Senate report on charities and not-for-profit organisations
The Senate Standing Committee on Economics Committee report into disclosure regimes for charities and not-for-profit organisations recommends a new national regulatory body and a comprehensive shake-up for the not for profit sector of the economy, that makes up 7.5% of GDP (Gross Domestic Product) – bigger than the entire state of South Australia.
The report recommends that as well as a new regulator, there be a mandatory, specialist legal structure adopted for all not-for-profit organisations, through a referral of state and territory powers.
There would be a compulsory register of not-for-profit organisations and all would have to make basic financial information accessible and searchable.
The regulator would also have the power to investigate complaints about organisations. The report has 15 major recommendations. It can be accessed from: http://www.aph.gov.au/Senate/committee/economics_ctte/charities_08/report/b01.pdf