Compliance costs eased
In a move to address costs for applicants, the Trust has reduced the financial compliance requirements for those seeking a grant of less than $40,000.
22/6/11
From now on, these organisations will be asked to supply their most recent annual accounts, signed by two office holders, rather than fully audited accounts. Those applying for grants of $40,000 or more will still need to provide full annual accounts, audited by a person with recognised accounting qualifications.
The exception to this is where an organisation’s constitution requires it to have audited accounts, in which case it will still have to include audited accounts with its application.
With the cost of auditing continuing to climb, the Trust recognises that this cost is an unrealistic burden on smaller organisations. It also brings the Trust’s requirements into line with those of the New Zealand Lottery Grants Board.
The annual accounts supplied must be no more than 16 months old and the organisation itself must have been in existence for 12 months or more at the time of application.