First surplus for Athletics SA since 2007
ASA settled two major debts that had threatened to bankrupt it recently: R10.4m it was ordered to pay injured pole-vaulter Jan Blignaut, and R6m owed to SARS
Athletics SA (ASA) posted an R18m surplus in 2016, to transform a R13.2m accumulated deficit into a cumulative excess of nearly R5m. In 2015, ASA’s total liabilities outstripped assets by R12.89m‚ but as at December 31 2016, assets led by R4.81m. Total income for 2016 rocketed to R85.78m‚ an increase of just more than R68m on the R17.72m, the nonprofit company had pocketed the previous year. This is according to the audited financial statements the national federation sent to members ahead of the general meeting in October. It is also the first time ASA‚ struggling for the past decade‚ has surpassed the R42m income of 2007. "The [R18m] surplus is mainly generated because of an adjustment of R2.69m for the VAT account adjustment, which was negotiated with [the South African Revenue Service] and bigger sponsorships and grants received‚" ASA vice-president Dr Harold Adams said. "The increase in sponsorships is mainly due to amounts received from the National Lotteries [Commission‚ NLC]...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.