1.2 Own-source Revenue and gains
Own-Source Revenue
2019 $ |
2018 $ |
|
---|---|---|
Member contributions for Group Life Insurance |
217,132 |
216,448 |
Donations received |
31,535 |
9,266 |
Collection on-costs recovered |
- |
902 |
Miscellaneous income |
50 |
267 |
Total Sale of Goods and Rendering of Services |
248,717 |
226,883 |
Accounting Policy Revenue from the sale of goods is recognised when:
The stage of completion of contracts at the reporting date is determined by reference to the proportion that costs incurred to date bear to the estimated total costs of the transaction. Receivables for goods and services, which have 30 days terms, are recognised at the nominal amounts due less any impairment allowance account. Collectability of debts is reviewed as at end of reporting period. Allowances are made when collectability of the debt is no longer probable. Resources Received Free of Charge Resources received free of charge are recognised as revenue when and only when, a fair value can be reliably determined and the services would have been purchased if they had not been donated. Use of those resources is recognised as an expense. Resources received free of charge are recorded as either revenue or gains depending on their nature. Other Types of Revenue A charge is recovered from loan applicants to help defray administrative expenses and to provide growth in the RWTF. These member contributions are recognised as income in the year the loan is made and form part of the outstanding loan amount. Revenue from Group Life Insurance premiums are recognised on an accruals basis. |
---|
2019 $ |
2018 $ |
|
---|---|---|
Member contributions on loans |
538,223 |
530,828 |
Total fees and fines |
538,223 |
530,828 |
Bank interest |
54,505 |
62,946 |
Loan interest (refer Note 6.3) |
1,072,675 |
1,001,593 |
Total interest |
1,127,180 |
1,064,539 |
Accounting Policy Interest revenue is recognised using the effective interest method. |
---|
Visit
https://www.transparency.gov.au/annual-reports/royal-australian-air-force-welfare-trust-fund/reporting-year/2018-2019-58