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The Standard Chart of Accounts Project While standards of financial processing and reporting have increased across non-profit agencies over the past 20 years, and financial literacy amongst decision-makers has improved, there has remained a lack of consistency in the accounting categories and terms required by government departments in their funding relationships with non-profit organisations. This has meant unreliable data and difficulty comparing the financial statements submitted by non-government organisations, as well as significant compliance costs for community organisations, especially those with more than one source of government funding. The Standard Chart of Accounts Project aims to make financial data consistent across human services community organisations. The Standard Chart of Accounts consists of a set of Accounts, which can be set up in most accounting software systems, and a data dictionary which provides the guidance for how to process transactions and to decide which transactions go to which accounts. Adoption of the Chart by community organisations is voluntary. While the Project has its origins in Queensland, it has been supported by the NSW Department of Community Services as the lead agency amongst the Human Services CEOs. The Project has undergone consultation amongst government and non-government agencies, amongst decision-makers and accounting practitioners in these agencies. The Project was delivered by Matrix On Board and the Centre of Philanthropy & Nonprofit Studies (CPNS) at Queensland University of Technology during 2007 To find out more contact:
Documentation
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