Non-Profit Finances and Borrowing (Societies Act FAQs): Difference between revisions
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Non-Profit Finances and Borrowing (Societies Act FAQs) (view source)
Revision as of 00:00, 30 January 2024
, 30 January→Do the non-profit society’s financial statements need to be prepared by an accountant or bookkeeper?
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The ''Societies Act'' requires that a non-profit keep sufficient accounting records and are able to produce a set of financial statements for its members. The ''Societies Act'' does not require that the non-profit get professional help, nor does the CRA. Thus, a non-profit’s treasurer could provide financial statements. | The ''Societies Act'' requires that a non-profit keep sufficient accounting records and are able to produce a set of financial statements for its members. The ''Societies Act'' does not require that the non-profit get professional help, nor does the CRA. Thus, a non-profit’s treasurer could provide financial statements. | ||
Note that if a non-profit becomes complicated enough financially, it may be a good idea to get a bookkeeper then an accountant to prepare and approve annual financial statements. Some funders require audited financial statements. The ''Societies Act'' sets out the qualifications of an auditor but does not require an audit. For more information, see the [ | Note that if a non-profit becomes complicated enough financially, it may be a good idea to get a bookkeeper then an accountant to prepare and approve annual financial statements. Some funders require audited financial statements. The ''Societies Act'' sets out the qualifications of an auditor but does not require an audit. For more information, see the [https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/t4117/income-tax-guide-non-profit-organization-information-return.html CRA’s guide to filing the Annual Information return]. | ||
==Non-Profit Accounting Records== | ==Non-Profit Accounting Records== | ||
