Financial Management
Financial management is an important foundation for community broadcasting sustainability. At a station level, it refers to the way in which we keep track of the money that comes into and goes out of an organisation and ensure that payments such as salaries and bills can be made as needed.
The assets are all the physical items that your station owns, and because they are worth money, they are calculated as part of the value (wealth) of your station. Therefore, it's important to keep track of them!
Interpreting financial statements means that you can read them, understand what the statements are telling you about the financial situation of the station, recognise where there are discrepancies and suggest what actions you and the Board/Management Committee need to take to remedy the situation.
Taking steps to minimise financial risk runs through every aspect of financial management – from planning, budgeting and daily financial operations to monitoring and evaluating the station’s financial management processes.
Not-for-profit (NFP) organisations must register for goods and services tax (GST) if their GST turnover is $150,000 or more and can choose to register if their GST turnover is lower. Learn about GST essentials, how to apply and tools to help you.
Community broadcasters can improve their financial stability and sustainability by working to create financial reserves.
The main duties of a Financial Officer are to oversee the financial administration of the organisation, review procedures and financial reporting, and advise the Board on financial strategy and fundraising. These guides can help you go forth with confidence and ease.
Learn about your station's tax and income tax obligations and entitlements.
Financial management has its own language and you need to understand what the terms mean in plain English before you can get down to business.