PHAA Extraordinary General Meeting
Francis Drake Motor Inn, Raymond Terrace, NSW - 6th February, 2010
2010 EGM Notices and Proxy Form
Dear PHAA Member, In response to your request for financial information with regards to the EGM. The majority of the PHAA BOD voted to conduct an extraordinary general meeting in response to financial report prepared and supplied by Debbie Wright of One 2 One Book Keeping. The report stated that the PHAA were in a cash flow crisis (please refer to summary of financial information, page 3 of report One 2 One Book Keeping). The PHAA General Account as at 18.12.09 had already borrowed $18,144.00 of funds from other PHAA portfolio accounts that had been raised for specific purposes by PHAA members. As you may be aware the main income for the PHAA is received from membership renewals or applications ($152,080.75- 2009) and paint horse registration fees ($88,293.83-2009). The income received for memberships is received from approximately May, June, July and August and the majority of new registrations are received before December 31st. With this in mind income that may be received in the current period which we are now in January to May, may not be enough to sustain the current running of the PHAA office and member services provided. It is the majority of the Boards decision to ask members for access to the Building Fund if needed to continue the running of the PHAA necessary business. The potential worse case scenario, the PHAA would trade with the cash at hand to a point of approximately 10 weeks and would have to cease trading unable to pay wages, rent and necessities of the Association. The Board are now aware of the reality of the financial situation and have already made significant changes for cost saving measures for the future. These changes include staffing levels within the office and providing the PHAA journal quarterly instead of bi-monthly. It is envisaged that the existing employees of the PHAA office will be trained with points procedure, out sourced contracted points processing cost approximately $28474.00 The PHAA Board have confidence that the Paint Horse Association will be able to trade out of the current financial situation. The ability to access the Building Fund if needed for specific purpose of running the PHAA necessary business will give us extra time to continue to trade out of the current situation. For your further information in summary: As at 19/1/10
EGM Heatherbrae - Points of Interest * When the PHAA Board voted to conduct an EGM we were also aware that we needed to have another BOD meeting before the PHAA National Show. * Combining the BOD meeting and EGM together saves costs to the Association. * Heatherbrae (Raymond Terrace) is located centrally in NSW on the Pacific Highway, close to the New England Highway and F3 Freeway and provides easy access for members to travel. It is also located 15 minutes from Williamtown Airport (Newcastle) with direct discount flights to Melbourne and Brisbane. * The BOD travel costs and time are considerably reduced by having this meeting at Heatherbrae instead of Dubbo. * Having the EGM mail-out processed with the existing AGM mail-out, also reduced costs to the Association. * Actual real costs over and above of our existing commitments will be the cost of the meeting room for the EGM. Yours Faithfully Craig Dengate, Director Email: craigdengate@painthorse.com.au Phone: 02 6585 8277 Additional Documentation for EGM, available for PHAA Members: One 2 One Book Keeper's report to directors
CBA Account statement for PHAA at 19th January, 2010
PHAA Creditors Ageing Summary
PHAA Balance Sheet as at 30th December, 2009
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Date of last page update: 22.01.2010
Paint Horse Association of Australia
PO Box 1008, Dubbo, NSW, 2830, Australia
Phone: (02) 6884 5513 Fax: (02) 6884 5517
Email: office@painthorse.com.au