TOPIC:

The realswansman..How did SD allmost lose 1 million between 2011-12..Was that caused by Alignment MK2.When Wafl crowds dropped off 20%.

gtrxuone wrote: The realswansman..How did SD allmost lose 1 million between 2011-12..Was that caused by Alignment MK2.When Wafl crowds dropped off 20%.

The simple answer is they spent more than they earned.
They paid today's bills with tomorrows money
They accrued the income but not the expenses.
The whole concept of proper accounting is that you draw a line in the sand and bring to account what is owed and what is owing at a particular date, Then you know where you stand. Every business should do it monthly.
Swans failed to do this and when the new treasurer was appointed at the 2012 AGM he set about doing this and redid the 2011 accounts to take into account monies used for the construction of two houses, a grant that had to be repaid because of non compliance and other grant monies that were taken in as income but actually were funds in advance for the following year and a miriad of other operational expenses paid in 2012 that were actually 2011 so then backdated.
When all accounted for, loss of $911k.
Any other questions.

Good information therealswansman. Do you know how much is still owing?

R U Serious wrote: Good information therealswansman. Do you know how much is still owing?

Owing for what.

Such as are we still paying off our debt to the ATO etc.

R U Serious wrote: Such as are we still paying off our debt to the ATO etc.

ATO debt now nil.
But what did happen is the loss wiped out all working capital which can only be replaced with making continuous profits year after year.
Swans current liabilities still exceed their current assets, the measure of solvency, but as long as they don't fall behind in paying current creditors there isn't a problem.
In fact Swans Present balance sheet liquidity wise, is worse than WP's when they held up the white flag.
The difference is that while Swans did deals with all their creditors on repayment terms that remain in place today for current debt, hence they can't be considered to be trading insolvently, WP Directors when learning the definition of insolvent trading and the consequences for Directors held up the white flag.

therealswansman wrote:

gtrxuone wrote: The realswansman..How did SD allmost lose 1 million between 2011-12..Was that caused by Alignment MK2.When Wafl crowds dropped off 20%.

The simple answer is they spent more than they earned.
They paid today's bills with tomorrows money
They accrued the income but not the expenses.
The whole concept of proper accounting is that you draw a line in the sand and bring to account what is owed and what is owing at a particular date, Then you know where you stand. Every business should do it monthly.
Swans failed to do this and when the new treasurer was appointed at the 2012 AGM he set about doing this and redid the 2011 accounts to take into account monies used for the construction of two houses, a grant that had to be repaid because of non compliance and other grant monies that were taken in as income but actually were funds in advance for the following year and a miriad of other operational expenses paid in 2012 that were actually 2011 so then backdated.
When all accounted for, loss of $911k.
Any other questions.

Yes please 2 more question.
Under the Swans current business model + adding clubs like WP.Will there be a Wafl competition in a decades time .Does the Wafc still audit the clubs books.

gtrxuone wrote:

therealswansman wrote:

gtrxuone wrote: The realswansman..How did SD allmost lose 1 million between 2011-12..Was that caused by Alignment MK2.When Wafl crowds dropped off 20%.

The simple answer is they spent more than they earned.
They paid today's bills with tomorrows money
They accrued the income but not the expenses.
The whole concept of proper accounting is that you draw a line in the sand and bring to account what is owed and what is owing at a particular date, Then you know where you stand. Every business should do it monthly.
Swans failed to do this and when the new treasurer was appointed at the 2012 AGM he set about doing this and redid the 2011 accounts to take into account monies used for the construction of two houses, a grant that had to be repaid because of non compliance and other grant monies that were taken in as income but actually were funds in advance for the following year and a miriad of other operational expenses paid in 2012 that were actually 2011 so then backdated.
When all accounted for, loss of $911k.
Any other questions.

Yes please 2 more question.
Under the Swans current business model + adding clubs like WP.Will there be a Wafl competition in a decades time .Does the Wafc still audit the clubs books.

