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Service Agreement Information Kit for Funded Organisations

3.6.1 Financial records

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Organisations are required to keep full and accurate financial records. In keeping these records organisations must ensure all financial transactions, including receipts and payments related to the funding provided by the department are clearly identifiable. The funding provided by the department should be able to be easily tracked within an organisation’s financial accounts.

An organisation's taxation liabilities and payments should also be clearly identifiable.

Each organisation will have certain legal requirements, based on the legislation under which the organisation is established, to meet financial accounting standards. The Service Agreement requires that organisations meet these standards, which may include:

  • preparing financial statements under the Australian Accounting Standards;
  • having accounts and records audited in accordance with Australian Auditing Standards.

Organisations should seek independent advice if they are unsure of applicable legislative requirements for keeping financial records.

For information on Australian Accounting Standards refer to:

The department may also require an organisation to keep financial records in a certain manner. Any such requirement by the department will be advised in writing.