Non-Audited Financial Acquittals
This reporting type is a non-audited financial acquittal report which includes an income and expenditure statement for the grant and confirmation that the funding has been spent on the activity in accordance with the Grant Agreement, Schedule and Terms and Conditions. Non-audited financial acquittals must be certified by the Board, chief executive officer or an authorised officer of the Organisation.
When should your Organisation complete a Non-Audited Financial Acquittal?
Your Organisation will complete a Non-Audited Financial Acquittal where your Grant Agreement states that your financial acquittal requirement is a ‘Non-Audited Financial Acquittal’.
Notes on non-audited financial acquittals
Non-audited financial acquittals must:
- adhere to the applicable Australian Accounting Standards and be based on proper accounts and records;
- verify that the funding has been spent on the activity in accordance with the Agreement; and
- include any other matters as specified in the Agreement.
In most cases the Department requires a separate income and expense statement pertaining to the Department’s funding only. An income and expense statement for your entire Organisation is not acceptable. If your Organisation is funded for more than one activity, a single acquittal report can be provided. However, this report must clearly differentiate the income and expenditure relating to each grant you are funded for, unless otherwise specified in your Agreement.
What should your Organisation do in preparation?
- Check the financial acquittal requirements in your Grant Agreement Schedule (including the due date and financial reporting and audit requirements);
- If applicable, talk to your auditor about the financial acquittal requirements under the Grant Agreement;
- Provide a copy of the Grant Agreement and this information to your auditor; and
- Prepare a timetable to meet these reporting requirements and agree on this with your auditor.
Social and Community Services (SACS) supplementation funding
If your Organisation receives Social and Community Services (SACS) funding you will also need to complete a SACS Financial Declaration.
Need more information or advice?
If you need more information or assistance regarding your financial acquittal requirements, please contact your Grant Agreement Manager.