[Linux-aus] Council Meeting 2011-02-17

[Mary Gardiner]

On Sun, Feb 20, 2011, Anthony Towns wrote:
> (Why is there going to be an official audit, rather than the
> usual open source one of just making the draft public by sending it to
> this list?)

It's now required by law: this was mentioned in the AGM minutes.

The relevant legislation *appears* (disclaimer disclaimer) to be the
Associations Incorporation Act 2009 (NSW state law), Part 5, Financial
Reporting. In 43(1)(b): "the committee of a Tier 1 association... (b) must
cause the financial statements to be audited in time for them to be submitted
to the association’s next annual general meeting"

According to
http://www.fairtrading.nsw.gov.au/Factsheet_print/Cooperatives_and_associations/Associations/Statutory_and_reporting_obligations/_Financial_reporting_requirements.pdf
""Tier 1 associations are associations whose total revenue as recorded in the
income and expenditure statement for a financial year exceed $250,000 (excludes
GST) or current assets (defined as assets other than real property and capable
of depreciation) exceed $500,000."

-Mary