How We Operate
Many Rivers Microfinance Limited (ABN 58 128 486 788) was established in November 2007 as a not-for-profit company limited by guarantee with no tradable securities.
It is regulated by the Australian Securities and Investment Commission (ASIC) and the Corporations Act 2001. It is also a registered charity with the Australian Charities and Not-for-profits Commission under the ACNC Act 2012. Many Rivers is classified as a Public Benevolent Institution and is an endorsed Deductible Gift Recipient and accesses Charitable Tax Concessions.
As a company limited by guarantee, Many Rivers does not have any share capital or shareholders, just members. Any funds raised by Many Rivers cannot be shared amongst members, but only to further the company’s charitable purposes for the benefit of the communities we serve.
You can view Many Rivers’ Australian Charities and Not-For-Profits Commission record by searching at www.acnc.gov.au/charity (Cut & paste search term: Many Rivers Microfinance Ltd)
Governance and Legislation
Many Rivers adheres to the ASX Corporate Governance Principles and Recommendations, even though it is not an entity listed on the Stock Exchange. A Board Governance Charter establishes oversight principles, practices and procedures.
Many Rivers is enrolled as a reporting entity with the Australian Transactions Reports and Analysis Centre (AUSTRAC) and is required to comply with the Anti-Money Laundering and Counter Terrorism Financing Act 2006 and the Anti-Money Laundering and Counter Terrorism Financing Rules Instrument 2007. Our team is trained to understand their obligations to identify, manage and mitigate money laundering and terrorism financing risk. Any suspicious activity will be investigated and reported, as required by law. Many Rivers has its own Constitution. The Board of Directors adopt the principles, procedures and practices from the Board Governance Charter that include mechanisms to deal with real or perceived conflicts of interests and establish the governance oversight relationship between the Board and Management.
Many Rivers has a Conflict of Interests Policy, Code of Conduct, Risk Management Policy and Framework, Whistleblower Policy and Delegation levels, fraud control and corruption prevention strategies along with administrative policies and practices.
Tax Status
Many Rivers Microfinance Limited is a Public Benevolent Institution. This means that it is a non-profit institution organised for the direct relief of poverty, which carries out services for the public benefit. Because of its charitable status, Many Rivers is endorsed to access tax concessions such as exemption from paying income tax and some Fringe Benefits Tax (FBT) relief.
Deductible Gift Recipient (DGR) Status
Many Rivers Microfinance Limited is endorsed as a deductible gift recipient, so any donations made to it will entitle the donor to a tax deduction.
Annual Financial Statements (Audited)
- Many Rivers Microfinance Limited Annual Report 2021/22
- Many Rivers Microfinance Limited Annual Report 2020/21
- Many Rivers Microfinance Limited Annual Report 2019/20
- Many Rivers Microfinance Limited Annual Report 2018/19
- Many Rivers Microfinance Limited Annual Report 2017/18
- Many Rivers Microfinance Limited Annual Report 2016/17
- Many Rivers Microfinance Limited Annual Report 2015/16
- Many Rivers Microfinance Limited Annual Report 2014/15
- Many Rivers Microfinance Limited Annual Report 2013/14
- Many Rivers Microfinance Limited Annual Report 2012/13
- Many Rivers Microfinance Limited Annual Report 2011/12
- Many Rivers Microfinance Limited Annual Report 2010/11
