Financial Report and Financial Governance Policies including Investment Policy

Audited Financial Statements

The most recent and past copies of our Audited Financial Statements may be download here.

The latest Treasurer’s Report can be found in our latest Annual Report. Click link to access Annual Reports, Service Outcomes Reports and Constitution on our website.

Financial Governance and Investment Policies

Regulatory compliance

Regulatory compliance is the responsibility of the Chief Executive Officer who is required to ensure that the Board is kept informed of all regulatory compliance issues affecting Family Life. Any issues are brought forward as part of the regular Chief Executive Officer bimonthly reports to the Board.

Insurance

Appropriate and adequate insurance must be in place to cover all aspects of the work of Family Life including volunteers and employees, centre-based and outreach activities. The Board delegates to the Chief Executive Officer, Managers in Corporate Service and Finance and Property sub-board responsibility to ensure that insurance policies are in place and reviewed annually for:

  • Property (buildings and contents)
  • Business interruption
  • Public and products liability
  • Professional indemnity
  • Directors’ and officers’ liability
  • Personal accident (volunteers)
  • Work cover (i.e. Victorian WorkCover Authority)

Financial sustainability planning

Prudent financial management of the Board includes maintaining an appropriate financial plan to ensure the future financial sustainability of Family Life. This includes ensuring the financial capacity to protect services needed by the community from the impact of government policy and funding changes, and the capacity to plan for developing funds for capital works, asset replacement and acquisitions to deliver the forward strategy. The Board will review the financial sustainability plan as a key result area for directing and reviewing Family Life’s performance and in turn, the Board’s performance.

Investments

All investment decisions will be made in accordance with this policy and ensure funds not required for day-to-day operational expenses are invested in conformity with prudent best practices business principles, Family Life’s status as a not-for-profit organisation, ethics and values. The Board acknowledges that it is ultimately responsible for the creation and maintenance of a minimal risk, well-balanced portfolio of investments and advice from expert financial consultants will be sought as deemed necessary. The Board delegates the operational responsibility to the Treasurer and Finance and Property sub-board. When significant changes are necessary, recommendations are presented and explained to the full Board.

Asset acquisitions

The asset acquisition policy (including property) is to be agreed by the full Board, informed by the advice and recommendations of financial and property experts, and must meet the agreed criteria established for pursuing achievement of the mission and forward service delivery strategy of Family Life. This will include property required to enable future service delivery and enterprise development, relocation and/or expansion.
Based on the policy, the Board approves the guidelines and parameters to guide the Finance and Property sub-board in their research and decision making for all asset acquisitions. Most major items will be covered during the annual budget development and approval process. Items not covered in the annual budgeting process will be considered and reported via the Finance and Property sub-board in the form of a business case.

Fundraising

The Board acknowledges that fundraising is an integral part of:

  • Operating Family Life as a financially viable community service agency
  • Being able to maintain Family Life in accordance with regularly changing regulations
  • Maintaining physical properties and service amenities
  • Successfully involving the community in the Agency’s mission, values and service delivery

The Board actively engages in community fundraising activities. Board members are the model community engagement and leadership, ensuring and contributing to the future of services for the community.

Internal auditing of financial governance policies

The Finance and Property sub-board is delegated responsibility to regularly monitor and update Financial governance policies (this policy), and to recommend any necessary alterations or additions to the Board for approval.