The Victoria Street Business Association Inc. (VSBA) is committed to managing its financial affairs in a responsible and transparent manner. This policy outlines the guidelines and procedures that VSBA follows to ensure responsible financial management.

Responsible Persons

Responsible Persons are individuals who have been appointed by the VSBA Board of Directors to oversee the financial affairs of the organization. These individuals are responsible for ensuring that all financial decisions and transactions comply with the policies and procedures outlined in this document.

Financial Planning

At VSBA, we believe in creating a sound financial plan to guide our operations and ensure long-term sustainability. This includes setting annual budgets, projecting income and expenses, and regularly reviewing and updating our financial goals.

Financial Controls

To prevent fraud and ensure accuracy in our financial reporting, VSBA has implemented various controls. These controls include segregation of duties, regular audits, and strict adherence to the organisation's financial policies and procedures.

Record Keeping

VSBA maintains accurate and complete records of all financial transactions. This includes maintaining up-to-date accounting records, receipts for all expenditures, and documentation of all income received. These records are kept for a minimum of seven years and are available for review by the Board of Directors or authorised auditors.

Transparency

As a community organisation, VSBA believes in being transparent about our financial management. We provide regular financial reports to our members and stakeholders, outlining our budget, expenses, and any significant financial decisions made.

Compliance

VSBA is committed to complying with all relevant laws and regulations related to financial management. This includes but is not limited to tax laws, reporting requirements, and ethical standards.

Training and Development

To ensure that our Responsible Persons have the necessary knowledge and skills to manage VSBA's financial affairs responsibly, we provide regular training and development opportunities. This may include workshops, seminars, and other educational resources.

Review and Amendment

This policy will be reviewed annually by the VSBA Board of Directors and may be amended as needed to reflect changes in laws or regulations, organisational needs, or best practices in financial management. Any amendments will be communicated to all Responsible Persons and made available to members upon request.

Victoria Street Business Association Inc. Conflict of Interest Policy

Introduction

At Victoria Street Business Association Inc., we are committed to maintaining high standards of integrity and ethical behaviour in all aspects of our operations. As such, it is imperative that any conflicts of interest that may arise within our Australian operations are identified and appropriately managed.

This document outlines the policy for managing conflicts of interest at Victoria Street Business Association Inc.

Definition of Conflict of Interest

A conflict of interest can arise when an individual's personal or financial interests interfere with their ability to carry out their responsibilities objectively and impartially. This includes any situation where there may be a real, potential, or perceived conflict between an individual's personal interests and the interests of the organisation.

Identifying Conflicts of Interest

At Victoria Street Business Association Inc., we strive to maintain transparency and open communication between all stakeholders. All individuals involved in our operations, including employees, board members, volunteers, and contractors, are required to disclose any potential conflicts of interest as soon as they become aware of them.

Managing Conflicts of Interest

Once a conflict of interest has been identified, it must be managed in a timely and transparent manner. This may include:

Refusal: In situations where a conflict of interest cannot be avoided, the individual with the conflict must remove themselves from decision-making processes related to the matter.

Disclosure: Any individuals with a conflict of interest must disclose it to relevant parties, including their supervisor or the Board of Directors.

Mitigation: In certain cases, measures may be taken to mitigate the impact of a conflict of interest. This could include appointing an independent third party to oversee the decision-making process.

Consequences of Non-Compliance

Failure to comply with this policy may result in disciplinary action, up to and including termination of employment or contract. Individuals who knowingly fail to disclose a conflict of interest may also be subject to legal action.

Policy Review

This policy will be reviewed on a regular basis to ensure its effectiveness and relevance. Any necessary updates or revisions will be made in consultation with all stakeholders.

Conclusion

At Victoria Street Business Association Inc., we are committed to promoting ethical behaviour and avoiding conflicts of interest in our operations. This policy serves as a guide for all individuals involved in our organisation to ensure transparency and maintain the trust of our stakeholders. By adhering to this policy, we can continue to uphold our reputation as an ethical and responsible business association.