An updated version of the project is at: Description
Since 2002, the Centre and the School of Accountancy have developed a standard Chart of Accounts and data dictionary for small nonprofit organisations that receive government funding. The project aim was to rationalise the acquittal requirements placed on nonprofit organisations by government funders. We found there to be little consistency between departments in the financial treatment and accounting terms used in grant and tender reporting. This created a heavy compliance burden on NPOs when acquitting grants. They often go back to vouchers and manually recalculate the cost of financial transactions when reporting on expenditure in specific programs.
The Chart of Accounts has been developed through extensive consultations with Queensland Treasury, government departments, nonprofit peak bodies, and a wide range of nonprofit organisations. The Chart has been implemented by several Queensland based NPOs and by Queensland Treasury working with all government departments.