FAQs - Fees & Finances
What costs do our fees go towards?
The Club's largest cost is wages, both coaches and administration. Fees also contribute to utilities such as power, gas and communication suppliers.
Why is there an eqipment levy?
The gym has constant maintenance to equipment due to wear and tear. The equpment levy is used for urgent repairs, professional carpet cleaning, small equipment purchases (where grants are not feasible).
CONTINGENCY FUND AND CLUB PROJECT SAVINGS
What is the contingency fund for?
This strategic decision was driven by the Canterbury earthquakes when organisations in the region became acutely aware of their vulnerability to events beyond their control. The establishment and growth of this fund provides Olympia with a financial buffer to withstand and survive a disastrous event.
What are Club savings going to be spent on?
The building extention project. Now that the landscape has changed with reduced funding contributions and the CCC funding being in high demand, the Club will need to have contribution funds to kick-start the project.
GYMNASTICS NEW ZEALAND
Why do we pay a Gymnastics New Zealand affiliation?
Olympia is an affiliated club of our national body GNZ. Members and the Club pay an affilition fee so that GNZ have the resources to govern and operate our sport. For example coach and judge education, advocation on behalf of Clubs to Sport New Zealand, Regional Sporting Organisations (in our case Sport Canterbury) and Funding Stakeholders, frameworks for competition pathways, gymnastic programme dvelopment.
What funding sources other than member fees are available to the Club?
The Club is registered as a Charity and can therefore apply to funders where the application meets the funding criteria. The approved applications are generally applied to equipment purchases, education, first aid courses and competition expenses. From time to time the Club will initiate fundraisers for specific projects. Other funding streams include facility hire, courses and workshops, donations and competition profit.
What happens with unspent grant funds?
Grant funds can only be spent on the specified item for which it was applied for. Any unspent funds must go back to the funding body. There is a reconcilation and reporting process to be complied with for each authorised grant. Grant funds carried into the new financial year and noted in the AGM financials would have only landed into the account in the August/September, items may have been ordered, but unpaid for at the time of 30th September.