To help local businesses thrive and be more effective, Auckland businesses can draw on the support of various business associations and organisations. The Hōtaka ā-Rohe Whakapiki Pakihi or Business Improvement District (BID) Programme is run by Auckland Council. It is designed to support economic development, enhance security and advocate for the interests of Auckland businesses.
The work that Auckland BIDs do to help Auckland businesses
With over 60 BIDs located across the region, these groups advocate and provide a platform for Auckland businesses to grow their networks. They act as a bridge between businesses, government bodies, and the community, fostering collaboration and providing essential support resources. Along with the funding received from Council, BIDs may also receive additional funding for special programmes they run, membership fees, sponsorship fees, services in kind and donations.
An example of some of the recent works undertaken by Auckland BIDs is the installation of CCTV cameras across the city to improve security. This helps local businesses to reduce the risks associated with crime.
Financial reporting requirements for BIDs
In terms of financial reporting frameworks, most BIDs have adopted Public Benefit Entity standards. These standards include the requirement to prepare a Statement of Service Performance report. This is a reporting requirement that uses qualitative and quantitative data to outline all the good works performed over a reporting period.
As part of a BID’s agreement with Auckland Council, a financial statement audit is required. BVO Audit perform audit services for a number of BIDs in the Auckland region so are fully aware of the special nature of these organisations and the challenges they face.
As a local Auckland business, we really appreciate the vital role BIDs play in creating safer and more attractive business environments whilst promoting businesses in their local area.
Does your BID needs an audit? Or would you would like to learn more about how we can support your Auckland business association? Contact BVO Audit today.
