Financial Management Policy

Global Breakthrough Ministries Ltd is committed to ensuring sound financial management, accountability, and transparency in all financial activities. This policy provides guidelines for the effective management of financial resources and compliance with reporting obligations in accordance with Australian law and the Australian Charities and Not-for-profits Commission (ACNC) Governance Standards.

1. Purpose

The purpose of this policy is to:

• Ensure the responsible and transparent management of the organisation’s finances.
• Provide a framework for financial planning, budgeting, monitoring, and reporting.
• Ensure compliance with legal and regulatory requirements, including ACNC standards.
• Safeguard the financial health of the organisation.

2. Scope

This policy applies to all board members, staff, volunteers, and contractors involved in financial management or decision-making for Global Breakthrough Ministries Ltd.

3. Financial Responsibilities

The Board of Directors is responsible for overseeing the financial management of the organisation. The board delegates day-to-day financial management responsibilities to the Chief Financial Officer (CFO) or equivalent role. Key financial responsibilities include:

• Board of Directors: Approves the annual budget, monitors financial performance, ensures compliance with financial reporting obligations, and appoints auditors.
• CFO/Financial Officer: Prepares budgets, financial reports, and oversees day-to-day financial transactions, ensuring they align with the organisation’s goals and legal obligations.

4. Financial Planning and Budgeting

• Annual Budget: The board will approve an annual budget prepared by the CFO/Financial Officer, ensuring that the budget aligns with the organisation’s mission and financial goals.
• Monitoring: The board will regularly review financial performance against the approved budget to ensure that resources are allocated appropriately and financial objectives are met.

5. Financial Reporting

Global Breakthrough Ministries Ltd is committed to transparent financial reporting. The organisation will:

• Prepare Annual Financial Reports: Annual financial reports will be prepared in accordance with Australian Accounting Standards and ACNC requirements. These reports will be made available to the public via the ACNC Charity Register.
• ACNC Reporting: The organisation will submit the Annual Information Statement (AIS) and any other required financial reports to the ACNC in a timely manner.
• Auditing: An independent auditor will be appointed to audit the financial statements annually to ensure compliance with legal requirements and provide an objective assessment of the organisation’s financial health.

6. Internal Controls

The organisation will implement internal financial controls to safeguard against fraud, mismanagement, and errors. These controls include:

• Segregation of Duties: No single individual will be responsible for both approving and processing financial transactions to minimize the risk of errors or fraud.
• Bank Reconciliation: Bank accounts will be reconciled regularly to ensure that all transactions are accurately recorded and reported.
• Authorization of Payments: All payments must be authorized by a designated person (e.g., CFO or board member) in accordance with pre-approved expenditure limits.

7. Use of Funds

All funds will be used solely for purposes consistent with the mission of Global Breakthrough Ministries Ltd. Expenditures must align with the approved budget and be authorized in accordance with the organisation’s financial procedures.

8. Fundraising and Donations

The organisation will comply with all legal requirements for fundraising and the management of donations, including:

• Use of Donations: Donations will be used for the purpose for which they were given, unless otherwise agreed with the donor.
• Record Keeping: Detailed records of all donations and fundraising activities will be maintained and reported to the board and in financial statements.

9. Reserves Policy

The organisation will maintain financial reserves to ensure sustainability and the ability to meet financial commitments during periods of financial uncertainty. The board will determine the appropriate level of reserves annually.

10. Compliance with Tax and Legal Obligations

Global Breakthrough Ministries Ltd will comply with all tax obligations, including the preparation and submission of Business Activity Statements (BAS), and ensure that it operates in accordance with relevant tax laws.

11. Risk Management

Financial risks will be identified and managed through:

• Regular risk assessments conducted by the board and CFO.
• Implementation of strategies to mitigate identified risks, such as diversifying income sources and regularly reviewing financial performance.

12. Review of Policy

This policy will be reviewed annually by the Board of Directors to ensure its ongoing relevance and effectiveness in managing the organisation’s financial resources and compliance with ACNC standards.

13. Contact Information

For any questions or concerns related to this policy, please contact:

Global Breakthrough Ministries Ltd
PO Box 598
St Ives NSW 2075
Damien Poulsen
info@globalbreakthrough.org