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Hi there – thanks for checking out my latest Good Governance Newsletter!
This will be my last newsletter for the year, so I want to take the opportunity to wish you and yours all the very best for the festive season!
I hope you get a chance to take some time out for yourself and to rest and recharge after what has been a full on year for so many of us.
Personally, I’ll be relaxing at home, having a stay-cation and appreciating the beautiful natural environment around us – something I really don’t do enough of!
So, for the last time for 2024, read on for:
- Leadership Lessons from the front line of the NFP sector
- My latest Blog – What’s Important and Why: Financial Oversight
- New Webinars and Training Programs for 2025
- Finance Tips from Julie – Legal and Compliance Costs Part 1
- Working with me – A free Governance Health Check to set your NFP up for the New Year
Please stay safe over the silly season, and I look forward to sharing more of the ‘good oil’ with you in the 2025.
Regards
Megan
LEADING WITH PURPOSE – A WHITE PAPER FROM THE INSTITUTE OF COMMUNITY DIRECTORS AUSTRALIA
This excellent offering from the Institute of Community Directors Australia, brings together the collective leadership wisdom of nine highly experienced senior leaders from across the not-for-profit sector.
Each a member of the Community Directors Council (the Institute’s advisory body), the Paper’s contributors share their personal insights about what they have learned from their time spent on the front line of for-purpose organisations, and they offer their advice on how their experiences can help new and emerging leaders to perform at the highest level.
Their thoughts and reflections cover six broad topics that collectively cover what it takes to be an effective leader in any organisation:
1. Leadership theory
2. Leadership and ethics
3. Leadership through change
4. Leadership and yourself
5. Leadership and management
6. Leading through strategy and culture.
From the importance of ethical leadership, to bringing employees along with you on the strategic journey, to what motivates good leaders, each contributor provides valuable tips, advice and points to ponder on all aspects of the art of effective leadership.
So if you are looking for some Leadership inspo over the Christmas break, check out what the Paper has to share HERE!
MY LATEST BLOG
This week I have posted the third article in my new short Blog series: What’s important and why.
In this series I’ll be exploring some of the headline issues a NFP Board or Committee member needs to be across in order to effectively fulfil their duties to the organisation/s they serve, and why these things are so important to get right.
In this next article I explore Financial Oversight, and I unpack – from a number of angles – why it matters to do it properly.
Check out the article HERE and I do hope you find it helpful for the NFP organisations you are a part of.
And if you want to read more of my blog articles, or listen to some podcasts I have spoken on, or even watch some of my past webinars, then check out my back catalogue of Blogs & Pods HERE.
Enjoy!
NEW WEBINARS AND TRAINING PROGRAMS FOR THE NEW YEAR!
I’m excited to be bringing a number of new Titles – via both my Webinars and my online Training Programs – to the NFP sector in 2025!
(As well as re-running many of my perennial favourites again).
Here’s just a taste of some of what’s on my Events calendar in the New Year!
🟢 10 tips for better fundraising:
Wed 5 Mar. 12-1pm (AEDT/Melbourne time). Online.
For further information and registrations, click HERE.
🟡 Good Governance for Not-for-Profits:
Thurs 6 Mar. 5.30-8pm (AEDT/Melbourne time). Online.
For further information and registrations, click HERE.
🔴 Finance Basics:
Thurs 1 May. 5.30-8pm (AEST/Melbourne time). Online.
For further information and registrations, click HERE.
🔵 10 tips for better strategy planning:
Wed 3 Sept. 11am-12pm (AEST/Melbourne time). Online.
For further information and registrations, click HERE.
For my full calendar of Events for the year ahead, click HERE to find out more.
I hope to see you at some of my events in the new year!
FINANCE TIPS FROM JULIE
Julie Doyle is my business finances guru, and this week she is generously sharing some of her wisdom around Legal and Compliance Costs Part 1.
This week Julie says:
Legal and compliance costs for not-for-profit organisations can vary depending on several factors, including the size of the entity, the complexity of its activities, the jurisdiction in which it operates, and the specific requirements it needs to meet.
These costs generally involve ensuring that the entity is adhering to all applicable laws and regulations, as well as maintaining good governance.
As this is quite a broad topic we are going to cover it off over two newsletters.
So here are the first set of key areas that contribute to legal and compliance costs for NFPs:
Incorporation Fees – The process of legally incorporating a NFP entity, including filing articles of incorporation, can involve legal fees and administrative costs and is generally a one off big hit, followed by annual renewal fees.
Accounting and Financial Services – Audit Fees: Some NFPs are required to undergo annual audits depending on their size or funding sources, which can be expensive. Accounting Software/Services: NFPs often invest in specialised software or third-party services to manage their finances for annual lodgements, including accounting, budgeting, and financial reporting.
Governance and Compliance with legislation – NFP entities must comply with relevant State & Federal laws related to governance, such as holding regular board meetings, maintaining accurate records, and adhering to Rules or a Constitution. Legal services may be needed to ensure that the entity is compliant with relevant governance law. NFPs also often need to develop and enforce conflict of interest policies for board members and staff, which may involve legal counsel to draft and review.
Legal and compliance costs for NFPs can range from a few hundred to several thousand dollars annually, depending on the complexity and scope of the entity’s activities. Ensuring compliance with tax laws, governance standards, fundraising regulations, and other legal requirements is crucial to the operation of any NFP.
And it is important to budget for these costs in order to avoid potential penalties and fines for non-compliance.
If you have a NFP finance query you would like Julie to talk about via my Good Governance Newsletter, just email it to me on megan@mjbconsulting.net.au.
A FREE GOVERNANCE HEALTH CHECK FOR YOUR NFP
In the midst of trying to stay on top of everything, working out what governance issues to focus on next can sometimes feel rather overwhelming.
Would you agree?
If so, perhaps your NFP is in need of a quick Governance Health Check, to set you on the right path for the year ahead?
To help you get your governance ducks in a row in readiness for the New Year, between now and the end of January, I am offering you the opportunity for a free NFP governance health check with me for your NFP organisation.
In a 30 minute zoom call we will review 5 key area within your organisation, and you will come away knowing what to do to better position your NFP to thrive in 2025.
To book in an appointment with me for your organisation’s governance health check, CLICK HERE, and let’s make a time to catch up.
I do hope your organisation can take advantage of this free offer, and position yourselves for better governance going forward!
And for full details of all the other work I do with NFPs, check out the Services page on my website.
Or get in touch with me to make a time to catch up and talk about what your NFP might need!
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