As part of the new financial reporting regime for not for profit entities, your organisation may be required to prepare and report a new Statement of Service Performance. This new statement’s purpose is to report the activities of the entity over the past year, and is a powerful opportunity to tell your organisation’s story, especially as it relates to achieving your organisation's mission.
As the information which will need to be reported in this new report is unlikely to be captured by your traditional accounting or book-keeping methods, you should begin putting in place methods and systems for capturing this additional information that will be required.
You also need to ensure that this information which will be used to produce this report is able to be audited. And you may also need to consider the comparative year which may also need to be reported on and how you will capture this information that is required.
At Oldershaw & Co we can help you with:
If this sounds like something your organisation may require or you would like further information, please contact us to see how we can help you.