ALSO has temporarily avoided insolvency with a resolution passed on Wednesday, put forward by the ALSO Committee of Management, to access money from the Members Resolution Fund (MRF) to pay the ALSO Foundation and ALSO Care’s immediate debts.
All four opposing motions put forward by the Requisitioners Resolution were voted down.
The Committee Resolution was passed after a postal vote process and will allow $209,177 to come from the MRF to pay Care and Foundation’s; immediate debts, write off a $79,397 loan from Care to Foundation to be reclassified as expenditure; and $87,000 to be released to Care to keep it trading for the next nine months.
ALSO Foundation CEO Crusader Hillis said he was aware of the challenges ahead, but called for strong community support to keep ALSO alive.
“The only way either organisation will be able to sustain itself into the future is with the full support of both the community and membership,” Hillis said.
“The committee recognises that it must develop its income streams, curtail its expenditure and build a strong volunteer base for either organisation to thrive and deliver upon its very important mission.”