Following on from the previous blog in my series of the 10 things you need to know about not-for-profit governance – about People and Culture – this week we are going to explore the seventh area: Understanding Legislation and Regulations.
Navigating legislative obligations can often feel like a daunting task. The sheer number of laws and regulations that an organisation is bound by can be overwhelming. For instance, I once worked with an organisation that conducted an audit of their legislative obligations, only to find that they were bound by over 100 different pieces of legislation! So how do you keep up with such a significant number of obligations?
My top tip: Implement a Legislation Register. A Legislation Register serves as a centralised repository where you can capture all the pieces of legislation and related regulations that your organisation needs to comply with. It provides a comprehensive overview and helps you stay organised and informed.
You may wonder how to set up a Legislation Registerand what to include. The format can be as basic as a simple spreadsheet. The key is to consult widely and include all the information you discover, to ensure you capture everything that is relevant.
Start by reaching out to the government agencies you deal with, such as: ASIC or your state/territory incorporation regulator, the ACNC, your local workcover authority, Fair Work Australia, and others relevant to the particular sector in which your organisation operates. They can provide valuable insights into the specific legislative requirements applicable to your sector.
Also, engage with your peak bodies, funding bodies, similar organisations in your network, and experienced individuals within your sector. Their knowledge and experiences can also help you identify any regulations that may apply to your organisation. Don’t forget to consult with your legal advisor and accountant, as they can provide expert guidance and ensure compliance with relevant laws too.
And remember that creating a Legislation Register is not enough on its own…it is also critical to have some sort of bring-up system in place that supports you in meeting the requirements of the various pieces of legislation to which you are accountable. Such a system should remind you of key dates, helping to ensure that important deadlines, reporting obligations, and compliance tasks are appropriately managed and fulfilled.
Stay tuned for the next installment in my 10 things blog series, where I’ll explore another essential aspect of not-for-profit governance – Meeting the Standards.
And if you’d like to catch up on the 10 things webinar, where I discuss all 10 of these essential elements of not-for-profit governance in more detail, you can check that out HERE – the passcode is 7A#AQMg*
If you think I can help you or your not-for-profit with YOUR good governance, do check out the supports and services I offer organisations HERE – and if you would like to book a discovery call with me, to discuss your needs, you can do that HERE.
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