1. if there is a AFL reserves comp, then Eagles and Freo won't have to pay a levy for their teams to be in the WAFL hence less money to the other WAFL clubs. and they could sink.
The WAFC started dismantling the WAFL when it set up separate junior Districts that the WAFL clubs had no control over and now the colts sides are a product of those comps.
The Pathway will hence be juniors to colts to AFL reserves with the WAFL clubs fending for themselves, some will die.
2. The WAFC has never audited the WAFL club books. Annually the WAFL clubs, usually CEO and Finance Director , front the finance committee of the WAFC and discuss their clubs position.

therealswansman wrote:

Leedy wrote:

therealswansman wrote:

Leedy wrote:

Leedy wrote:

therealswansman wrote:

DD wrote:

therealswansman wrote:

Leedy wrote:

Beasley Hutton wrote:

Leedy wrote:

Swandog wrote: Seems a few people on here with axes to grind, take your negative crap to another club then if you don't like it, at least we are getting ourselves out of a financial hole all by ourselves unlike other clubs as was highlighted to me on Sat. Cant please everybody and mistakes are made, a football club is no different. Cant wait for round one! Get behind the club!

Laughable mate, I know the fella personally and he 100% did not receive his match payments for that particular year so you are ill informed, he wouldn't make this shit up, no rhyme or reason too.


Calm down Swandog, clearly a dig at WP above. As I have mentioned on many occasions I don't give a shit how we survive, as long as we survive. Swans are no orphans mate because "Not paying a number of players their match payments" would have left you in a similar situation to us, at least we paid 4c in the dollar

I am not sure I understand what you are trying to state here Leedy...you are comparing apples with oranges mate?
It was reported last year the WAFC paid the WP players, coaches and staff last year and then you virtually walked away from paying your creditors including the ATO & State Government department VenuesWest with a paltry 4c in the dollar offer.
This was also reported to be a loan from the WAFC so we can and will expect that will be paid back in full by the WPFC...I am sure there will be many other WAFL club boards watching with interest to make sure they are held to account in this regard!
As far as I am aware the SDFC have never had the WAFC pay our players, coaches and staff ever and I believe we have or are continuing to pay our creditors in full, the ATO was paid back with interest!

BH,

We are all fully versed on what happened to WP, I don't know where in my response earlier that I denied any of it, in fact I said " I couldn't give a shit where the money comes from, as long as we survive". Im just stating that if Swans had actually paid their players one particular year then who knows what would have happened or where they would have ended up ??? Swans simply walked away from paying those players, FACT !!!

Leedy, your comments are not fact.
I can say without any fear of contradiction and will sign for you a statutory declaration to that extent that there was no player who did not receive their match payments.
So check with whoever is feeding you rubbish and come back to me.
Find one person who wasn't paid and not only will I pay them I will pay you double the amount.

Mate what do you do for a crust? You must be on more coin than Phil Smart. Lol

Oh I have plenty of $$ but wion't have to part with any of in this instance because as stated, some trolls from other clubs think they know it all, however in this instance they are way of the mark..

Laughable mate, I know the fella personally and he 100% did not receive his match payments for that particular year so you are ill informed, he wouldn't make this shit up, no rhyme or reason too.

So you have gone from saying that if we had made match payments we would be in the same boat as WP, using that analogy we would owe your friend in excess of $300,000.
Tell him to contact me, I have a complete list of all match payments owed and paid from 2009 - 2016 , the same list that the ATO and WAFC have.
I will check it and reimburse him in full.

, your a muppet, geez some times I reckon Freeze may be right that all you Swannies people are a tad precious, masters of making mountains out of mole hills. To put an end to this, all I am saying is that if Swans had payed their players they may have been in a tad more trouble. Im not saying more or less than WP, my mate didn't receive his match payments, full stop !!!

Leedy, you don't get out of it that easy.
I don't revert to name calling , I deal in substantiated truth.
What you are insinuating is that Swans didn't pay match payments based on your friends say so that he believes he is owed money.
So how much in $$ of match payments is there that you are saying that we missed . Put a figure on it and then ask how would that have placed us anywhere near the WP scenario. .
It is a matter of record that Swans lost over $900k in the 2011/12 period, they were cash strapped, didn't hold up the white flag and paid all their creditors.
It is not about being precious, it is about quashing some of the bull that surrounds Swans past and present situation.
I have documented proof, what you have is innuendo and rumor.
I reiterate, if your friend or any other person can come forward and substantiate that they were not paid, I will reimburse them and give you double.
So either put up or shut up.

Well that certainly put the challenge out, his mate gets his alleged payments and he gets a bonus of double the amount.
Should be pretty simple to take up that offer. Can't go wrong.

Ooooolll don't forget George is on a fair bit too.....needs to be....to pay his entourage......wish one could tell who is telling porkies and who isn't......