Not for Profit
Not for profit organizations face similar challenges to commercial businesses in the private sector including strategic, organizational and operational issues. In addition to these, this sector faces a range of unique regulatory and operational issues.
OSK has developed a particular expertise in servicing the needs of this sector and provides a full range of services including:
- Audit
- Taxation
- Other related regulatory services.
Our aim is to conduct the statutory audit independently, professionally and provide constructive recommendations on evaluation of performance and the improvement of controls to assist our client’s future development.
Charities Act 2009
Main Points
- Became law on 28th February 2009
- Provisions will not become effective until Minister for Community, Rural & Gaeltacht Affairs introduces commencement orders (not due until next year)
- Purpose of act to establish regulator for the sector – Charities Regulatory Authority (“the Authority”)
- Organisations that carry out any charitable purposes must register with the Authority once it is set up.
Financial Matters
Companies:
- Any charity which was incorporated In Ireland was already subject to requirements under the Companies Acts & will continue to be subject to the requirements.
- CRO will provide the Authority with copies of filings.
- Charities which are incorporated are therefore excluded from similar provisions of the Charities Acts to avoid duplication.
Unincorporated Charities:
- Where gross income > €100,000 in a financial year, the organistation must prepare a statement of accounts – form & content to be prescribed by Minister.
- If the gross income is < €100,000, a charity can prepare an income & expenditure account and a statement of assets & liabilities instead.
Audit
- The Act imposes an audit requirement on charities where its gross income or total expenditure exceeds an amount prescribed by the Minister (cannot be greater than €500,000).
Independent Examination:
- Where charity is not obliged to audit its accounts, the charity must elect to have its accounts examined by an independent person or to have the accounts audited.
Exceptions:
- Charities where it’s gross income or total expenditure is less than €10,000 or if the charity is an education body.
Ongoing Reporting:
- Charities must submit annual return to the Authority within ten months of the end of its financial year.
- Charities will be required to file the following with this annual return: Annual Statement of Accounts together with an Auditors Report or Independent Person’s Report.
