City of Redcliffe Chess Club is now Incorporated!
The City of Redcliffe Chess Club is now the City Of Redcliffe Chess Club Inc!
Our Incorporation Number is IA45883468. Started on the 13th day of December 2022.
I spoke to the Office of Fair Trading about our Audit requirements today and received good news from 2 Officers, Eleanor and Tabatha.
We will not need to return any figures for 12 months. They will send out a notice to us in about 10 months time with forms requesting information due back to them in December.
I asked them both if we would need our financial figures audited as a Level 2 Incorporated Body if our Bank Balance was above $20 000 at the end of next year.
They both advised me that an audit would NOT be required even if our Bank Balance is above $20 000 because, as we do not hold a gaming licence or sell liquor, just a verification of the financial figures is needed. The verifier must view our financial statement and if they are satisfied, provide a written statement as follows:
I have examined the association’s financial records and state that the association’s financial records show that the association has adequate bookkeeping processes in place to correctly record and explain transactions to enable a true and fair financial statement to be prepared.
If we are below $20 000 at time of audit next year, the President or Treasurer must verify the financial statements. If they are satisfied, they will provide a written statement:
The association’s financial records show the association keeps adequate financial records to correctly record and explain transactions, and to enable a true and fair financial statement to be prepared.
So in either case, above $20 000 or below $20 000, just verification is required , not an audit. We will need to find a suitable Verifier if our balance is above $20 000. If our balance is below $20 000, either the President or Treasurer must verify the account.
I will bring photocopies of our Incorporation Certificate for you all to keep to the AGM.
See most of you tomorrow night! I will email out an updated AGM AGENDA with this good news tonight OR early Wednesday morning, with a list of updated motions too, following the AGM format suggested by the Incorporated associations!
Cheers Mark C Stokes 0431 419 136
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