Creative Australia invests in artists, creative workers and, arts and cultural organisations to foster effective governance that reflects the needs, aspirations and diversity of our communities. Through training, mentorships, networks and dialogue we support skills development, supportive networks and better practice governance.
Use our new Governance Hub to find resources, support and opportunities to help you and your organisation create and sustain effective, meaningful governance practices. Here you can find arts and cultural sector specific guides, templates, case studies and conversations, or explore more in Additional resources and Support.
Board Financial Fluency
In collaboration with professional board director, Carole Campbell FAICD, Board Financial Fluency is a 10-part video series designed as an entry-level learning resource for new or seasoned board members of arts and cultural organisations who are looking to upskill their financial literacy capability.
Board Financial Fluency: 1. Introduction to board financial management
The series covers the financial roles and responsibilities of board members; understanding the 3 key financial statements; how to review financial statements; internal reporting and budgeting, external reporting obligations, audit and risk committees; and insolvency.
Download Creative Arts Limited's example financial statements
Board Financial Fluency: 1. Introduction to board financial management
In video 1 of Board Financial Fluency, we introduce the 10-part series and outline the board’s role in financial management. This video explains the responsibilities of directors in overseeing financial stewardship, compliance and solvency, and sets up the key topics covered across the series.
An Auslan interpreted version of this video can be found here.
Written and hosted by: Carole Campbell FAICD
Produced by: Creative Australia
Artwork credit: Tim Payungu Tjapangati, Untitled (Papunya Painting), n.d., synthetic polymer paint on canvas. © estate of the artist licensed by Aboriginal Arts Agency Limited.
Board Financial Fluency: 1. Introduction to board financial management
Board Financial Fluency: 2. Introduction to financial reporting
In video 2 of Board Financial Fluency, we introduce the fundamentals of financial reporting for board directors. This video explains the difference between financial statements and management accounts, outlines the three primary financial statements, and introduces accrual accounting as a core concept for interpreting financial information.
An Auslan interpreted version of this video can be found here.
Written and hosted by: Carole Campbell FAICD
Produced by: Creative Australia
Artwork credit: Tim Payungu Tjapangati, Untitled (Papunya Painting), n.d., synthetic polymer paint on canvas. © estate of the artist licensed by Aboriginal Arts Agency Limited.
Board Financial Fluency: 2. Introduction to financial reporting
Board Financial Fluency: 3. Understanding the income statement
In video 3 of Board Financial Fluency, we focus on the income statement and what it reveals about an organisation’s financial performance. This video explains revenue, expenses and surplus or deficit, explores how accrual accounting affects what is reported, and highlights the questions directors should ask when reviewing an income statement.
An Auslan interpreted version of this video can be found here.
Written and hosted by: Carole Campbell FAICD
Produced by: Creative Australia
Artwork credit: Tim Payungu Tjapangati, Untitled (Papunya Painting), n.d., synthetic polymer paint on canvas. © estate of the artist licensed by Aboriginal Arts Agency Limited.
Board Financial Fluency: 3. Understanding the income statement
Board Financial Fluency: 4. Understanding the balance sheet
In video 4 of Board Financial Fluency, we explore the balance sheet as a snapshot of an organisation’s financial position. This video explains assets, liabilities and equity, introduces the accounting equation, and outlines the key questions directors should consider when assessing what the balance sheet says about financial stability and reserves.
An Auslan interpreted version of this video can be found here.
Written and hosted by: Carole Campbell FAICD
Produced by: Creative Australia
Artwork credit: Tim Payungu Tjapangati, Untitled (Papunya Painting), n.d., synthetic polymer paint on canvas. © estate of the artist licensed by Aboriginal Arts Agency Limited.
Board Financial Fluency: 4. Understanding the balance sheet
Board Financial Fluency: 5. Understanding the cash flow statement
In video 5 of Board Financial Fluency, we examine the cash flow statement and why it is essential for understanding solvency. This video explains operating, investing and financing cash flows, shows how cash flow differs from surplus or deficit, and highlights what directors should look for when assessing whether an organisation can meet its obligations.
An Auslan interpreted version of this video can be found here.
Written and hosted by: Carole Campbell FAICD
Produced by: Creative Australia
Artwork credit: Tim Payungu Tjapangati, Untitled (Papunya Painting), n.d., synthetic polymer paint on canvas. © estate of the artist licensed by Aboriginal Arts Agency Limited.
Board Financial Fluency: 5. Understanding the cash flow statement
Board Financial Fluency: 6. Reviewing financial statements
In video 6 of Board Financial Fluency, we bring the three primary financial statements together and show how to review them as a whole. This video explains how the statements connect, offers a step-by-step approach to interpreting financial performance and position, and introduces useful ratios and benchmarks to support board oversight.
An Auslan interpreted version of this video can be found here.
Written and hosted by: Carole Campbell FAICD
Produced by: Creative Australia
Artwork credit: Tim Payungu Tjapangati, Untitled (Papunya Painting), n.d., synthetic polymer paint on canvas. © estate of the artist licensed by Aboriginal Arts Agency Limited.
Board Financial Fluency: 6. Reviewing financial statements
Board Financial Fluency: 7. Internal financial reporting to the board
In video 7 of Board Financial Fluency, we focus on the financial information boards should receive from management throughout the year. This video outlines best practice in board reporting, explains what management accounts should include, and highlights the board’s role in reviewing budgets, forecasts and financial risks.
An Auslan interpreted version of this video can be found here.
Written and hosted by: Carole Campbell FAICD
Produced by: Creative Australia
Artwork credit: Tim Payungu Tjapangati, Untitled (Papunya Painting), n.d., synthetic polymer paint on canvas. © estate of the artist licensed by Aboriginal Arts Agency Limited.
