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Finance, Accounting, and Taxation
Accounting, budgeting, and taxation may not be the most exciting topics, but they are essential areas that every association needs to manage effectively. Here, you can learn how to keep your finances under control and strengthen your association’s financial position through grants, funding opportunities, and sponsorships.
A treasurer’s worst nightmare, or simply a natural part of an association’s annual cycle?
Learn about the requirements for auditing and annual financial statements, and ensure that your association has solid financial procedures in place.
As a general rule, associations that serve a public-benefit purpose are exempt from taxation, but they are not exempt from maintaining proper accounts and financial records.
Good financial management helps create transparency, strengthens trust among members and stakeholders, and provides a solid foundation for the continued development of the association.
Public-Benefit Associations?
The defining characteristics of a public-benefit association are that:
In the event of the dissolution of the association, its assets must be transferred to other public-benefit purposes.
Does your club or association pay wages to instructors, coaches, or café staff? If so, your association must withhold income tax (A-tax) and applicable contributions, just like any other employer, and report them to the tax authorities.
