Release 

Comments 

Release 1

This version first released with BSB Business Services Training Package Version 1.0.

ELEMENT 

PERFORMANCE CRITERIA 

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1 Establish a financial management structure

1.1 Establish a structure to undertake regular financial management responsibilities on behalf of the board

1.2 Document respective responsibilities of the board and management

1.3 Determine financial information required by the board from management

1.4 Seek advice on suitable financial management systems for the organisation

1.5 Identify relevant statutory requirements

2 Establish financial management processes and systems

2.1 Ensure appropriate policies and procedures are in place to open and operate necessary bank accounts

2.2 Identify approved signatories for bank accounts

2.3 Ensure authority and delegation between the board and management for management of finances are documented

2.4 Ensure statutory requirements on financial management are followed

2.5 Ensure duties of finance staff are documented

2.6 Ensure accepted procedures for receiving and expending funds are established and maintained by management

2.7 Ensure accepted systems for financial reporting are established and maintained

3 Sign contracts on behalf of the organisation

3.1 Ensure procedures for developing and documenting contracts are developed and followed

3.2 Identify people authorised to sign contracts on behalf of the organisation

3.3 Check proposed contractual arrangements are realistic for the organisation and in the organisation’s and community’s best interests

3.4 Ensure contracts are signed according to organisational policies and procedures

4 Follow finance procedures specified by funding bodies

4.1 Seek variations to financial agreements from relevant funding bodies if required

4.2 Identify and follow purchasing and disposal procedures specified by funding bodies

4.3 Check requirements for finance documentation specified by funding bodies are met

5 Advise the community of the financial situation of the organisation

5.1 Identify type and content of financial information that can be made publicly available

5.2 Ensure financial information is made available to members as specified in the constitution

5.3 Present financial information at meetings in a clear and simple manner

6 Meet reporting requirements of relevant corporate authorities and funding bodies

6.1 Identify reporting requirements by relevant corporate authorities and funding bodies

6.2 Establish timelines to ensure financial statements are completed within timeframe required by relevant corporate authorities and funding bodies

6.3 Ensure auditor is appointed at annual general meeting

6.4 Review and evaluate financial statements to ensure they meet requirements

6.5 Check financial reports are submitted to relevant corporate authorities and funding bodies within required timeframe

Skill 

Performance 

Criteria 

Description 

Reading

1.5, 2.2, 2.4, 2.6, 2.7, 3.1, 3.3, 3.4, 4.2, 4.3, 5.1, 5.2, 6.1, 6.4, 6.5

• Gathers, interprets and analyses textual information from a range of sources and identifies relevant and key information

Writing

1.1-1.4, 2.1, 2.3, 2.5-2.7, 3.1, 4.1, 4.2, 5.3, 6.1-6.3

• Develops and documents strategies ensuring vocabulary, grammatical structures and conventions are appropriate for target audience

Oral Communication

1.3, 1.4, 4.1, 5.3, 6.3

• Participates in verbal exchanges using clear language, suitable syntax and tone to address and disseminate information to a variety of individuals
• Uses active listening and questioning to convey and clarify information

Numeracy

2.4, 4.1, 4.2, 4.3, 5.3, 6.2, 6.4

• Makes calculations to interpret financial reports, schedule and schedule activities
• Uses problem-solving strategies to manage organisational finances

Navigate the world of work

1.5, 2.6, 3.4, 6.1, 6.2

• Keeps up-to-date with legislation or regulations relevant to own rights and responsibilities and considers implications of these when planning and undertaking work
• Monitors adherence to organisational policies and procedures and considers own role in terms of its contribution to broader goals of work environment

Interact with others

1.3, 1.4, 4.1, 5.2, 5.3, 6.3

• Selects appropriate form, channel and mode of communication for a specific purpose relevant to own role
• Collaborates with others to achieve joint outcomes, playing an active role in facilitating effective group interaction

Get the work done

1.1, 1.3, 2.1, 2.2, 3.2, 3.3, 4.3, 5.1, 6.2, 6.5

• Develops plans to manage relatively complex tasks according to a pre-determined schedule, with an awareness of how they may contribute to longer-term operational goals
• Considers whether and how others should be involved, often using consultative or collaborative processes as an integral part of decision-making
• When dealing with complex issues, may use intuition to identify the general problem, switching to analytical process to clarify goals and key issues and using lateral thinking processes to generate possible solutions

Code and title  

current version 

Code and title 

previous version 

Comments 

Equivalence status 

BSBATSIM505 Control organisational finances

BSBATSIM505C Control organisational finances

Updated to meet Standards for Training Packages

Equivalent unit

Release 

Comments 

Release 1

This version first released with BSB Business Services Training Package Version 1.0.