FAQs - Fees & Finances

FEES

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 equipment levy?

The gym has constant maintenance to equipment due to wear and tear.  The equipment levy is used for urgent repairs, professional carpet cleaning, small equipment purchases (where grants are not feasible).

What is Olympia's bank account details?

  • Account Name: Olympia Gymnastic Sports
  • Bank: Westpac
  • Account Number: 03 0823 0975132 00

FINANCIAL REPORTS

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 development.

GRANTS/FUNDING SOURCES

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 reconciliation 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.