What Did the Audit Really Say?

 

 

Don't be fooled by fear-mongering rumours.

Check the facts for yourself!

 

 
  What the Audit Says:  
   
 
Questions to ask
   

As a result of reading the Audit Report, I changed sides!!!
It's a glowing report of achievement and success!

 

LOL If you don't believe me, and don't want to read it, then just look what I found while googling - Notice whose website it is on!!
 :

 
 

Here's the gist of the report from my notes:

  • ISQ is split into:
    (1) The ISQ Figure Slating Association and
    (2) the Ice Skating Association of Queensland No1. Trust (1979) operated by Donald McKnight and Colin Jackson for 30 years.

  • The ISQ is run by the Executive (3) plus five (5) Councillors (see ISQ Structure)

  • Don and Colin went guarantor for the first rink purchased (Acacia Ridge) putting their own investments up as collateral. In return, they were given the right to assume responsibility for the rink to ensure against a negative impact to their own personal assets which had guarantees the loan.

  • There is a "a rigorous budgeting process".

  • "The Trust is obviously well managed".

  • It has a long history of success, especially compared to other commercial rinks.

  • All profit from the Trust is distributed back to the ISQ each year.

  • In 2005 the two rinks made a trading profit of $495,537

  • At December 2005 there were low borrowings of $114,153

  • Logan land is worth approximately $1.2 million (2005) and growing.

  • Revenue is primarily earned from Public Sessions. This funds the ice time for figure skaters (i.e solo, pairs, ice dance and synchro).

  • Every second ISQ meeting is open to the elected representative from each of the Queensland Figure Skating Clubs.

 
  My Comments  

 
Test your ability to see both sides

 

I asked not only Don and Colin, but also several adult skaters who were around in the early days and remember first hand some of the remarkable things the ISQ has done:

 

Here's what else I have learnt:

  1. The ISQ is the only Australian Association with sufficient assets to host international figure skating events, for example:
    2 Junior World Championships
    The 2000 Goodwill Games.

    Will we ever see another Worlds here, if "The Coup" sell Loganholme to fund their $1.5 million of promises over the next 5 years?

  2. For 24+ years, the Trustees have run the rinks on a voluntary basis - they took no income from it, because they had their own substantial investments on which to live.

    I ask myself, what millionaires are there amongst "The Coup" with a proven track record of success, to run the rinks anywhere near as successfully as Don & Colin?  Why would anyone want to get rid of Don & Colin before we have learnt how to continue their success?

    I ask myself, who does The Coup propose to run the rinks and what is their track record of success and continued profitability over such a long period?

 
   
 
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13-Jun-2007