In the 2012 Balance Sheet for the AKAQ Retained Earnings has DIMINISHED by nearly $54,000 due to a Journal entry in Note8 to the Accounts. As these are Queensland karters' funds I want to know where they have gone! The current Board of the AKAQ either don't know or won't tell. Anyone got any info. because I won't stop asking until I get some answers!
Comments12
You wont get one published on KB, whoever puts that up will get pinked for sure. best keep asking questions through your club and DEMAND an answer, they MUST answer a question from their membership [ clubs] failure to do so will just proove something is smelly. your club has every right to ask the question so don't fall for any attempt to convince you otherwise.
BTW they KNOW its just they want no one to know as it more than likely exposes something[one] thats not pretty.
keep asking
Paul,
The question has been asked by a Qld.club but no answer has been forthcoming. It will be asked again! I know AKAQ wrote to the auditors about this matter in early March 2013 but the answer remains a secret, if they even got an answer.
Paul Hewitt said:
You wont get one published on KB, whoever puts that up will get pinked for sure. best keep asking questions through your club and DEMAND an answer, they MUST answer a question from their membership [ clubs] failure to do so will just proove something is smelly. your club has every right to ask the question so don't fall for any attempt to convince you otherwise.
BTW they KNOW its just they want no one to know as it more than likely exposes something[one] thats not pretty.
keep asking
Hi Richard,
that club needs to keep asking for an answer, if AKAQLD are waiting on auditors to answer they need a hurry up as well, it shouldn't take months to get a simple answer, the longer it goes tells me there is something smelly somewhere along the line, auditors just account for the money they don't spend it, it could be a smoke screen to divert attention to the auditor?
keep onto them its a tactic widely used that they hope you give up asking.
Richard
For starters, AKAQ does not have a board, the clubs decided they didn’t want people with skills in admin, finance, competition, technical or marketing and promotion ‘running’ karting in Queensland, they wanted to do it themselves. So, despite what the Australian Sports Commission recommends, which includes abolishing the State Karting Council, and mister best sports management practice governance adviser, Hancock telling them for years to abolish the Council, Queensland Clubs think they can do it better. Unfortunately, they have no idea what any the skills set means and they don’t do anything anyway. Just same old, same old.
In the wider family of Queensland karting, we have umpteen businessmen who would dissect the accounts in minutes and give advice on what and how the finances should be attended. But the clubs let the poor old management committee plough in territory unchartered for them and we end up with a proposal that the AKAQ’s elected secretary is retained as a contractor with an enlarged honorarium to do the same job his predecessors did in a lot less time and for less than half the money.
With an approach like that Richard, is there any hope for a positive outcome ?
...
Paul,
I never intend giving up on this matter. I have my own thoughts on why the Journal entry was made but I need some details as to what the actual entry was viz. debits & credits, and who made said entry. I am a retired Chartered Accountant & figures tell me stories. The actual wording in the Notes to the Balance Sheet is "Prior Year Adjustments" $53,994.44. adjusting 'Retained Earnings' DOWN by this amount.
Richard Paul Hewitt said:
Hi Richard,
that club needs to keep asking for an answer, if AKAQLD are waiting on auditors to answer they need a hurry up as well, it shouldn't take months to get a simple answer, the longer it goes tells me there is something smelly somewhere along the line, auditors just account for the money they don't spend it, it could be a smoke screen to divert attention to the auditor?
keep onto them its a tactic widely used that they hope you give up asking.
Gee Richard you wont GET ANY answers now that you have identified your profession??? you obviously know figures and thats NOT what they want the average karter to have any idea of.
keep at it
Paul,
There are many people that give me information because, I guess, they don't want to get involved. The abovementioned $54,000 is a debit entry so what are the corresponding credit entries? These would be Balance Sheet items & the terminology adjusts prior year balances. Apart from 'Cash', which I doubt needs adjusting, the only other Balance Sheet Assets of any consequences are Club Loans. Could it be the $54,000 adjusted these Club loans so they reflected what the Clubs Financial Statements showed eg. Warwick Kart Club shows it owes the AKAQ say $34,000 but the AKAQ Balance Sheet says $50,000 is owing. This would require an adjustment via a credit entry of $16,000 in the AKAQ books.
This is all assumption on my part as those that should know viz. AKAQ won't tell me.
More importantly----- WHY WHERE THE ADJUSTMENTS NECESSARY?
richard its buired on the new Gc kart track
..............................................................cheers ted
Lend me a shovel & I will continue digging. What if I discover some buried skeletons? ted kelly said:
richard its buired on the new Gc kart track
..............................................................cheers ted
Richard,
Perhaps if the answers aren't forthcoming then as a member you can call for the books, including the Bank Statements etc for inspections. richard gagie said:
Lend me a shovel & I will continue digging. What if I discover some buried skeletons? ted kelly said:
richard its buired on the new Gc kart track
..............................................................cheers ted
Neville,
Some of us in Qld. are well aware of this & other matters. We understand the AKAQ must keep it's investigations under wraps but failure to answer a simple question makes one wonder if they know what they are doing. They have my email address so could tell what is going on without disclosing anything on KB.
Richard
Richard
It’s a good point that you mention the Warwick Kart Club, from memory one item worth noting, Warwick financials when brought up at a Council meeting recently purported there was approx. $7000 of cheques written by the club some 7 years ago to the AKAQ , stated at the meeting but AKAQ never received the funds as recorded in Warwick’s accounts,???
All the treasurers of all clubs at that time who had loans, that included Warwick, signed a declaration confirming that the AKAQ accounts of loan outstanding amounts were correct…!!! They did this for two years in a row, stated and signed that they owed the loan funds, now they (Warwick) claim they paid and the debt should be removed, yet the funds are not sighted in the AKAQ accounts maybe your expertise can have a look at how /why these clubs transactions of funds never reached AKAQ or shown in AKAQ accounts – another mystery , maybe the loan was written off I don’t know ……??.