We have lost yet another professional today – a total of 4.
Would any accountant in their right mind want to pick up the poisoned chalice that is the WIA Treasurership now?
Jeff’s letter of resignation is reproduced below.
I was under the impression that when I was given the opportunity to serve as Assistant Treasurer for the WIA that there were some minor issues to deal with and my role was to support the Treasurer.
After taking office and viewing the 2015 AGM I quickly made the assessment that there was more to the story of the WIA finances. Your recent post on the WIA (18/12/2016) “Minor difference in 2015 accounts but significant 2016 deficit likely”, is totally misleading and inaccurate.
The 2015 annual report stated that the loss on the P&L was $12,680. On page 15 of the Annual report it states that;
Receipts from customers $558,202
Payments to suppliers and employees (623,888)
plus interest received $10,713
Net cash loss of $54,973
The net cash position (that is cash in bank) as shown on page 13 is -$56,287, ($143,445-$87,158).
So, genius Phil, where has all the money gone?
The P&L only shows a loss of $12,680. Now the loss in the P&L may not equal the cash position because of depreciation and the only way that the cash position can change in the balance sheet is by spending or the movement of cash in the balance sheet.
The balance sheet has no movement of cash. Being a mastermind of the finances can you explain? I know exactly what has happened. There are some mysterious journals made in the P&L that still need some investigation. The 2015 financials should not be closed off until these anomalies are investigated and fixed.
In 2015 there has been reckless spending, non-compliance of taxation law, under stating of GST and SGC obligations. The directors have continued their reckless spending in 2016 not providing directors with any regular financial reports.
I have been involved in Business for some 32 years and with service and NFP associations for more than 40 years. I have never seen such poor leadership that has been supported by your other Directors.
Under the Corporations Act, Directors Andrew Smith and Paul Simmonds are the only directors who have shown any integrity and understanding of their duties of being a Director of the WIA. They hold very high moral and ethical standards.
They have demonstrated the ability to work in good faith for the WIA diligently and with great care. They have not used their position as directors to take any advantages for themselves or anyone else and any information they have gathered, they have not used for their own advantage.
In stark contrast, you as President along with Messrs. Harrison, Swainston and Broomhead have on occasions acted without good faith and used you positions and board room information to take advantage of others including WIA members. Your behaviour at times has been immoral, unethical and completely self-serving.
Part of this charade is the culpability of Secretary Jim Linton who has indorsed your poor leadership with silence and is complicit in many of the board decisions. He treats members with distain and has one only ambition stay as Secretary at all costs and has not provided any support to ensure that the board works professional and ethically. With regards to the handling for the call of a general meeting Mr. Linton has not acted in good faith to help resolve this member issue but has been obstructive with the legal truth.
I could write much more about this out of control board but it will fall on your deaf ears.
When appointed I was looking forward to helping the WIA. I thought I could make a difference but I can’t do my job in this toxic and corrupt environment.
Phil, you are a disgrace to the name of Director and President.
I therefore resign my position as Assistant Treasurer of the WIA. It has affected my health and well-being and my family is fully supportive of my decision to resign.
18 December 2016