Treasurers and committees need clear, practical guidance to manage finances well. This includes understanding how to track income, spending, assets and staffing costs, and how to use budgets and forecasts to plan ahead. Strong financial processes help organisations stay sustainable, meet legal obligations and make informed decisions.
Tracking and forecasting staffing costs—wages, leave, super, training and on-costs—helps avoid surprises, meet legal requirements and plan confidently for future staffing needs.
Treasurers and committees are responsible for maintaining accurate financial records, monitoring budgets and cash flow, and ensuring the organisation understands its financial position throughout the year. Good governance includes clear tracking of income, expenditure and assets, regular budget-to-actual reporting, forward forecasting, and early identification of risks. Committees should actively review financial reports, understand variances, and use financial information to guide planning and decision-making. Maintaining strong internal controls, completing regular bank reconciliations, and keeping well-organised documentation help ensure financial statements are reliable and meaningful. Effective financial oversight not only supports legal compliance but also strengthens organisational transparency, credibility, and long-term sustainability.
Annual financial reports
Profit and Loss (income and expenditure) - Shows all income received and expenses paid for the year, resulting in a surplus or deficit.
Balance Sheet - reports what the organisation owns (assets), owes (liabilities) and the net asset position at year-end.
Statement of Cash flow - tracks how cash moved in and out across operations, investing and financing. (Smaller toy libraries may not do this formally, but it is very useful for cash planning.)
Notes to the Financial Statements - explains accounting policies and provides additional detail (e.g. breakdown of grants, liabilities, commitments).
Annual treasurer’s reports/financial overview - a plain-English explanation of the years’ financial performance, key changes and any risks.
Asset register
An asset register helps a toy library keep track of all toys and equipment, plan for repairs and replacements, meet insurance and grant requirements, and prevent loss or duplication. It supports good governance, accurate reporting, and smarter financial decision-making
Staff costs tracking and forecasting
Effective tracking and forecasting of all staffing components - wages, leave, superannuation, training and on-costs - helps committees understand the true cost of employing staff, avoid cash flow surprises, plan sustainably and meet legal obligations. When hiring under the employers must pay the correct wage for the employee’s classification and employment type, apply superannuation, maintain workers compensation insurance, and pay any required Portable Long Service Leave levy. Toy Libraries Australia has been previously advised by Fair Work Ombudsman that the correct award for toy librarians is the Social, Community, Home Care and Disability Services Industry Award (MA000100). You may like to use the Fair Work Ombudsman - Pay and Conditions Tool to help determine the correct wages. In addtion we have also created a salary calculator to help you factor in all the necessary costs to consider.
For toy libraries, it’s important to understand that not-for-profit status does not remove the obligation to pay superannuation for eligible workers. You must pay the Super Guarantee (SG) for all employees—and some contractors—at the current rate of 12% (1 July 2025 and onwards) of their ordinary earnings. Volunteers are not entitled to super, but anyone in a paid role must receive it. Ensuring correct super payments supports compliance and fair employment practices. To stay up to date with requirements, visit ATO’s Super Guarantee guidance for not-for-profits. Currently super guarantee payments are due every quarter. But from 1 July 2026 Pay-Day Super will come into effect in Australia.
Workers’ compensation is insurance employers must have in each state or territory to cover employees if they are injured at work or become sick because of their job. It can pay for lost wages, medical costs and rehabilitation. Each state has its own regulator for advice and claims. For further information visit Workers Compensation (Fair Work).
Further Learning
Toy Libraries Australia produced content
Finance- Budgeting, Buffers & Financial Smarts (recorded November 2025, approx 30 minutes)
Employing staff - Basics (recorded July 2025, approx 45 minutes)
Employing staff - Advanced (more than the basics) (recorded July 2025, approx 45 minutes)
Updated:
3 Mar 2026