No surplus this year, says Gayle
Jamaica Athletics Administrative Association (JAAA) secretary Garth Gayle says this year's financial report will not be as rosy as 2016's when it is presented at today's annual general meeting (AGM).
At last year's AGM, the statement of income and expenditure presented by treasurer Ludlow Watts showed very positive numbers for the JAAA's finances. The treasurer reported a net surplus of $70,783,542, more than double the 2015 figure of $34,206,702. However, Gayle said that this year's circumstances are different.
"You won't see a surplus ... for sure," Gayle said. "This year was very active. We have a report on the association's finances, as of September 30, 2017, by treasurer Ludlow Watts."
Gayle said that there were specific factors such as less international competitions and the JAAA renewing sponsorship deals, which caused last year's big surplus, while differing circumstances this year would not lead to a similar report.
"About six teams went into competitions and so forth, so you won't see a surplus," he said.
At last year's AGM, Watts reported the figures for the corresponding period as of September 30, 2016. He said that last year, the JAAA's gross operating income was just over $287 million, as opposed to figures of close to $251 million for the previous year.
Operating expenses for 2016 came to over $218 million, this represented a 2.85 per cent increase over the 2015 period which had operating costs of $212,567,150. This meant that the JAAA had an operating surplus of just under $69 million for 2016, which is $30 million more than the previous year.
Watts reported that the most significant increases in revenue came from the Sports Development Foundation, gate receipts from the National Championships, and from sponsors Supreme Ventures.
INCREASE IN FIXED ASSETS
Watts also mentioned that fixed assets for 2016 amounted to close to $87 million, an increase of more than $10 million over the previous year. He said the increase was attributable to the acquisition of new equipment.
The treasurer also said last year that the JAAA had reserves of $166 million, which he described as reflecting a healthy position, but added that this figure was not actually cash.
Gayle said they will also discuss corrections to paperwork regarding the Charities Act.
"We need to make corrections to a clause so we can benefit from the Charities Act, with regard to us importing our gear and so forth," he said. "It's an impediment to us being able to get necessary tax waivers. Our lawyers have indicated and instructed us how to have that corrected. Outside of that, it will just be a normal regular AGM, conducting the business of the association."
Today's meeting will be held at the Medallion Hall hotel.