2012 ANNUAL REPORT - Gumala

Gumala Aboriginal Corporation
ABN 93 807 596 843
Directors' Report
30 June 2012
Operating Results
The operating surplus for the 2012 financial year is $840,856 (2011: $1,966,001). It is pertinent to note, however, that
$ 1,153,508 (2011: $1,651,767) of expenditure has been capitalised in accordance with generally accepted accounting
principles. If this is taken into consideration then the net position would be a deficit of $312,652 (2011: Surplus of
$ 314,234). This demonstrates that Gumala Aboriginal Corporation (GAC) has expended more than it has received in
funding, by expending from its retained reserves, in an effort to continue its mission to alleviate poverty through
proactive measures to achieve economic, social and community development while promoting and protecting the
cultural values of the Traditional Owners.
Key highlights include:
Externally generated funding: GAC received and generated external funding of $ 607,425 (2011: $514,602) an
increase of 18%. There has been a strategic focus by Management to seek additional sources of revenue in order to
fund the expansion of its community based projects and programmes.
Membership Assistance Programs: Expenditure for the year was $7,159,762 (2011: $6,783,127) an increase of 6%
over the prior year.
Projects and Community assistance programs: There has been a significant focus on projects and community
assistance programs this year with expenditure totalling $ 2,446,635 ($2011: 1,794,900) an increase of 36% as
outlined below.
2012 2011
Projects 1,022,636 354,154
Project expenditure capitalised 539,268 1,241,028
Community Assistance Programs 884,731 199,718
Total 2,446,635 1,794,900
24 GUMALA ABORIGINAL CORPORATION ANNUAL REPORT 2012
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