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The Board of Finance and Property has changed its name to Uniting Resources. Read the Insights publication
The 2008/09 financial year is now upon us, and it is now time to begin finalising the 2008 financial year accounts. In keeping with the name changes of last year, the formerly named BFP6 Return will continue to be known as the UR1 Return.
We would like to thank all Treasurers for their work over the past year, and hope any assistance provided by Uniting Resources was of help to you.
Please find below the following documents, which you may download:
- Part 1 – MS Word format for the UR1 Statistical Return Form;
- Part 2 – MS Excel format for the UR1 Financial Return Form. This includes the Statements of Operating Receipts and Payments, Assets and Liabilities and Capital Receipts and Payments;
- Accounting Instructions accompanying the 2008 UR1 Return,
(a) Appendix A: Sample UR1 Return for ‘XYZ Congregation’
(b) Appendix B : Accounting for property/non property asset transactions
- 2007 NSW Synod List of Independent Registered Auditors.
Please note the following:
- The UR1 Return for the year ending 30 June 2008 is due for completion and return – unaudited returns by 31 August 2008 and audited returns by 31 October 2008.
Also in keeping with the 2007 changes, the UR1 Return consists of four (4) statements:
· Statistical Return with accompanying compliance declarations
· Statement of Operating Receipts and Payments
· Statement of Assets and Liabilities
· Statement of Capital Receipts and Payments (Capital Cash Flow Statement)
There are no substantial changes to the 2008 UR1 Return. The only minor difference is on the Statement of Assets and Liabilities, where we have moved contents, such as furniture and equipment, from A4 ‘Buildings & Contents’ (now ‘Buildings & Fixtures’) to A12 ‘Other Assets’. This makes these items more easily distinguishable for accounting, valuation and insurance purposes.
If you currently use the customised MYOB software package (i.e. UCAP, which has been purchased by over 150 Congregations), the financial pages can be printed off directly from UCAP – Financial Year End Process chapter (i.e. Profit and Loss, Balance Sheet actuals for 2007/08, together with the Budgeted Profit and Loss for 2008/09). Please note that one standard UR1 Return applies for use by both Congregation and Presbytery Treasurers.
Again, as per 2007, we maintain a separate statement for purchases and sales of property and other assets, called a Statement of Capital Receipts and Payments. As previously explained, in the past, the receipts and payments for these transactions have often been included on the Statement of Operating Receipts and Payments, which significantly distorted the figures between years.
Apart from recording interest earned on sales proceeds funds, the Statement of Capital Receipts and Payments will only need to be completed where there has been a purchase or sale of property.
If audit is delayed, do not hold off on sending to us the unaudited return.
2. The revised accompanying Accounting Instructions, which also reflect the above minor changes, is attached to assist you in completing the 2008 UR1 Return. These instructions had previously been thoroughly updated to cater more extensively to recent queries on linked and multi-centre Congregations. It should be read in conjunction with the attached:
· Appendix A: Sample UR1 Return for an imaginary ‘XYZ Congregation’; and
· Appendix B: Accounting for property/non property asset transactions
3. The NSW Synod List of Independent Registered Auditors gives you extra options, should you be looking for a qualified person to complete this important task.
4. A number of new accounts had been added to the UR1 Statements of Receipts and Payments and Assets and Liabilities for the 2007/08 year, commencing from 1 July 2007. You are now required to allocate monies within these new account codes for the 2007/08 year. Detailed descriptions of these new account lines are set out in the Accounting Instructions.
The information collected in this UR1 Return is being used for many purposes; for example, to determine the financial health of our Congregations/Presbyteries, as this is correlated with the NCLS (National Church Life Survey) information we already have. The UR1 Return is also being shared with the staff of the Board of Mission, who are monitoring the impact of the Synod Mission Resource Fund grants on local mission initiatives.
We do greatly value the voluntary work Treasurers do for their Congregation/Presbytery, and we are actively looking at ways to ease the burden. Centralised processing of accounts and production of financial reports is available through our area, and centralised processing of Minister’s stipend payments is available through the Human Resources Services area of Uniting Resources. Participation by Congregations/Presbyteries is voluntary, with a competitive fee being charged for the services.
To send the 2007/08 UR1 Return to us electronically, and/or should you have any queries about it, please do not hesitate to contact Natalie Waters on (02) 8267 4418; nataliew@nsw.uca.org.au, or Susan Brady on (02) 8267 4409; susanb@nsw.uca.org.au. Alternatively, you may submit the UR1 Return to: treasurer@nsw.uca.org.au.
Yours faithfully,
Kegan Kashian
Chief Financial Officer
Uniting Resources – Financial Management Services
