Update from the Chief Executive
Charities have been in the news a lot recently - last week it was reported the new financial reporting standards have taken many charities unawares despite their introduction being heralded for several years.
The Department of Internal Affairs Charities Service recently reported that only 59% of charities have complied in the first year of mandatory reporting.
CFNZ has worked to consolidate the accounts and to meet the standards but this has taken many months. Added to this is our first try at a statement of service provision which is subject to the same scrutiny as the financial accounts. The new standards seek to make charities more transparent, accountable and comparable which can only be a good thing especially for those who wish to donate and support charities.
However, the choice of charities is huge. Earlier this month a report from JBWere, an investment firm, found there are 27,380 not-for-profits in NZ - substantially more per capita than Australia, US, Canada and Britain.
Given CFNZ’s heavy reliance on both donors and volunteers, we need to make sure we are on top of our game and keeping current. The need to be innovative, collaborative and able to change quickly is no longer just part of the business world but a necessity for not-for-profits who wish to remain sustainable.
- Jane Bollard, CFNZ Chief Executive