• publications_03
  • Accountabilities of Catholic schools for government grants

    Catholic education authorities have extensive financial accountabilities to governments for grants. Schools must verify that grants are used for their intended purpose. They must follow processes to enable full disclosure of all school receipts and payments, and school financial statements must be audited each year by an external, qualified party. These are submitted to government.

    In addition, some schools (as well as the CECV) are public companies limited by guarantee, so must meet the extensive governance and financial reporting requirements of the Corporations Act 2001. Grant amounts allocated to individual schools by the CECV are also shown on the MySchool website along with other school information.

    School accountabilities are set to increase further due to new requirements imposed by the Australian Charities and Not-for-profit Commission (ACNC). All Catholic schools in Victoria will soon be required to meet the financial reporting requirements of the Corporations Act 2001. In addition, detailed school finances will soon be disclosed on a public website. These requirements will not apply to government schools.