Auditors have warned the Darwin Basketball Association is at risk of going under for the third year in a row, this time due to a more than $600,000 cash shortfall for the year, with the association blaming Basketball NT for its situation but claiming it is confident in its solvency partly based on the $9,000 it pulled in from a weekly bingo night at the Casuarina Club, a figure the auditors have also called into question.
The association was due to have its annual general meeting earlier this month, but pushed it back until October 16 because it had not provided the financial statements to members far enough in advance of the meeting. It is required by law that the financial statements be presented to members 14 days before the meeting.
Where’s ASIC?
I am keenly aware of what ASIC and ATO will do to me if I trade insolvent! Why the free pass for this specific organisation?
Given who the DBA head honchos are, i expect a NTG bailout any second now!
The NTG cannot let a senior editor of the NT News and partner of a 5th floor staffer get into trouble like this can you?