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Evidence Guide: FNSPRT508 - Administer a charitable trust

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

FNSPRT508 - Administer a charitable trust

What evidence can you provide to prove your understanding of each of the following citeria?

Create charitable trust file

  1. Identify type of charitable trust and the trust parameters from the trust instrument
  2. Identify relevant legislation and regulators in the charitable trust area
  3. Research and identify the specific rules and tax status that applies to various charitable entities
  4. Arrange specialist services and other resources to assist with management of complex issues as required
  5. Create charitable trust file according to legislative and organisational requirements
Identify type of charitable trust and the trust parameters from the trust instrument

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify relevant legislation and regulators in the charitable trust area

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Research and identify the specific rules and tax status that applies to various charitable entities

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Arrange specialist services and other resources to assist with management of complex issues as required

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Create charitable trust file according to legislative and organisational requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish and administer charitable trust

  1. Establish and prepare appropriate tools, practices and procedures to manage a charitable trust and to promote the charitable purpose stipulated in the trust instrument
  2. Review grant applications and respond to all applicants in accordance with organisational requirements
  3. Distribute trust funding to eligible beneficiaries and grant funding to successful applicants
  4. Prepare and submit information statements and financial reports as required by relevant regulatory agencies
Establish and prepare appropriate tools, practices and procedures to manage a charitable trust and to promote the charitable purpose stipulated in the trust instrument

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review grant applications and respond to all applicants in accordance with organisational requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Distribute trust funding to eligible beneficiaries and grant funding to successful applicants

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare and submit information statements and financial reports as required by relevant regulatory agencies

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Provide for ongoing management and administration of charitable trust

  1. 3.1 Invest charitable trust assets in accordance with the trust instrument and the trustee's legal investment obligations
  2. 3.2 Review the performance of the charitable trust's assets periodically to ensure suitability from a legal, taxation and long-term perspective
  3. Prepare and lodge a trustee tax return where required seeking assistance from specialists as necessary
  4. Manage the succession of a charitable trust where necessary
3.1 Invest charitable trust assets in accordance with the trust instrument and the trustee's legal investment obligations

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

3.2 Review the performance of the charitable trust's assets periodically to ensure suitability from a legal, taxation and long-term perspective

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Prepare and lodge a trustee tax return where required seeking assistance from specialists as necessary

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Manage the succession of a charitable trust where necessary

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Create charitable trust file

1.1 Identify type of charitable trust and the trust parameters from the trust instrument

1.2 Identify relevant legislation and regulators in the charitable trust area

1.3 Research and identify the specific rules and tax status that applies to various charitable entities

1.4 Arrange specialist services and other resources to assist with management of complex issues as required

1.5 Create charitable trust file according to legislative and organisational requirements

2. Establish and administer charitable trust

2.1 Establish and prepare appropriate tools, practices and procedures to manage a charitable trust and to promote the charitable purpose stipulated in the trust instrument

2.2 Review grant applications and respond to all applicants in accordance with organisational requirements

2.3 Distribute trust funding to eligible beneficiaries and grant funding to successful applicants

2.4 Prepare and submit information statements and financial reports as required by relevant regulatory agencies

3. Provide for ongoing management and administration of charitable trust

3.1 Invest charitable trust assets in accordance with the trust instrument and the trustee's legal investment obligations

3.2 Review the performance of the charitable trust's assets periodically to ensure suitability from a legal, taxation and long-term perspective

3.3 Prepare and lodge a trustee tax return where required seeking assistance from specialists as necessary

3.4 Manage the succession of a charitable trust where necessary

Required Skills and Knowledge

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Create charitable trust file

1.1 Identify type of charitable trust and the trust parameters from the trust instrument

1.2 Identify relevant legislation and regulators in the charitable trust area

1.3 Research and identify the specific rules and tax status that applies to various charitable entities

1.4 Arrange specialist services and other resources to assist with management of complex issues as required

1.5 Create charitable trust file according to legislative and organisational requirements

2. Establish and administer charitable trust

2.1 Establish and prepare appropriate tools, practices and procedures to manage a charitable trust and to promote the charitable purpose stipulated in the trust instrument

2.2 Review grant applications and respond to all applicants in accordance with organisational requirements

2.3 Distribute trust funding to eligible beneficiaries and grant funding to successful applicants

2.4 Prepare and submit information statements and financial reports as required by relevant regulatory agencies

3. Provide for ongoing management and administration of charitable trust

3.1 Invest charitable trust assets in accordance with the trust instrument and the trustee's legal investment obligations

3.2 Review the performance of the charitable trust's assets periodically to ensure suitability from a legal, taxation and long-term perspective

3.3 Prepare and lodge a trustee tax return where required seeking assistance from specialists as necessary

3.4 Manage the succession of a charitable trust where necessary

Evidence of the ability to:

establish and administer a charitable trust that complies with legislative and organisational requirements

prepare and interpret complex financial statements

monitor and assess the appropriateness of the trust's assets in meeting grant requirements

create an annual information statement (AIS) for the Australian Charities and Not-for-profits Commission (ACNC).

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

To complete the unit requirements safely and effectively, the individual must:

describe the key requirements of legislation and regulators that govern charitable trusts including:

definition of charity under the Charities Act

Australian Charities and Not-for-profits Commission Act

Charities Act

Tax Administration Act

Income Tax Assessment Act

describe the regulators that govern charitable trusts including:

Australian Taxation Office

state and territory Attorneys-General

describe own role, responsibilities and limitations in relation to providing financial advice

outline the general features and key regulatory requirements of:

charitable funds and charitable institutions

deductable gift recipients (DGRs)

charitable will trusts and inter vivos trusts

private ancillary funds

public ancillary funds

charitable tax status

grant making programs

cy pres applications

describe organisational policies and procedures regarding the establishment, administration and review of charitable trusts including the grant consideration

outline the professional code of conduct, where applicable, in the personal trustee sector

identify the role of, and how and when to contact, internal or external specialists relating to the personal trustee sector

outline the products and services offered by personal trustee organisations and the fees and charges that apply

discuss the liabilities and penalties for non-compliance by trustees.