Details of New Mardi Gras’ record $575,627 loss for the year 2009/2010 were released to the media before members were given access to the information.
A rival GLBT media title was made aware of the full extent of the loss last week on the condition that the information was embargoed until Monday morning.
In comparison, New Mardi Gras members were not made formally aware of the loss until an email Monday afternoon, with the annual report posted on the organisation’s website shortly after that.
New Mardi Gras co-chair Steph Sands said the financial result was originally to be released last Friday.
“However, due to legal issues raised last Thursday they were temporarily delayed,” she said.
“Our financial statements were delivered to ASIC in accordance with their requirements, and action taken over the weekend has meant we can now publish the annual report to members.”
However, why journalists got to hear the details before members went unanswered.
Explaining why the figure was larger than the $400,000 members were told to expect in April, co-chair Nick Parker said the board hadn’t been able to calculate the full extent of the loss at the time.
“The loss recorded is more than what was predicted at the EGM in April as final calculations and performance-based sponsorship acquittals were not yet complete and could not be accurately disclosed at that time,” Parker said.
Key figures from the report include a near $500,000 drop in party ticket sales and $100,000 loss on Carnival. Sleaze ticket sales were down $26,000 on the previous year.
Fair Day, which lost nearly $21,000 in 2009, made a profit of over $3000, while the Harbour Party, which lost close to $36,000 last year, made close to $140,000.
Mardi Gras is able to weather the loss because of the $1,611,008 in total equity left after the 2009 season, with that equity now reduced to just over a $1 million.