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DAISI has a responsibility to manage and mitigate the risk of foreign currency exposures. DAISI is also responsible for accurately reporting all revenue to the ACNC. This includes realised gains on foreign currency transactions. DAISI is also responsible for keeping records of, and conducting all foreign currency exchanges in a proper and legitimate manner that avoids money laundering or the misappropriation of money intended for development activities.
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POLICY
- DAISI will manage and mitigate the potential risk of exposure to foreign currency, by keeping all reserve funds, as much as possible, in Australian held banking institutions.
- DAISI is committed to being completely accountability to the Australian Taxation Office and the Australian Charities Not-for-profit Commission (ACNC) for all money spent and income received both in Australia and overseas.
- Wherever possible electronic transfer of funds is preferable to cash transfer, so as to provide a definite money trail of income and expenses.
- All money transfers overseas are to be accounted for in the financial report to ACNC with invoices and receipts required.
- Realised gains and losses incurred from overseas foreign currency exchange should be accurately reported to the ACNC as income and expenses.
- DAISI money exchange in the South Pacific should be through reputable and office banking institutions.
- The taking of DAISI money to the South Pacific in cash form is strongly discouraged, and is only indicated where there is no access to banks, as might occur arriving in remote parts of the South Pacific, or arriving on weekends or holidays.
- When DAISI money is taken to the South Pacific in cash form it must be done so in a manner compliant with immigration law and declaration policy. Strict written records of amount taken and exact nature and use of money spent should be recorded, and provided to DAISI’s finance officer, with supporting receipts.
