Report for the period of 1st April 2019 to 31st March 2020
Australian Model Power Boating Association Incorporated (A0031347N)
Treasurer: Mintie Nguyen
- Reporting period summarized is between 1st April 2019 and 31st March 2020.
- Throughout this reporting period the association had 248 financial members.
- The association compromises 16 affiliated clubs throughout Australia.
- Shoalhaven Model Boat Club ceased operations throughout this reporting peroid.
- We welcomed ‘Wide Bay RC Power Boat Incorporated’ to the AMPBA.
- We experienced a significant increase in sub junior class memberships to a total of 18.
- A total of 8 officially sanctioned events were completed with only 1 having being cancelled.
A full summary of the AMPBA’s financial position can be found in the download at the conclusion of this report.
On the 16th of June 2019, I took responsibility for the associations financials having been appointed as treasurer. It is important to highlight that the AMPBA does not operate on a traditional financial year basis and the reporting period for our financial statements 1st April 2019 and 31st March 2020. However, our membership period is inline with 1st July 2019 until 30th June 2020.
As a consequence of this mismatch, $1270 in membership fees were from the previous financial year membership cheque deposits. The 1 full member and half year member, $45,$25 were members who joined during the overlap period of 1st April to 30th June. There is also an extra $2 in our account due to an over-payment from a member.
- Opening bank statement 1st April 2019 was $66,964.95
- Closing bank statement 31st March 2020 was $70,900.17
Last 5 year income, expense and net income table:
This is year’s Net income is $3,935.22. This figure does not reflect the true net income of the year as I have to re-align our financial report to reflect our financial year period. Previously our financial report has been done about a week before the AGM at which it depend when our AGM was held during the year and therefore it has been inconsistent. Now moving on the report will need to be done according to our financial period which will give us a better overlook at the financial position and more time to close off the books, review and audit our accountants and send a summary to all members prior to the AGM.
With the Increase of funding for club holding the national from $1000 increase to $1500, this year’s national cancellation the $1500 has not been paid. With the new yearly accruing fees of maintaining our website and forum, estimate true Net Income for our organization is around $1,500 per year. The cost of our new website has not been included in this year financial.
Last 5-year insurance cost:
Our insurance has been very much the same every year, and a small increase each year, this is due to our non-claim status. Not sure what this year will be with a claim been paid, we will find out closer to October.
Compliance and transparency.
- All debits/withdrawals from the AMPBA bank account is accompanied by a receipt, AMPBA board’s approval and explanation.
- All credit Income into the AMPBA account is accompanied by details, from each club.
- All debit, credit transactions, Receipts, board’s approval, and bank account statements for the full period (This financial Year) are kept and backup for 7 years, as required by law.
- All Documentation along with full financial year’s bank statement has been forwarded to every member of the AMPBA’s Committee Board to view and verify before forwarding to our Auditor.
We did not undertake a full audit of the account as it would have been very costly, The independent Chartered Accounting firm TWR GROUP inspected our documentation, bank statements, our accounting practice and deemed it to be satisfactory.
I am happy to advise that our account is in good order and a healthy position bank balance. I believe its the time where the committee board needs to spend more on marketing and helping the club/members grow. if you have a new idea, please raise it at our next AGM.
The same financial details will be submitted to Consumer Affairs Victoria after our AGM (which will take place very soon).
Being the treasurer for one full year now and I have experienced it at ground zero, so I have put together a full checklist/full how/what to, for the role of Ampba’s Treasurer its called “The Treasurer Pack”, so in future, anyone can take on the position and follow the checklist and keep our organization compliance and Transparent.
If you have any enquires/questions/views of further documentation, please email me, raise it up at the AGM, email the board or forum, or our member-only Facebook page, as it’s within all members constitutional’s right, I am happy whichever ways as we, on the board believe in full transparency.
Stay Safe and Happy Boating