It had been forecasting a surplus of about $50,000 before the arrival of Covid-19. But yesterday, at its 144th annual meeting, it reported a profit of $143,663.
Otago Cricket Association (OCA) chief executive Mike Coggan put the high surplus down to savings made during the nationwide lockdown.
"We had been tracking towards a good surplus anyway — probably closer to $50,000 or $60,000," he said.
"But as a result of the pandemic a lot of activity simply stopped, so we made quite a lot of savings in overheads and costs."
Otago’s final two Plunket Shield games were not played as scheduled, which was a significant savings.
Staff were also asked to cut down to four-day working weeks for a period of about three months.
The Government's wage subsidy scheme and Sport New Zealand’s resilience grant helped further cushion the expected economic blow.
"As a result, we reported a surplus in circumstances which are far from ordinary," Coggan said.
He said it was important the OCA continued to monitor its financial progress, as there was economic uncertainty ahead.
"We just don’t know what levels of funding New Zealand Cricket will be able to retain and deliver down to the major associations. It is all based on international cricket.
"So without that certainty of funding, we have to make sure our net working capital position is strengthened."
The association’s net working capital grew from $131,230 to $293,074 during the financial period.
"But that is only about 7% of our total turnover and it could be wiped out pretty quickly."
Last month the association made one employee redundant and reduced the hours for two others following a staff review.
It also previously opted against replacing former Otago assistant coach Anton Roux.
The Otago Cricket Fundraising Charitable Trust, set up to support young cricketers with need, has built its equity position to $30,260.
Three board appointments were announced. Shane Robinson and Rob Lawson were confirmed for a further three-year term and former Otago Sparks player Tanya Morrison was appointed as a replacement for departing Anna Campbell.
Campbell decided not to seek reappointment and instead has applied for a director role on the board of New Zealand Cricket.
Southland Cricket Association (SCA) stalwart Ian Folster received a life membership for his long service to both Southland and Otago Cricket.
"Ian’s dedication and service to cricket must surely be unrivalled," Coggan said.
"He continues to serve as president of SCA 54 years after he first served on that board and with almost every possible seat held, including 18 years’ service on the board of Otago Cricket."
