Financial reporting is a crucial aspect of managing a club’s finances, particularly as incorporated associations. Regular preparation and examination of financial statements are imperative. These statements, including the profit and loss (P&L) statement, balance sheet, and cash flow statement, offer a comprehensive view of the club’s financial health.
Financial statements
Financial reporting involves preparing financial statements, which include the P&L statement (sometimes referred to as an income statement), the balance sheet and the cash flow statement. These statements provide an overview of the financial health of the club and should be examined regularly – ideally as a standing agenda item in every management committee meeting.
The section: Financial statements is designed to help management committee members make sense of these documents and to use them to make good financial decisions for the club.
Financial reporting
As incorporated associations, UQ clubs must follow certain financial reporting requirements under the Associations Incorporation Act 1981. These differ according to the size of the club (i.e. whether your club is classed as large, medium or small).
A quick guide to basic financial reporting requirements for incorporated associations is available in the section: Financial reporting.
Other useful links:
UQ Sport reinvests all profits into services, facilities, and programs, and is supported by funding from the Student Services and Amenities Fee (SSAF) to benefit UQ students.
UQ Sport Ltd is a division of UQ Holdings.
