In June, deputy chairman Simon Eddy, who has since resigned from the board citing poor health, told the Otago Daily Times the organisation was expected to return a deficit of ''upwards of'' $50,000 for the financial period ending December 31, 2013.
That would have left BBO with negative equity of about $100,000.
While the accounts are still with the auditor, Carr believes the result will be far better than the initial forecast.
''I don't really want to say until the accounts come back,'' Carr said.
''But indications are it will be way less than that.
''It was not looking good and I would love to sit down and explain to you how this whole year has unfolded but I can't because I'm gagged unfortunately,'' Carr said in reference to an agreement with former Basketball Otago general manager Markham Brown and former office and events manager Sandy Wallace.
Brown resigned in June, following a review of the organisation's financial performance, and Wallace also left that month.
The gagging order has prevented anyone on the board from speaking out, but former board member Karl Andrews was not bound by the agreement.
He stepped down at the annual meeting last year and told the Otago Daily Times he had concerns about Brown's ability to perform his role and furnish the board with the relevant information it required to keep tabs on the accounts.
''That was probably the biggest frustration I had as a board member,'' Andrews said.
''The lack of preparation for our board meetings, the missed targets, the [missed] deadlines and those sort of things were certainly a major influence for why I stepped off the board.
"I didn't see any way the organisation could go forward with the plans the board wanted while we didn't have, in my opinion, the right person at the helm.''
Brown could not be reached for comment.
Since Brown's departure, Andrews has taken on some of the administrative duties on a voluntary basis.
His main role is to make sure the bills are paid and, in that sense, he has a good understanding of BBO's ability to meet its commitments.
''You do trade year to year on the goodwill of people coming on board when you need them and we've had some great support from funders who have come through for us, and again this year, to keep us going.
''It is 100% viable.''
There are clearly some cashflow problems, though.
Dunedin Indoor Sports Venue Trust chairman Robin Bates yesterday revealed BBO owes about $27,000 for court hire at the Edgar Centre, $13,000 of which was incurred by the Otago Nuggets in 2013.
There is a payment plan in place and Carr is confident BBO can emerge from its financial struggles.
Whether the Nuggets continue to remain part of BBO or are split off is still in discussion.
Andrews believes splitting off would be a mistake.
The Nuggets have proven to be a drain on BBO's resources in the past and in 2009 the franchise dropped out of the National Basketball League because of a lack of funding.
However, it is understood the bulk of BBO's expected losses were incurred in its development programme.
