North Steyne SLSC is registered with the Australian Charities and Not-for-profits Commission (ACNC) as a not-for-profit organisation and with the Australian Taxation Office (ATO) as a Deductible Gift Recipient.
Consequently, NSSLSC is obliged to sustain a rigorous level of financial governance to maintain these registrations as well as meet the standards laid down by the SLS Governing Bodies for financial compliance.
As part of its commitment to these organisations, as well as its own membership, NSSLSC has put in place numerous mechanisms to deliver financial best-practice. These are outlined and documented below.
The Treasury Policy is refreshed annually by the NSSLSC Board. It contains guidance on appropriate club expenditure, record maintenance, and key accounting policies to present its financial statements to members through the Annual Report.
Risk & Control Universe
The Board, through activities led by the Treasurer, monitors NSSLSC’s financial compliance against its own Constitution, Treasury Policy, and mandatory Australian Accounting Standards. To achieve this, the Board defines a set of risks that could impact NSSLSC if not properly controlled.
Through its key governance processes (1) Forecast to Deliver – FTD, (2) Source to Pay – STP, (3) Order to Cash – OTC, (4) Acquire to Retire (assets) – ATR, (5) Record to Report (RTR), and (6) Information to Systems – ITS, the Board establishes and mandates a number of financial and operating controls to manage these risks.
Club operating expenses are a key area of NSSLSC expenditure. Generally, NSSLSC will source suppliers and pay its expenses directly, in accordance with the Treasury Policy and the STP Controls.
In rare cases, reimbursement for expenses may need to be sought by Directors and Officers; the criteria for lodging reimbursement claims is documented here:
Asset renewal is the other key area of NSSLSC expenditure. Capital Expenditure (Capex) on assets is directed towards strategic priorities for NSSLSC. Capex may, although is not required to, be funded by the NSSLSC Future Fund.
NSSLSC’s approach to funding and renewing assets is described in its non-binding Asset Management Philosophy:
Budgeting and Annual Reporting
Each pre-season, as part of its financial governance and control requirements, the Board approves an annual Budget to guide income-seeking operations and expenditure priorities.
NSSLSC’s budget for F23 (season 2022-2023) is summarised here.
Member Fees and Prices are set as part of the annual budgeting process. Current NSSLSC fees are available here.
NSSLSC’s annual financial reporting is contained in the back half of its Annual Report, the latest copies of which can be found on the Annual Reports page.
Further information on NSSLSC’s financial practices can be obtained by contacting the Treasurer.