian Non Government Schools complete a Census for the Commonwealth Government, from which many schools derive the biggest amount of income they receive from any one source. Given the Commonwealth Census determines the single biggest income line in many school accounts, getting the census right just seems like common sense! Resolve [...]

June 28th, 2016|Financial Management, General Resources|

A New Way of Leasing

Recently we were talking to a finance company about a new way of financing the construction of Demountable buildings. One of the challenges, especially when building a number of such buildings, is making sure the school can cashflow the progress claims to the builder before switching over to say a chattel mortgage (like a finance [...]

March 18th, 2016|Financial Management|

Technology: Software

We were having a discussion in the office the other day about basic book-keeping and the way we used to do a variety of administrative tasks manually (it did not seem that long ago!). It made us think about the latest crop of software we have been using and how it is changing the way [...]

November 19th, 2015|Financial Management, General Resources|

Reducing loan interest expense

Interest rates on loans are really low at the moment, but they can still be a major expense for many schools and non profits. Here are a couple of tips that we have used in helping save clients literally hundreds of thousands dollars in interest over the life of their loans: Use surplus cash to [...]

November 19th, 2015|Financial Management|