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Alba Iulia
Saturday, May 1, 2021

CAV updates on Philippine Fiesta financial statements

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Alice Nicolas
Alice Nicolas
Alice Gregorio Nicolas is the publisher of The Philippine Times.

Fiesta generic photo

Members of the Philippine Fiesta of Victoria (PFVI) are asking the current Committee of Management (COM) led by its Chairperson Ross Manuel about the financial statements for the past years. While the PFVI would normally publish its financial statements on its souvenir program during the Fiesta celebration, it did not print any financial report in last year’s Fiesta. How important is the financial statement of a Filipino organisation as big as the Philippines Fiesta? The financial statement gives a snapshot of the organisation’s financial position detailing the assets and liabilities, showing financial activity of the income and expenses to give a clearer picture whether an organisation is gaining profit or losing money.

The Philippine Times (TPT) has recently contacted the Consumer Affairs Victoria (CAV) about the PFVI’s financial statements. The spokesperson for CAV has responded to say that the financial reports will be available to the members at the Annual General Meeting. The spokesperson said, “CAV has been advised that financial statements for the years 2013, 2014 and 2015 will be presented to members at the meeting, and will be subsequently lodged with the Registrar of Incorporated Associations (the Registrar).”

PFVI AGM reset to July 2016
The PFVI annual general meeting will be held not later than 29 July 2016. The CAV has requested the COM to cancel the 29 May 2016 AGM to settle some election rules and membership issues. It is expected that all matters relating to membership issues are resolved before the July AGM.

Last 18 May, Maina Walkley of the Concerned Members of Philippine Fiesta has requested the COM to postpone the 29 May election as the Concerned Members and some members were not notified of election rules. “Please be reminded that we have been deprived of our rights as members in the discussion, formulation of whatever new resolutions were adopted and passed that were incorporated in the New Model Rule PFVI Constitution and eventually submitted to Consumer Affairs of Victoria as a “fait accompli” without these amendments being submitted to and approved by the general membership first,” she said in an email to the PFVI Secretary, Mario Dumrique. In December last year, the Supreme Court has ordered the reinstatement of the 16 “expelled” members of the PFVI.

Securing copies of financial statements
The CAV spokesperson said members can get copies of the annual statement or financial statement provided to the Registrar from CAV on payment of a prescribed fee of $40.80.

When Philippine Times asked CAV what are the specific rules or policies of the CAV on submission of financial statements, the spokesperson said that as per Associations Incorporation Reform Act 2012 (the Act), CAV requires the committee of an association to prepare financial statements covering the financial year and present these financial statements to members at the annual general meeting. “The Act also requires the financial statements to give a true and fair view of the financial position and performance of the association. The general requirement is that after the statements have been submitted to the members at the general meeting, they must be lodged with the Registrar within one month,” the spokesperson said.

Record keeping
The CAV website provides that an association registered with CAV should keep financial records showing transactions, financial position and performance. The record must include: invoices, receipts, cheques, documents record (including bank statements), working papers and other documents that explain how financial statements are prepared.

For more details on financial statements and auditing requirements of incorporated associations, visit: https://www.consumer.vic.gov.au/clubs-and-not-for-profits/incorporated-associations/running-an-incorporated-association/annual-statement/financial-statements-and-auditing

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