The loss follows a $36,787 deficit recorded in the previous financial period and has left the body with negative equity of $52,832.
Basketball Otago general manager Markham Brown said, while the losses were relatively small, the organisation could not continue to record deficits.
''We not happy that we've recorded a loss on the bottom line but we've been able to increase sponsorship,'' Brown said.
''We have to try and find other ways to bring income in. Unfortunately, funding [from gaming trusts] is starting to decline so we've been looking to build up other revenue streams, if we can.''
Brown said the economic environment remained challenging but there were pleasing signs.
Its total revenue was up from $813,570 to $842,767. The biggest rise came in sponsorship, up from $180,432 to $192,476. The organisation continues to grow, team entry fees rising from $121,925 to $132,504. Gate takings were also up, from $24,516 to $32,735, and are forecast to rise again in the next financial period, due to the Otago Nuggets attracting record crowds this season.
Offsetting those gains was a marginal drop in income from donations and grants, which fell from $315,995 to $307,388.
Expenses have also risen slightly from $851,813 to $856,598. The wage bill has increased by $22,069 but player expenses dropped $12,597, and the organisation made cuts to advertising and marketing to help keep costs down.
''We're battling hard. We've had to pull our belt in and just have to be pretty careful.
''We are looking to basically break even in this current year and that would just hold our position. Then 2014 is extremely vital to try and start to break the habit because we can't keep recording a loss,'' Brown said.
There will be wholesale changes to the board. Only chairman Ricky Carr and Gavin Briggs are staying on for another term.
Simon Clarke, Karl Andrews, Danielle Calnan, Colleen Hokianga, Martin Jones and Angela Ruske are all stepping aside. Simon Eddy, Rene Sterk and Marie Taylor-Cyphers will come on to the board and three more members will be seconded at the first meeting.
