Log In

Reset Password

Survey aims to make charities file financial accounts on time

After a call for review of Island charities, the Centre on Philanthropy has put together a survey to make charities more aware of submitting financial accounts.

In July of last year it was revealed in the House of Assembly that at least 106 charities were a year behind filing their financial accounts. Charities are regulated to submit accounts within six months of their fiscal year or risk losing their status as a registered charity.

Financial accounts that are submitted by charities have also been made available to the public after an amendment to the Charity Act of 1978.

In November 2002 along with the Urban Institute in Washington, D.C. the Centre on Philanthropy found that charities were not well defined in Bermuda and that there was a need for information partly because charities did not submit information to the Registrar General.

"When we went to compile the information and put together the report there were only 206 charities from which we could get usable information from and some of it was even dated back to 1999. That was really stretching it a bit," said Cummings Zuill, Charities Commissioner and Centre on Philanthropy chairman.

The Centre on Philanthropy has now put together an extensive questionnaire and they are hoping to involve all Bermuda charities so the information can then be analysed again by the Urban Institute.

While finding out more information about the charities currently registered in Bermuda, the Centre on Philanthropy also hopes to get more charities involved in producing their financial accounts for the good of the public as well as the charity.

"There is a lack of awareness that charities even have to give these accounts and some of the charities are quite small but they should still report their financial information.

"Donors and volunteers want to know how successful a charity is or what their mission is because if you give money you want to be comfortable with how it's being spent and how a charity is using your money," said Mr. Zuill.

Survey 2003 information can be found at the Centre on Philanthropy website at www.charity.bm and Mr. Zuill said the research should be compiled by the beginning of next year. The survey intends to benefit charities as well as the community. Charities will benefit from better communication of their programmes, intended beneficiaries and the needs they meet, he said.

"One of the intended outcomes of the survey is that we're hoping to be able to make some kind of standard financial reporting for charities. We want to make sure they're doing what they said they were doing and are being accountable for the money that is coming in and money that is going out."

And Mr. Zuill said it seemed the Registry General has been somewhat successful because charity accounts were coming in.

"The assistant registrar has been able to get on top of things with sending out notices to charities so they are aware of when and why they need to file their accounts we also hope this survey will create awareness as well."