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Financial Fundamentals for Not-for-Profit Directors

by S. Dianne Azoor Hughes

The not-for-profit (NFP) sector is a critically important component of Australia’s society and economy. It employs over a million people and delivers services to millions more, many of whom are disadvantaged.

Recent royal commissions mean that governance is in the spotlight like never before. These commissions have increased community expectations of leaders of all organisations, including those in the NFP sector. And these leaders, whether they be directors, committee members or executives, are expected to have clear oversight of all aspects of their organisation, including its financial health.

The Australian Institute of Company Directors has published the NFP Governance and Performance Study since 2010. This annual study has shown that directors are spending increasing amounts of time in their governance role to match these expectations. Importantly, the study notes that not all NFP directors are comfortable or confident in the oversight of financial statements despite the need for NFPs to be financially sustainable.

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Book details

Author: S. Dianne Azoor Hughes
Print ISBN: 9781876604738
epub ISBN: 9781876604745
Publisher: Australian Institute of Company Directors

"Financial Fundamentals for Not-for-Profit Directors is a timely resource to assist all NFP directors develop their financial literacy and gain a firm understanding of key aspects of their organisation’s financial statements.

Phil Butler GAICD

Sector Leader, Not-for-Profit, AICD

Financial Fundamentals for Not-for-Profit Directors is a timely resource to assist all NFP directors develop their financial literacy and gain a firm understanding of key aspects of financial statements. S. Dianne Azoor Hughes offers some excellent background on the NFP sector and goes on to examine the fundamentals of accounting and accounting frameworks. Chapters on special considerations for charities, measuring the value of transactions and the types of statutory reports provide specific information of critical importance to the NFP sector. The section of questions to consider when reviewing financial statements is an invaluable practical resource, and of even greater benefit is the link back to the various chapters where relevant information is held. This publication does not eliminate the need to consult with an expert when there is complexity or uncertainty in the accounting, however it does provide valuable insights that makes the responses to such consultation much easier to understand.

Dianne Azoor Hughes MAICD

Author ,

S. Dianne Azoor Hughes MAICD, MBusLaw, PGradDipAdvAcc, FCA

S. Dianne Azoor Hughes is an independent consultant in governance, risk and audit. She has 35 years of experience in business, including 18 years in senior executive and board roles.

Dianne is an independent audit committee member for the Victorian Legal Services Board + Commissioner and an independent audit and risk committee member for the Victorian Building Authority.

She is chair of the Monash University Department of Accounting Advisory Committee and a board member of a not-for-profit organisation. She is also a Fellow of Chartered Accountants Australia and New Zealand, and holds a Master of Business Law and a Post Graduate Diploma in Advanced Accounting.

Dianne’s previous roles include board member of the Australian Auditing and Assurance Standards Board, Technical Standards Partner at Pitcher Partners and member of the Australian Institute of Company Directors’ Reporting Committee.

Dianne has supported sustainable business throughout her professional career and promotes integrated reporting.

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