The records of an association are its corporate memory and provide evidence of actions taken and decisions made by the association. They support the daily functions and operations of an association.
An association must keep the following records:
An association should also keep the following records:
The register of committee members must be kept at the main premises of the association or the association's official address, which must be in NSW.
The register must be made available for inspection, free of charge, by anyone and must contain the following particulars:
The register must be updated within 1 month after any change in the committee's membership occurs.
The committee must maintain a record of any disclosure by a committee member of a direct or indirect interest, being or to be considered at a committee meeting, that appears to raise a conflict with the committee member performing their duties. The committee must deal with any disclosure according to section 31 of the Associations Incorporation Act 2009 (the Act).
The disclosures recorded must be kept with the register of committee members and must be available for inspection by any member of the association upon payment of a fee, as determined by the committee. The fee must not exceed $5 which is the maximum fee allowed by the Associations Incorporation Regulation 2016 (the Regulation).
For more information, visit the Management committee page on the Fair Trading website.
Associations must keep records that correctly record and explain their financial transactions and financial position.
Where an association acts as the trustee for any trust, it must keep records that correctly record and explain the financial transactions and financial position of the trust.
Tier 1 associations must ensure financial records are sufficient to enable financial statements to be prepared in accordance with the Australian Accounting Standards.
As a minimum all associations need to keep:
It may also be appropriate for associations to maintain an asset register. This is important for maintaining control of major assets when there are changes in the committee.
Where financial records are kept in a language other than English, an English language copy must be kept with the document.
The committee is responsible for ensuring appropriate internal financial controls are implemented for all payments made on behalf of the association. As a matter of good corporate governance, the committee should have oversight and authorise/approve payments regularly. This should be undertaken at each committee meeting at a minimum.
For information on the association's financial reporting requirements, visit the Financial reporting requirements page on the Fair Trading website.
The association must keep minutes of the proceedings of all committee meetings and general meetings.
The minutes should set out a clear, concise and accurate summary of the proceedings of the meeting. This includes details of persons attending the meeting, documents submitted to the meeting and any passed or failed resolutions. For additional information on matters that should be included in the minutes, visit the General meetings page on the Fair Trading website.
For more information on management committee meeting minutes, visit the Management committee meetings page on the Fair Trading website.
If any part of the minutes is in a language other than English, a copy of the minutes in the English language must also be kept with the minutes.
It is important that an association keeps accurate records of its authorised signatories. It is suggested that these records be kept with the register of committee members.
Note: The association's public officer is an authorised signatory of the association.
The particulars recorded should include:
For information on the role of authorised signatories, visit the Management committee page on the Fair Trading website.
The committee is responsible for ensuring that the association keeps and maintains the required records. In some cases, the constitution of the association may set out particular responsibilities for keeping and maintaining the records of the association.
Committee members must deliver all documents in their possession that belong to the association to the public officer within 14 days after vacating office.
The public officer is responsible for:
The register of committee members must be made available for inspection, free of charge, by any person.
The record of disclosure of interests must be kept with the register of committee members and must be available for inspection by any member of the association upon payment of a fee determined by the committee which must not exceed $5.
Inspection of other documents of the association is governed by the association's constitution.
Records and minutes must be kept in written or electronic form. If the records and minutes are kept in electronic form, they must be able to be converted into hard copy. If a person is entitled to inspect the records, a hard copy of the record must also be made available within a reasonable time.
Financial records are to be kept for a minimum of 5 years after they were made.
There are a number of other factors that may impact on the period for which an association may need to maintain its records. For example:
In addition, some documents should be retained indefinitely. For example:
If the association is unsure how long it should keep particular records, it should seek its own legal advice.
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