Funds

 

The Buddies Refugee Support Group undertakes a variety of activities to provide practical support for asylum seekers and refugees. These activities do at times involve a financial cost,for example,travel expenses for refugees taking part in the Learn English Holiday program, funding to facilitate film nights designed to raise community awareness of refugee issues etc., In addition to these costs, funds are also required to meet annual auditing and public liability costs, but these are generally taken from membership fees. Buddies finances are raised via membership fees, through collecting donations at meetings, through one-off and regular direct debit donations, and through specific fundraising activities and events.  

 

ADMINISTRATION OF FUNDS The funds are administered by a Finance Group, consisting of 3-4 members who are voted in at the BuddiesAGM. The Finance Group receives requests for funds, makes recommendations for the dispersing of these funds and is responsible for this dispersal.   

 

FUNDING REQUESTS FOR AMOUNTS OF  $500 OR MORE All requests for funding must be made on the Buddies Funding Proposal form (May 2018). Any funding proposal exceeding $500 is taken to a monthly Buddies meeting to elicit a recommendation. This recommendation is then reviewed by the Board of Directors prior to approval from the Board. Generally, the Board will approve the recommendation made by the meeting but in cases where this does not occur a written explanation may be sought from the Board. Requests are made through the Finance Group and presented at the next available meeting for discussion and recommendation.  

 

FUNDING REQUESTS FOR AMOUNTS OF LESS THAN $500

All requests for funding must be made on the Buddies Funding Proposal form (May 2018). Payments of less than $500 can be authorized by the Finance Group in between monthly meetings and reported on at the following meeting. The amount of payment is determined by the nature of the request and the funds available at the time.  

 

ALLOCATION OF RESPONSIBILITIES

Members of the Finance Group are responsible for record keeping, banking, issuing receipts, writing letters relating to financial matters and preparing financial reports.  

 

FINANCIAL REPORTING

The Finance Group presents a monthly report at each Buddies meeting, and an annual report at the end of the financial year. A link to these reports is also provided in the Bulletin.  

 

ACCESS TO FINANCIAL RECORDS

Any member of Buddies can request an examination of the financial records at a mutually convenient time.  

 

BANK ACCOUNT

All funds are lodged in a Buddies account at Suncorp Bank. Two Finance Group members are required to authorize any withdrawal. For convenience, the member of the Finance Group responsible for banking is the one to receive regular statements from the bank. ​

 

ANNUAL INFORMATION STATEMENT

Buddies Ltd is required to submit an Annual Information Statement to the Australian Charities and Not-for-Profit Commission, which may include financial information.  Buddies Ltd is also required to lodge annual statements with the Australian Securities and Investments Commission (ASIC).   CURRENT MEMBERS OF THE FINANCE GROUP Gillian Duffy, Denise Williams, Margaret Norman, Penny Rivlin For queries on finances please contact Gillian Duffy

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(Revised August 2017)