Member for Gembrook Brad Battin is reminding local sporting clubs that many will be playing by new rules after changes to the Victoria’s incorporated associations law in November last year.
Mr Battin said many clubs were warming up for their annual general meetings, which must be held within five months after the club’s end of financial year.
Mr Battin reminded clubs they must present their members with the appropriate financial statements at the annual general meeting, but under the new law, they must also lodge financial statements with Consumer Affairs Victoria within a month of the annual general meeting.
“Season’s end spells celebrations for many sporting clubs – but this year, those who are incorporated associations will also be tackling new reporting requirements,” Mr Battin said.
Mr Battin reminded local clubs:
• Associations earning $250,000 to $1 million must now have their accounts reviewed by an independent accountant before the AGM. Those earning more than $1 million must have their accounts audited by an independent auditor. Reporting requirements have not changed for clubs earning less than $250,000.
• Clubs planning to change their rules at the annual general meeting must do so by a ‘special resolution’ and inform Consumer Affairs Victoria of the agreed changes. Until November this year, incorporated associations can adopt new model rules for free, or change their rules for a reduced fee.
• Clubs whose end of financial year is before 30 June 2013 can opt to submit this year’s financial statements under the previous laws.
Minister for Consumer Affairs Heidi Victoria said Victoria has around 38,000 incorporated associations including 548 golf clubs, 849 netball clubs, 1148 tennis clubs and 1214 cricket clubs and they all have to play by the rules.
“Information sessions held around the state during the past year had given clubs more than a sporting chance of meeting the new requirements,” Mrs Victoria said.
Find out more about the new requirements at consumer.vic.gov.au/associations.