For each financial year, your association has financial reporting obligations both to its members and to Consumer Affairs Victoria, and needs to prepare:
- Financial statements – submitted to association members at the next annual general meeting (AGM)
- Annual statement – an online form submitted to Consumer Affairs Victoria after the AGM
Below are the steps your association must take to meet your financial reporting obligations.
Before the annual general meeting – prepare your association’s financial statements
Once your association’s financial year has ended, prepare the financial statements for that financial year. For associations with higher levels of revenue, you may also need to have the financial statements professionally reviewed or audited.
For more information on how to prepare financial statements and review/audit requirements, view Financial statements and auditing requirements for incorporated associations.
The committee considers the financial statements. Two committee members must certify that the financial statements and auditing requirements of incorporated associations provide a ‘true and fair’ view of the association’s financial performance and position, by signing a certificate.
At the annual general meeting – present financial statements to members
The committee presents the financial statements to members, with the certificate signed by two committee members. If the financial statements have been professionally reviewed or audited, the report must also be presented to members. The AGM minutes must include a copy of each of these documents.
At, or as soon as practical after the AGM, a committee member must certify that they attended the AGM and that the financial statements were presented to members.
For more information, view Financial statements and auditing requirements for incorporated associations.
After the annual general meeting – lodge the annual statement
You must lodge an annual statement online using your myCAV account within one month of your AGM. Either the secretary or an authorised delegate of the association can lodge your annual statement. There is an exemption from Step 5 for associations which are also registered charities.
For more information, view our Lodging an annual statement for incorporated associations.