Fiji rugby in healthy financial position [1]
Monday, April 30, 2007 - 19:08. Updated on Monday, July 20, 2015 - 16:15.
The Fiji Rugby Union announced an operating surplus of $349,504 in 2006 to put the national body into a stronger financial position following on from a similar surplus in 2005.
FRU Director Finance, Iowane Naiveli, attributed the profit mainly to a 92% increase in sponsorship revenue to $3,324,877, and a 76% increase in IRB grants to $1,193,951.
...This meant that income for the year rose 43% to a record $5,168,957,... Mr Naiveli said. ...But with so much activity at the FRU in 2006, there was also a record expenditure level of $4,933,925, an increase of 55%....
In 2006, the FRU fielded 10 different national teams, from the President...s U17 XV to the national women...s side. Nine of the 10 teams went on overseas tours, with the Fiji U18 Schoolboys hosting their Australian counterparts in Suva and Lautoka.
...This strong performance allowed the FRU to reduce its accumulated losses by 45% from $781,189 in 2005 to $431,635 by the end of 2006,... Mr Naiveli said.
The Government grant income decreased 80% to $225,893 in 2006 from $1,115,057 in 2005. Salaries, wages and allowances also decreased 21% to $801,946 following the departure of a number of expats.
The full accounts were presented by the Board of Directors to the Annual General Meeting on Saturday at the Outrigger Resort in Sigatoka.
...I would like to thank all the sponsors, IRB, the Australian Rugby Union, the Government of Fiji, members of the Board, the Trustees, CEO and all the staff for their various contributions to the union...s operations,... Mr Naiveli said.
...We are not out of the woods yet because there is still need for improvement, but we are certainly heading in the right direction.... Fiji Rugby Union, 30/04/07.