AOIP Financial Reporting Overview

The financial information section of the Arts Organisations Investment Program includes the Financial Information Summary, Profit and Loss, and Balance Sheet pages.

At the application stage all organisations are required to complete financial estimates for the first year of funding in the financial information section.

At the contracting stage you will be required to complete online financial reporting for each year of the funding agreement.

The financial items and definitions in the Profit and Loss and the Balance Sheet have been closely aligned to those of Creative Australia.

Before you can proceed to open and update the Profit and Loss and Balance Sheet pages you must select and save the Financial Reporting Cycle and the Amount Requested (per annum) in the Reporting Cycle and Funding Request section.

Select the reporting period according to your organisations financial reporting cycle, then enter your organisation’s funding request for the first year of funding only. If successful, the funding agreement will outline the funding allocated for each year of the fixed term agreement.

Select Calendar year to indicate a financial reporting cycle commencing on 1 January and ending on 31 December, with your audited financial accounts and Annual Report completed by the following April.

Select Financial year if your organisation’s reporting cycle commences on 1 July and ends on 30 June, with your audited financial accounts and Annual Report completed by the following October.

The Profit and Loss page represents the Statement of Profit or Loss and Other Comprehensive Income.

Click on the Update Profit and Loss button on the Financial Information Summary page to commence entering your organisation’s income and expenditure.

The Balance Sheet page represent the Statement of Financial Position.

Click on the Update Balance Sheet button on the Financial Information Summary page to commence entering your organisation’s assets, liabilities and equity.

As you enter and save details in the Profit and Loss and Balance Sheet the summary page will update with the key financial totals such as the estimated surplus/deficit.

You can use the Additional Notes field to include information relevant to the overall financial summary.

It is important that you refer to the financial definitions, accessed via the Profit and Loss and Balance Sheet pages, when entering your financial figures.

If you require further advice or assistance with the financial definitions please contact the culture and the arts project officers.

Ensure the details you enter are saved by using the Save buttons on each page. Do not use the main browser ‘back’ or ‘forward’ buttons to move between pages. It is recommended that you save the details entered every 10 to 15 minutes to ensure your data is not lost through system timeout or internet connection issues.

Contact Online Grant Support if you require further assistance.