Tuesday, 16 April 2024
    Charities with rising incomes and expenses
    26
    Jul
    Charity

    Charities with rising incomes and expenses

    The latest Australian Charities Report shows a major rise in total sector revenue and expenses, FP Magazine reports. The eighth edition of the report uses the Annual Information Statements of more than 49,000 charities from the 2020 reporting period and is published by the Australian Charities and Not-for-profits Commission (ACNC).

    It tells us that Australia’s charity sector was in a robust position as our country headed into a catastrophic season of bushfires and a pandemic of unimaginable magnitude. What resulted was both an outpouring of support and a steep increase in costs.

    “Pleasingly, the… Australian Charities Report shows that we have a resilient charity sector. It is hugely important economically and employed more than 10 per cent of Australia’s workforce in the 2020 reporting period. Enormous public support for charities is clear, with donations increasing to $12.7 billion,” says Gary Johns, the Australian Charities and Not-for-profits Commissioner.

    The increase in revenue came predominately from government sources, followed by contributions from donations and bequests – including gifts in response to the 2019/20 bushfires.

    With many charities eligible for government support measures in response to the COVID-19 pandemic, revenue from government increased to $88.8 billion for the sector in the 2020 reporting period, accounting for 50.4% of total revenue. This is an increase of $10.7 billion on 2019.

    Not only was there an increase in the amount of revenue from government, there was also an increase in the proportion of charities that reported receiving this type of funding. The 2019 reporting period saw 37% of charities reporting revenue from government – this rose to 47% in the 2020 period.

    Donations to charities also increased in the 2020 reporting period, rising 8% to $12.7 billion.

    FULL STORY

    The 8th Australian Charities Report and a story of rising income and expenses (FP Magazine)

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