A prescribed association is one with gross receipts (other than money received as subscriptions, gifts under a will or the sale of assets not originally bought for resale) greater than $500 000 per year [Associations Incorporation Regulations 2008 reg 4]. Strict controls apply to prescribed associations. A prescribed association may apply to the Corporate Affairs Commission for exemption from any of the requirements of the Associations Incorporation Act 1985 that apply to prescribed associations.