Board Financial Fluency: 7. Internal financial reporting to the board
Board Financial Fluency: 8. External reporting obligations
In video 8 of Board Financial Fluency, we explain the external financial reporting obligations arts organisations may have. This video covers annual reporting to the ACNC, the responsible persons’ declaration, key questions directors should ask before approving financial reports, and the purpose and types of external audit opinions.
An Auslan interpreted version of this video can be found here.
Written and hosted by: Carole Campbell FAICD
Produced by: Creative Australia
Artwork credit: Tim Payungu Tjapangati, Untitled (Papunya Painting), n.d., synthetic polymer paint on canvas. © estate of the artist licensed by Aboriginal Arts Agency Limited.
Board Financial Fluency: 8. External reporting obligations
Board Financial Fluency: 9. Audit and risk committees
In video 9 of Board Financial Fluency, we look at how audit and risk committees support board oversight. This video explains the purpose and composition of these committees, their relationship with the full board, and their role in overseeing financial reporting, external audit, risk management and internal controls.
An Auslan interpreted version of this video can be found here.
Written and hosted by: Carole Campbell FAICD
Produced by: Creative Australia
Artwork credit: Tim Payungu Tjapangati, Untitled (Papunya Painting), n.d., synthetic polymer paint on canvas. © estate of the artist licensed by Aboriginal Arts Agency Limited.
Board Financial Fluency: 9. Audit and risk committees
Board Financial Fluency: 10. Understanding insolvency
In video 10 of Board Financial Fluency, we examine insolvency and the responsibilities directors have to prevent insolvent trading. This video explains what insolvency means, outlines the potential consequences for directors, and identifies common warning signs that may indicate an organisation is under financial stress and needs urgent professional advice.
An Auslan interpreted version of this video can be found here.
Written and hosted by: Carole Campbell FAICD
Produced by: Creative Australia
Artwork credit: Tim Payungu Tjapangati, Untitled (Papunya Painting), n.d., synthetic polymer paint on canvas. © estate of the artist licensed by Aboriginal Arts Agency Limited.
Board Financial Fluency: 10. Understanding insolvency
Reports and additional resources
Reports, research and resources
Explore our research on governance in arts and cultural organisations, along with guidance for best practice. Some of these documents include references to Australia Council for the Arts, now renamed Creative Australia.
- Governance Essentials for Arts Organisations (2021). This guide includes principles and best practice guidelines to support boards and board members of all arts organisations.
- Towards Equity: a research overview of diversity in Australia’s arts and cultural sector – Creative Australia. Published in 2021, this report brings together published and unpublished data and research on representation within the arts and cultural sector in Australia.
- Institute of Community Directors Australia (ICDA) NFP Governance Survey ICDA Spotlight Report: Arts and Culture Governance (2020). Conducted in partnership with the Institute of Community Directors (ICDA) and Our Community, this report provides a snapshot of governance in the arts and culture industry and offers suggestions for benchmarking drawn from the broader not-for-profit sector.
Additional resources and support
- Australian Institute for Company Directors
- Arts Law Centre of Australia
- Governance Institute of Australia
- Creative Workplaces resources
- Australian Indigenous Governance Institute
- Institute of Community Directors Australia
- Not-for-profit Law
- Cultural Governance Alliance (UK based)
- Australian Charities and Not-for-profits commission
Downloads
Guides
In consultation with the sector we have developed a series of guides to developing policies that support effective, efficient and inclusive governance practices. Click the headings to download each guide (PDF file).
Developing Governance Policies and Procedures
Board Recruitment and Induction
Using the Board Skills and Diversity Matrix Template
Developing a Board Review and Evaluation Policy
Board and Organisation Succession Planning
Developing a Cyber and Data Security Policy
Templates
Template policies provide a starting point for adapting policies to your own unique context. Click the headings to view each template (Word or Excel files).
Skills and Diversity Matrix template
Cyber and data security policy
Ethical decision-making policy
Handover checklist for outgoing CEO
Case studies
Explore real world examples of how arts and cultural organisations are supporting diversity, succession planning and fit-for-purpose governance models in practice.
Engaging Young People in Governance at Corrugated Iron Youth ArtsCorrugated Iron has a robust long-standing model for integrating the invaluable contributions of young community members into its governance practices. |
Beyond diversity demographics at Outer Urban ProjectsOuter Urban Projects journey to address diversity within its governance model reflects a thoughtful, proactive and responsive strategy. |
Intersectional diversity in governance at 4A Centre for Contemporary Asian ArtFor 4A, diversity is business-as-usual, with a mission that champions the practices of Asian artists and elevates cross-cultural dialogues between Australia and Asia. |
First Nations Governance at Magabala BooksMagabala Books’ approach to governance emphasises First Nations control, transparency and consensus decision-making. |
Looking to the Future – Succession Planning at Restless Dance TheatreRestless recently undertook an internal assessment and transformation process, including succession planning which they refer to as ‘human resource planning’. |
Navigating and welcoming new leadership at Australian Dance TheatreADT recently underwent a transformative process, including significant changes in its board and artistic leadership. |
Setting the Groundwork: AMaGA’s Approach to Succession PlanningAMaGA’s National Council (the equivalent of AMaGA’s board) recently experienced significant generational change in the governance of the organisation. |
Governance conversations
In collaboration with Diversity Arts Australia, we presented six conversations about critical issues in governance from August 2023 to March 2024.
Governance Conversations: Doing it Differently: Fit-for-purpose governance models
Leadership and mentoring opportunities
Capability development
Capability development
Mastery of Systems Leadership Scholarship
Capability development
Capability development
