australian swimming 93rd annual report 2001/2002

44 finance
Treasurer’s Report 2001/2002
The formation of the Finance Committee last
year has been of profound benefit in
reassessing the financial status and forward
thinking of ASI in the financial arena of the
sport. At two of the meetings this year, the
committee brought together a ‘team’ approach
to the reassessment. The managers and key
personnel of the business units Corporate,
High Performance and Events were involved
in the discussions and analysis of the
respective income and expenditure in these
areas. It was of great assistance to revisit the
current budget and the ultimate being
achieved. Asurplus, although not large,
it was a significant turnaround over the last
two quarters. This can be put down to stronger
communication between the business units,
the excellent e≈orts of our Financial Controller
and the assistance in no small way by Gerard
Boundy of MPB Accounting.
It was regrettable that ASI’s Financial
Controller of 7 years, Annette Pilloni, chose to
resign in August of 2002. Annette’s tireless and
if not determined approach to get it right is
a credit to her and to the organisation. We wish
her well in her future pursuits. To the new
incumbent, Harry Carroll, we wish you well and
already can see the value you can provide to
the position as you bring additional skills to
the position.
In line with the ASI’s strategic plan out to 2005,
the Finance Committee felt strongly the need
to project our financial position out to 2005.
This has been an important exercise to identify
both opportunities and threats that may face
ASI in the future. Seeking out opportunities for
new Income Streams to ASI outside of the
normal is number one priority.
Recently at the ASI Forum a snapshot of the
changes in the financial position from 1990 to
2002 were presented.
Some key information from this included:
ASI Source of Revenue (Approx only)
1991 ASC 41% of revenue
2002 ASC ! 33% of revenue
1991 Sponsorship 15% of revenue
2002 Sponsorship n 47% of revenue
1991 Capitation 10% of revenue
2002 Capitation ! 4% of revenue
NOTE: Figures taken at year ending 30 June
I believe these figures are significant when
reflecting on the comments from last year’s
report.
‘Our aim is to ensure that the organisation
becomes more self reliant and less
dependant on government funding.’
A further significant factor over this time-frame
has been the annual compound growth over
these 3 areas.
R ASC funding/revenue has grown
12.5% per annum
R Corporate Sponsorship funding/revenue
has grown by 25% per annum
R Capitation geared basically to CPI (inflation)
The growth in sponsorship of 25% per annum
and now forming 47% of revenue is reflecting
this aim of ‘self reliance’. Whilst this detail has
not been compared or benchmarked against
other sports at this time, this will be another
step, to build towards development of other
‘Income Streams’ for the sport by either the
‘users’ of the sport (direct participants), or
‘outsiders’ of the sport (indirect participants).
These sources of income will be beneficial to
all the stakeholders.
It is significant to note the success in gaining
the sponsorship of Fisher and Paykel to
provide the much-needed support to the
Youth Program.
capitation
The States should reflect on the movement in
this area and take into consideration the level
of service delivered in 1991 to that now being
delivered in 2002 and in particular the past
2 or 3 years. I have strong beliefs that if the
actual cost of delivery of these services was
known, the real benefits will become clearer
to the Stakeholders. This will be a task for the
Finance Committee in the New Year.
investment strategy
The Finance Committee will be putting forward
an overall investment philosophy involving
both investment policy and a strategy that fits
the risk profile of the organisation. This will be
carried out in the coming months. The
objective being for the organisation to
‘Superannuate’ itself for the longer term and
protect its asset base with prudent financial
management.
I take this opportunity to thank the sta≈ that
have provided the support to me in my first
year as Honorary Treasurer. In particular, Vena
Murray, Glenn Tasker, Brendan Lynch, Annette
Pilloni, Vicki Zrilic and the respective business
units who have worked so well together.
Once again the 2003 season will not be
without its challenges and I trust I may be able
to make a contribution to the organisation
going forward.
Colin Davis
honourary treasurer