The Treasury Department is calling for submissions in response to a discussion paper on a scoping study for a new regulator for the not for profit sector in Australia.
Some of the proposed functions of the regulator could include:
• registering and regulating NFP organisations;
• educating the sector and encouraging compliance;
• educating the public about the role of NFP organisations; and
• developing and maintaining an accessible, searchable public information portal;
• assessing the eligibility of NFP organisations for Commonwealth tax concession status;
• endorsing and maintaining a register of endorsed organisations;
• providing a single reporting portal for corporate and financial information; and
• investigating compliance with regulatory requirements;
• promoting public trust and confidence in the charitable sector;
• encouraging and promoting the effective use of charitable resources;
• processing annual returns submitted by charitable entities and
• monitoring charitable entities and their activities to ensure that registered entities continue to be qualified.
Submissions are due by 25 February 2011 and can be emailed to NFPReform@treasury.gov.au
What do you think? Is a not for profit regulator necessary? Is there too much duplication currently? Are there too many agencies which not for profits need to deal with at the moment?
I look forward to your thoughts.