Australian Film Institute risks regulatory breach after failing to lodge financial statements on time

The Australian Film Institute (AFI), which runs the annual AACTA Awards, has failed to lodge its 2022-23 financial accounts with the regulator on time.

The deadline to lodge its 2022-23 annual financial report and information statement with the Australian Charities and Not-for-profits Commission (ACNC) passed on January 31, 2024.

A spokesperson for the ACNC said it could not comment on specific organisations but charities are sent reminders when their annual information statement is due.

“If they twice fail to submit their annual information statement on two or more occasions, and fail to meet obligations to remain registered, they are advised that they risk having their charity registration revoked,” the ACNC spokesperson said.

“If they fail to submit following several requests, their registration is revoked. When this happens they can apply to re-register once they have lodged all outstanding Annual Information Statement with the ACNC.”

An AFI spokesperson said the AFI is aware of the issue and is currently working with its auditors to ensure that the required reports are submitted as soon as possible.

“The AFI takes its financial reporting obligations very seriously and will organise that lodgement as soon as the audited financial statements are finalised. In the meantime, we are liaising with the ACNC to ensure that our status as a registered charity is not jeopardised.”

The ACNC lists no previous record of enforcement action against the AFI on its website. The AFI is a registered not-for-profit organisation because it supports Australia’s screen culture.

The AFI’s 2021-22 annual report shows it raised more than $4.8 million in revenue and posted a $169,366 loss. The organisation receives significant government funding, including $366,000 from Screen Australia in 2022-23.