money

SEPA (Single European Payments Act) - Q&A

On 17 June, 2013 The Wheel held a webinar (online seminar) for members of The Wheel on the subject of SEPA, which stands for the Single European Payments Act.

Financial Reporting by Charities

“It is most likely that this will require charities to disclose some additional information in relation to their charitable activities and their finances." 

Financial Reporting Standards for Charities – Current Requirements (June 2016)

All registered charities are required to complete an annual return to the CRA, by 10 months a

Management

Fundraising

Aim to build long term relationships with your funders

It is vital that your organisation approaches fundraising in a strategic way, with proper planning, implementation and evaluation.

Information and Copyright

Poor systems will lead to organisational inefficiency

Information

It is imperative that you establish systems for the proper administration and management of information. Organisations are bombarded with vast volumes of information daily, received by post, telephone, text, email, fax, etc. Poor systems will lead to organisational inefficiency. For example, how do you ensure that information is passed round all relevant people? How do you keep track of your library resources?

Premises and Equipment

Make sure you have an assets register listing details of all your capital assets and dates of purchase and disposal

Unless your group is very small and operates from the homes of individuals, you will have some sort of premises, however basic. You are also likely to have furniture and equipment, and possibly vehicles and stock. The sourcing, security and maintenance of these is your responsibility.

Money and Assets

This section provides practical advice on how to effectively manage your organisation's money and assets, ranging from your office equipme

Cost Cutting and Making Ends Meet

Engage all your staff in looking for solutions... 

If as is usually the case, there is a shortfall between what you forecast you can earn and what you need to spend in the coming year, you have to find ways of closing the gap. If you can raise more income, well and good, but note if that has associated costs and provide for them in the expenditure part of the budget.

Efficient Financial Planning

If you can tighten up on your debtors and manage your creditors better, you may be able to release some extra cash in the organisation.... 

Some Simple Rules...

Some people are paid monthly and organise their own finances to pay the big bills – credit card and mortgage just after the salary cheque comes in.

Financial Responsibilities

 Keeping detailed records, on receipt, of all monies received...

Each organisation has significant financial responsibilities that must be taken seriously. These include:

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