Funds
The Buddies Refugee Support Group Ltd undertakes a variety of activities to provide practical support for asylum seekers and refugees. These activities often incur a financial cost – for example, travel expenses for refugees taking part in the Learn English Holiday program, funding to facilitate film nights designed to raise community awareness of refugee issues etc.
In addition to these costs, funds are also required to meet annual expenses and public liability costs. Buddies funding is raised by way of membership fees, collecting donations at meetings, one-off and regular direct debit donations and through specific fundraising activities and events.
ADMINISTRATION OF FUNDS
The funds are administered by a Finance Group, consisting of 4 members who are voted in at the Buddies AGM. Should a replacement person be required prior to the AGM, they may be appointed by the Directors as an interim Office Bearer until confirmed at the AGM.
The Finance Group receives requests for funds, makes recommendations for the disbursing of these funds and is responsible for this disbursal. At the time of writing (January 2021) the Treasurer is a member of the Finance Group and oversees the receipt and proper payment of funds.
FUNDING REQUESTS FOR AMOUNTS OF $500 OR MORE
Requests for funding must be made on the Buddies Funding Proposal form FT1 ver. May 2019. Any funding proposal exceeding $500 in one payment or in aggregate over the financial year is referred to the Board of Directors for consideration. A proposal must be approved by a majority of Directors.
If the request for funding is made for a person or organisation that has hitherto received financial support from Buddies during the financial year, then the alternative Funding Proposal form FT2 ver. AD May 2019 can be submitted. It will provide a concise history of payment(s) made year-to-date.
This will need to be submitted to the directors if the current proposal, together with funds paid to date exceed $500.
FUNDING REQUESTS FOR AMOUNTS OF LESS THAN $500
All requests for funding must be made on the Buddies Funding Proposal form FT1 ver. May 2019. Payments of less than $500 can be authorized by the Finance Group. The amount of payment is determined by the nature of the request and the funds available at the time.
The Funding Proposal forms are at right.
ALLOCATION OF RESPONSIBILITIES
The Treasurer, or, in the absence of the Treasurer, members of the Finance Group, are responsible for record keeping, banking, issuing receipts, writing letters relating to financial matters and preparing financial reports.
FINANCIAL REPORTING
The Finance Group, through the Treasurer, presents a monthly report at each Buddies meeting, and a full annual report at the end of the financial year. A link to these reports is also provided in the Bulletin. If no face-to-face meetings are held, the Treasurer will email the statement of account to the Directors and Finance Group as soon as possible following the end of the month under review. A precis version will be published in the Buddies Bulletin (for reasons of available space).
Any financial member of Buddies is welcome to request the full version at any time.
ACCESS TO FINANCIAL RECORDS
Any financial member of Buddies can request an examination of the financial records at a mutually convenient time.
BANK ACCOUNT
All funds are lodged to a Buddies account at Suncorp Bank in a special 'not-for-profit' account, which requires two authorised signatories to transact any withdrawal of funds. Regular calendar monthly statements from the bank are received at the PO Box 367, Buderim address.
ANNUAL INFORMATION STATEMENT
Buddies Ltd is required to submit an Annual Information Statement to the Australian Charities and Not-for-Profit Commission, which includes financial information. At the time of writing (January 2021) the report must be submitted to the Commission by 31 January following the end of the Financial Year under review.
CURRENT MEMBERS OF THE FINANCE GROUP
As of 1 February 2021: Denise Williams, Tricia Reade, Penny Rivlin. All are authorised signatories to the bank account. In addition, Paul McKinley (Director) is an authorised signatory to the Buddies bank account.
If you have any queries about finances, please contact Paul McKinlay.
(Revised January 2021)