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The hall is undertaking a strategic review of its operations, just the second of its kind since it started in 1990.
It is not looking to move from Dunedin and appreciates the support it receives from the Dunedin City Council. The hall is located in the top floor of the Dunedin Railway Station.
Chairman of the hall's board of governors Stuart McLauchlan said the main issue with the hall was over funding and the amount given from central government had to be greater.
''They need to recognise that the hall now holds a lot of papers from sporting bodies right around the country. We have become a repository for a lot of sporting organisations in New Zealand,'' he said.
The hall also had to recognise that a lot of its staff were getting older.
Sport New Zealand was supportive of the hall, and gave $100,000 a year to the hall.
But McLauchlan felt the hall should get $200,000 as it was a national institution, which needed to be supported
He felt an additional $100,000 was not a lot to ask for from central government.
Sport and Recreation Minister Grant Robertson is from Dunedin and McLauchlan is hopeful of the hall's plea getting a good hearing.
The hall recorded a loss of $24,594 in its annual report, an increase on last year's loss of $4921.
In his report, chief executive Ron Palenski said there was ample goodwill for the hall and the general concept of what the hall stood for.
''But the goodwill is not backed up by people or companies willing to put their money where their memories are.
''Even some national sports bodies - and it could be argued we do some of their work for them by recording their past - have gradually dropped off the paid membership list,'' Palenski said.
The hall is hampered in its ability to secure funds as gaming trusts distribute funds only where the money is generated.
It has twice made submissions against the ''localisation'' of gaming machine funds as it feels the policy works against national organisations such as the hall.
The hall is undergoing a valuation project for all its items and is also considering an overhaul.
Palenski travelled to Texas earlier this year to collect material from athletics great Peter Snell and that highlighted the issue of display cases.
Palenski said the single member display cases were not practical as they could not be easily opened.
More modern display cases were needed but cost was an issue. A trained archivist was also needed.
John Beattie has stood down as chairman of the board of governors, replaced by McLauchlan but Beattie will stay on the board.
Beattie has been chairman for 18 years.