Isaac
Years ago
BASA insight from the inside
An anonymous poster referred to an online message from South president Brian Devey. I thought it was worth highlighting it for more people to read.
You can read his full message here. Some interesting quotes:
During 2005, the Board review of BASA was ongoing and involved all stakeholders including our Club. However, the District Clubs continued to receive financial information regarding BASA in which little confidence was held regarding the reliability and integrity of that information. Generally unknown to the Clubs was the fact the Board had commissioned PPB (an insolvency firm) to produce a report regarding the solvency or otherwise of BASA. This report was not made available to the District Clubs nor its existence revealed until late in 2005.
Regrettably, at the two BASA Executive Board meetings held prior to Christmas last year, the financial reports presented were neither reliable nor up to date. The financial situation remained dire (year to date performance was not to budget expectations) and was not assisted by the fact that Club debt to BASA had increased from around $250,000 in 2004 to around $350,000 late in 2005. Several District Clubs owe around $50,000 and one in excess of $80,000. The Board, to its credit, had sought and been engaged in meetings with State Government Treasury Officials with a view to seeking financial assistance to remain solvent.
In the week prior to Christmas I received advice that the financial position of BASA had worsened and that an urgent meeting with the State Treasurer (the Hon Kevin Foley MP) would be sought early in the New Year. Further, that indemnity was being sought for the BASA Executive Board Members.
