Basketball associations audited as questions over solvency of Darwin Salties remain unanswered

Basketball associations audited as questions over solvency of Darwin Salties remain unanswered

by | Nov 1, 2024 | News, Subscriber | 0 comments

An audit of the finances of the Darwin Salties, the Darwin Basketball Association, and Basketball Northern Territory is being conducted by KPMG under the direction of Basketball Australia with input from the Northern Territory Government, following an ongoing financial crisis in the sport, with a source telling the NT Independent the organisations lost about $1.6 million combined over the last two years.

On top of the Darwin Basketball Association (DBA) losses of about $670,000 across 2022 and 2023, the association reported net current liabilities of $707,476 at the end of last year, including $116,000 owed to the Australian Tax Office, with auditors PRK Merit warning that because of those liabilities, there was significant doubt about the association’s ability to continue as a going concern. The board was also unable to tell members at its AGM why it believed the organisation was solvent.

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