Surf Life Saving Queensland
26 March 2018
The business issue
Surf Life Saving Queensland (SLSQ) has been around for 100 years. Its primary purpose is being charitable, and supporting their vast network of volunteers and the community at large through service delivery, safety awareness, first aid training and education. Seeking new income streams and cost management are critical to the financial sustainability of SLSQ.
The changing nature of the not-for-profit sector demands vigilance in compliance, risk and financial management as well as been able to directly compete for limited resources in funding via government, sponsorship and donations in an increasingly competitive market.
SLSQ needed a partner with resources, expertise and commercial experiences of a large consultancy organisation to complement the organisation’s needs.
SLSQ chose to partner with BDO based on a strong reputation in the Not-For-Profit sector. Known for our local expertise, exceptional client service, and active client engagement, they knew it was a good match.
Our relationship with SLSQ is driven by the business needs to have reform across different areas such as consolidation of controlled entities, changing to General Purpose Financial Reporting and Fixed Asset Register management. The diversity of SLSQ means that there are both challenges and opportunities, and BDO ensure they work effectively to understand the intricacies of this environment.
BDO works with John and the team at SLSQ to understand their business in order to achieve these key deliverables. BDO have assisted SLSQ and provided expertise and support across a range of areas, in compliance and reporting to business advisory. This, combined with the high level of collaboration with various stakeholders, produced a high quality final report with positive outcomes subsequently actioned post engagement. The diversity of SLSQ means that there are both challenges and opportunities, and BDO ensure they work effectively to understand the intricacies of this environment.
“BDO have been terrific for us from day one. They were able to understand our business in a very short amount of time, and understand the key deliverables. Additionally, they provide an exemplary level of customer service, and are always available to assist throughout the year.”
John Brennan OAM, CEO, Surf Life Saving Queensland
Accounting standards training
These online materials include guidance and examples to demonstrate how the principles in AASB 1058 Income of Not-for-Profit Entities and AASB 15 Revenue from Contracts with Customers apply to NFPs in practice.