The Purpose of this Policy
1. This policy is issued by The National Space Flight Foundation Limited (the NSFF) applies to transactions carried out by the NSFF.
2. This policy describes how the NSFF will ensure that its funds are only used for its charitable purpose.
Policy
3. This policy applies to financial transactions, contracts, research projects, strategic plan.
This policy is used by the Executive Committee, CEO (financial transactions), Directors (contracts, strategic plan), Investment Committee (financial transactions)
The Custodians of this policy are the Directors.
Reference Material
This section lists any documents referred to in this policy that specify further requirements or provide guidance. Reference documents should be read in conjunction with this policy.
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ACNC Governance standard 1 – Not For profit and working towards charitable purpose
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ATO requirements
Records
Records provide documentary evidence of compliance with this procedure to interested parties such as Clients and Auditors.
(1) Strategic plan
The Directors shall include a statement in any strategic plan they approve that in their opinion the strategic plan is consistent with the NSFF’s charitable purpose(s).
(2)Financial transactions
The CEO shall in his/her annual report to members confirm that all NSSF’s funds have been used only for the purpose of its charitable purposes.
The Policy
All Directors and Other Responsible Persons of the NSFF shall familiarise themselves with the NSFF’s Charitable Purposes as stated in the Constitution.
When approving any financial transactions, strategic plans, financial plans, contracts, or any other matter that may result in the commitment of funds either immediately or in the future they shall satisfy themselves that the matter being approved is consistent with the NSFF’s charitable purpose(s).4