The organisation posted an $85,263 surplus for 2015, it was announced at last night's annual meeting. It was the first time in several years it had been in the black. The situation reached a crisis point in 2014 when $163,843 worth of debt had to be written off in a creditor settlement, saving the organisation from liquidation.
That, alongside $50,375 worth of fundraising from the Keep Basketball in Otago campaign, had allowed it to eventually finish the year with a net surplus of $45,082.
BBO chairman Karl Andrews said 2015 had been a difficult year, but he was pleased by how it had emerged from the crisis. Income was down, finishing the year at $467,765, as opposed to $752,648 in 2014 - $200,000 of that consisted of sponsorships.
However, the organisation kept its expenses to $382,502, more than $500,000 less than the year before.
Andrews cited the contribution of several trusts, along with Basketball New Zealand's financial and operational takeover of the organisation, as key to the result. Not only had this helped keep the organisation alive, it allowed BBO to operate with just two staff members, cutting wage and salary payments in half.
The biggest remaining casualties are the Otago Nuggets, who will not play in the NBL for a third consecutive year in 2017.
However, the team's absence was notable in the financial breakdown, with player expenses down to $2700 from $175,736. Other significant reductions in costs came in court hire, corporate catering, apparel costs and advertising.
Andrews said that along with BBNZ, the efforts of the sport's volunteers and BBO's two staff members, Greg Brockbank and Katherine Richards, during that period had helped it keep operating. He also singled out Alan Nichols and Sport Otago, which was significant in reaching the settlement that was made.
Alongside that, he made mention of the goodwill of the creditors who accepted the settlement, as well as those who fundraised to help keep the organisation afloat.
In July 2015, operational control was given back to BBO, with a seconded board put in place. That was followed by the appointment of Justin Ludlow and Natalie Visger as general manager and development officer respectively, returning the organisation to four staff members.
A new six-person board was elected at the meeting, and Andrews, Angela Ruske, Farrell Cameron, Rene Sterk, Daniel Piebenga and Mike Simpson were retained. This year's members, Di Carter and Craig Hickford, were leaving the region.
Carter was set to move north and Hickford back to Christchurch, having been rehabilitating after a horrific accident in February.
It was noted that having the AGM nearly 12 months after the year that was being discussed was an issue and it was almost certain to be moved to July or August for next year.
- Jeff Cheshire
