Financial responsibilities

The S355 committee manages the facility on behalf of Sutherland Shire Council and therefore any money or assets given to the S355 committee and members in their capacity as such, are the property of the Council.

The S355 committees keep proper books of accounts showing particulars of all income and expenditure. The books of account are presented to Council monthly in the form of a Business Activity Statement (BAS). All reports are issued to communityvenues@ssc.nsw.gov.au and accounting@ssc.nsw.gov.au

The S355 committees use the set fees & charges as determined by Council, annually as part of Council’s operational plan and budgeting process.

The S355 committee has no authority to modify or alter fees or provide discounts not listed in the fees & charges.

The S355 committee keeps a register of all bonds taken and associated functions dates as well as refunds. The S355 committee holds fund on behalf of Council in the bond register for the hire of the venue.

All bonds must be returned to hirers or claimed within 5 business days of the hirer being completed. All activity related to bonds and refunds are recorded in the monthly BAS.

The bond register must be submitted to Council on request and during the annual financial review.

All monies received by the S355 committee are held in a designated committee bank account. Signatories for the account will include three office bearers. The account is operated by two of the Executive Office Bearers.

The committees Treasurer is responsible for the safekeeping of accounts, receipts and financial records.

If the committee allocates a non-executive booking officer role they shall only be authorised to bank bonds and hire fees and have no authority to withdraw funds.

All payments made by the S355 committee are passed for payment by resolution at a meeting of the committee.

The S355 committee is entitled to spend money raised in the management of the facility under their control, provided that such money is expended strictly in accordance with any conditions imposed by the Council, and only for the management of the facility under the S355 committee’s control.

The S355 committee must not expend funds on works outside the facility without prior approval of Council.

Expenditure over $1000.00 (per single month, project or supplier) must be approved by Council. Regular periodic payments for utilities and contract payments for cleaning and booking officers for approved contracts can be made without individual Council approvals.

S355 committees which exhaust all accumulated funds in meeting operational expenditure liabilities, including building maintenance responsibilities, may be dissolved by Council on the basis of being financially unsustainable.

The S355 committees comply with government taxation law as applicable and observe the instructions given by Council staff regarding the accounting for GST and PAYG taxation.

Council support the S355 committee in their financial reporting through providing reporting templates and an annual review of accounts. The S355 committees complete a Business Activity Statement each month for GST purposes and submit to Council within two weeks of the end of the particular month.

A failure to complete and provide to Council a BAS statement for any three months within a financial year is considered adequate grounds for the dissolution of the S355 committee.

The S355 committee approves their monthly bank reconciliation by resolution passed at relevant Meetings. This reconciliation will specifically include funds at bank and invested.

Surplus funds held by the S355 committee may be invested only in a form authorised by the Local Government Act. For S355 committees, this would normally be in the form of a term deposit with a bank or approved financial institution. Further information on investments can be obtained from Council’s Manager, Finance in line with Council’s Investment Policy.

S355 committees which accumulate funds of more than $20,000 must remit excess funds to that amount immediately to Council and notify accounts@ssc.nsw.gov.au.

The S355 committees prepare a profit and loss account and cash flow statement for each financial year and a balance sheet as at the end of the financial year in accordance with Australian Accounting Standards and Statements of Accounting Concepts.

S355 Committees usually operate their account on a calendar year cycle.

Council’s Finance Department may require all the books of the S355 committee for auditing purposes and conduct and annual review of all S355 committee finances.

The S355 committee are required to co-operate with any audit or review, providing all information required by Council to ensure all community funds under the S355 committees control are managed in a transparent, responsible and accurate manner.

All fixtures fitting and equipment in the venue remain the property of Council.

The S355 committee must not dispose of assets (eg. whitegoods, tables, chairs) of Council without prior approval.