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President — Financial Obligations

The president is not responsible for keeping the club's financial records — that is the treasurer's role. But the president has three specific financial obligations under the Associations Incorporation Act 1981 (Qld): signing the verification statement for Level 3 clubs, the obligation to ensure the annual return is lodged, and the committee-wide obligation to present financials at the AGM.

Signing the Level 3 verification statement — s.59AB

If your club is Level 3 (revenue under $150,000 AND assets under $300,000), the president or treasurer must personally sign the annual verification statement confirming that:

  • Adequate financial records were kept during the year
  • The financial statements give a true and fair view

This is a joint obligation — either the president or the treasurer can sign. In practice most clubs have the treasurer sign. But if the treasurer is unavailable or vacates the role near year end, the president can and should sign.

What signing means: You are personally affirming the records are adequate. Before you sign, you need to be satisfied this is true — not just rubber-stamp whatever the treasurer hands you. If you have concerns about the records, raise them at committee before signing.

If your club is Level 2 or Level 1: A professional accountant or registered auditor handles the verification or audit. The president does not sign the verification statement at those tiers.

For the full financial tiers table, see Treasurer — Financial Records.

Penalty: Up to 10 penalty units ($1,669) per committee member for failure to meet the s.59AB obligation.

Lodging the annual return — s.59BA

Within 1 month after the AGM, the secretary, president, or treasurer must lodge with the Office of Fair Trading:

  • The signed financial statements
  • The verification statement or audit report
  • The annual return — Form 12
  • The prescribed fee

This obligation is shared among three officers. In practice the treasurer usually coordinates lodging. But if the treasurer fails to act, the president is equally responsible for ensuring it is done.

Penalty: Up to 4 penalty units ($668) for the officer who fails to lodge.

For the full lodging process and OFT contact details, see Treasurer — Annual Obligations.

Presenting financials at the AGM — s.59B

The management committee must ensure that at each AGM the members are presented with:

  • The annual financial statements
  • The verification statement or audit report

These are presented "for adoption" — members vote to accept them as the official record.

The president chairs the AGM (Model Rules r.37(3)(a)). In that role, you will introduce and put the financial statements to the members. The treasurer typically presents the numbers; the president facilitates the vote.

Penalty: Up to 20 penalty units ($3,338) per committee member for a large association; up to 10 penalty units ($1,669) per committee member for small or medium.

Remuneration disclosure — s.70D

Since 1 July 2024, the committee must disclose at each AGM all payments and benefits to committee members, senior staff, and their close relatives. As chair of the AGM, the president typically presents this disclosure to the members.

If nothing was paid: Still declare it — "No remuneration or benefits were provided to any committee member, staff member, or their relatives during the financial year." Record in the AGM minutes.

Penalty: Up to 10 penalty units ($1,669) per committee member.

Sources

  • ← President Legal Duties — the full overview
  • Treasurer — Financial Records — financial tiers, who keeps the records
  • Treasurer — Annual Obligations — lodging detail, OFT contact, ACNC exemption
  • Chairing & Meetings — your role as chair of the AGM