The Bobby Goldsmith Foundation (BGF) has reported a deficit of $482,614 for the financial year covering July 1 2009 to June 30 2010 ahead of its December 6 AGM.

“It is always unfortunate when an organisation has to report a deficit,” BGF treasurer Damien Hodgkinson said. “However, our FY2010 deficit of $482,614 is a significant improvement on the FY2009 deficit of $783,401.”

Hodgkinson said the reduction in deficit was due to better results from its investment portfolio, an improved return on donations and cost controls.

The organisation has set a goal of returning to an operating surplus within the next three years.

“Ongoing deficit reduction is a key element of this strategy and we intend to achieve this by increasing our fundraising income and minimising costs in our administration overheads,” Hodgkinson said.

BGF’s financial reports for FY2010 report a reduction in administration expenses of 9.25 percent. The organisation expects to save $300,000 a year through a permanent reduction in administration and fundraising positions it made in March this year.

“Despite the deficit, BGF remains in a sound financial position,” Hodgkinson said.

info: The BGF AGM is on Monday, December 6 in rooms 9/10, Lower Ground Floor 9 Commonwealth St, Surry Hills.

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