ALSO on the brink

The ALSO Foundation is again on the verge of collapse and faces closure if critical ALSO Care funds are not released by the end of March.

During the organisation’s four-hour annual general meeting on Tuesday, a depleted ALSO board faced a barrage of questions about its future as it posted a $65,900 loss for the 2010/11 financial year, leaving it $133,200 in the red.

ALSO temporarily avoided insolvency in June when members passed a resolution to access money from the Members Resolution Fund (MRF) to pay debts.

ALSO secretary Daniel Perkins said money in the MRF (invested in the property market) earmarked to pay liabilities had been held up, leaving the organisation in a perilous position.

“I will be honest with members, the organisation’s future is not guaranteed at the moment,” Perkins told the meeting.

“There’s real liquidity issues and access to monies for liabilities. If we don’t receive that payment in March … tough decisions will need to be made.”

Now almost eight months down the track, new treasurer Wayne Elliott said the Foundation was currently working with a deficit of $14,000.

Elliott said he was unable to offer much explanation of the organisation’s financial report as he had not been treasurer at the time. Board member Robert Morris told the meeting former treasurer Gerard Brody had been asked to attend the meeting, but had declined.

Throughout the AGM members protested at the way the AGM had been organised. One member claimed he did not receive notification and members had no prior information on the organisation’s financial position.

The Foundation’s financial report had been signed off by auditors the morning of the AGM.

“It’s disgraceful we have to raise questions here without having a chance to see any financial statements first,” ALSO member Geoff Richards said.

“I don’t see any excuse for the delay … things could have been done better.”

Perkins said the sudden exodus of board and staff members when trouble was realised had taken a heavy toll on volunteer board members trying to keep the Foundation afloat.

“ALSO has been through a rough period and we’ve tried our best to put it in the best position to have a future,” he told the meeting.

Last year 11 board members resigned, most in the first half of the year.

The issue of whether the board met its quorum for decision making was also raised during the meeting. The recent death of board member Bill Jeffrey has reduced the executive to five sitting members.

Meeting chair Jamie Gardiner over-ruled a request from member Greg Adkins to appoint new board members at the AGM.

Perkins was also forced to defended the organisation’s liquidity, saying despite the lack of expected income, the Foundation was not trading insolvently and could still pay its debts when due.

Members eventually passed the Foundation’s financial report but called for more far more transparency and a further breakdown of costs.

Perkins said the organisation is still on track to deliver its community directory by the end of March.

He urged ALSO members and the community to help the organisation by volunteering their time.

“We can’t carry this all on our own shoulders, we need a collective effort,” he said.

Members agreed to postpone ALSO Care’s AGM to April 3 because the meeting finished at a late hour.