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Service Agreement Information Kit for Funded Organisations

3.8.2 Financial accountability requirements

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Organisations are required to report their financial position and complete the financial accountability requirements in the SACC to the department on an annual basis. This  confirms the organisation’s compliance with the requirements of clause 6 and 8 of the Service Agreement.

Organisations need to attach relevant financial data and/or URLs via the Service Agreement Module of the Funded Agency Channel. This includes the information of the location of the organisation’s Annual Report, a Financial Indicator Statement or a Cash Indicator Statement.

Where an organisation receives funding from more than one department, only one Financial Accountability Requirement (FAR) is required which will cover the requirements for the Department of Health and Human Services and the Department of Education and Training.

FAR reporting assists the funding department(s) to ensure that there is a financially sustainable service system. Finance staff from the department(s) analyse the financial position of each funded organisation and monitor financial position trends over time.

Annual FAR requirements

Your annual financial statements/annual report are the preferred documentation to be supplied in support of your FAR or SACC.

If your organisation is not legally required to produce these documents, you may download and complete either the CIS (if your total income is less than $250,000) or FIS and Auditor’s Statement, templates for which are below.

Additional documentation is not required from Local Government, Government schools, Universities, TAFE and Non-Incorporated Consortia. These organisations need only provide the Annual Certification as part of the Service Agreement Compliance Certification (SACC).

Standard financial reporting templates

Samples of the financial reporting templates are provided below. Organisations should ensure that the applicable reporting period is inserted (for example 1 Jul 2015 to 30 Jun 2016) as well as details of the organisation.

If you are still unsure about your FAR reporting requirements please contact your Service Agreement Contact or Payment Contact.

Financial reporting standards

Organisations are required to comply with the Australian Equivalents to International Financial Reporting Standards (AIFRS) which came into effect in 2005.

Information about the AIFRS can be found on the Australian Accounting Standards Board's website (external link, opens in a new window).