“.....help us tackle heartache and
despair.....”
Dear
Colleagues,
Since
1896 the MBA of NSW has been providing financial assistance to our colleagues
and/or their families. For the last 45 years our Social Worker has also been
providing free counselling and advice to our colleagues. Our current Social
Worker is Meredith McVey.
Now
that we are in a global financial crisis and recession, many people are
suffering hardship, including many of our colleagues and/or their families.
Income is severely limited and the cost of living continues to rise. The cost to
us in helping each beneficiary is increasing as well.
Unfortunately
the falling stock markets have greatly affected our investment income resulting
in a substantial loss in the financial year ending June 2008. Please see our
Treasurer’s report. However the Council of the MBA of NSW is taking great care
to manage our funds wisely.
Despite
our losses, currently we are continuing to meet all our beneficiaries’ needs
adequately.
However
to enable us to continue to do this, we are even more reliant on your donations
as we can no longer rely on our investment income to cover the shortfall
Fortunately
last year, there was a slight increase in the number of donors and income from
donations but still not enough to cater for the yearly requirements of our
beneficiaries. Therefore we would like to encourage even more doctors to become
regular donors.
Even
with the increased number of donors last year, just over 10% of doctors donate.
If 100% of doctors in NSW and the ACT donated just $20.00 each we would have
sufficient funds to meet our beneficiaries’ current annual needs.
You
can also help by letting your colleagues know about the work of the MBA of NSW.
Visit our website at www.mbansw.org.au to see what we are doing with your
donation money. We can also arrange a speaker or provide brochures and a poster
for your organisation’s next function, on request.
Maybe
you could consider adding a codicil to your will or nominating the MBA of NSW as
beneficiary of donations in lieu of flowers at your funeral.
The
Council of the MBA of NSW and our beneficiaries are extremely grateful to you
for your donations. Please help us tackle heartache and despair by continuing
your financial support.
Yours
sincerely,
David
Chen
President
All
donations are TAX DEDUCTIBLE
Quote Section 78(1) (a) (iii)
TREASURER’S
REPORT 2007-2008
Dear
Colleagues,
In
the financial year ended 30th June 2008, we saw a deficit of $140,323 to MBA of
NSW, as compared to a net surplus of $47,328 for the previous year. We spent a
total of $399,141 on our beneficiaries, and this has continued the trend of
increase over the last few years. This trend is likely to be a reflection of the
increasing costs of living as well as the dire financial position that some of
our beneficiaries find themselves in. The administrative costs for the
Association amounted to $180,339, part of which was related to social work
expenses in the transition period following the retirement of Mrs Mary Doughty.
In the same period, we were able to raise $215,102 through donations and
appeals, and that was $10,000 more than last year. For that, we are extremely
grateful for your generosity.
Our
investment returns have suffered in the last financial year, and this is not
unexpected considering the current financial turmoil. This economic downturn is
unlikely to resolve in the near future, and we can foresee that some of our
beneficiaries may face greater financial difficulties in the coming months. As
of the end of third quarter in this current financial year, we have already
spent $277,217 on our beneficiaries, which is slightly more than the amount of
$261,183 spent for the same period in 2008. In the past 9 months, our
councillors have worked hard to curb spending, but at the same time, it remains
a priority of MBA of NSW to ensure that the basic needs of the beneficiaries are
met.
It
is quite possible that we may endure yet another deficit in the next financial
year. We have kept close contact with our advisers from the BT Financial Group
and we will review our investment portfolio on a regular basis in this volatile
economic climate. Overall, we believe our financial position remains secure, but
we shall need your continued support.
Vincent
Wong
Hon
Treasurer
Social
Worker: Meredith McVey (02) 9987 0504
Your contribution makes a real difference
[ Up ] [ Annual Appeal 2009 ] [ Income Chart 2008 ]
Copyright
© 2007-2009.
Medical Benevolent Association of New South Wales. All rights reserved.
Citation suggestion:
Medical Benevolent Association of NSW, Annual Appeal 2005 (http://www.mbansw.org.au/mba/ann_appeal_2009.htm)
[date accessed]
Last revised: 25 May 2009 21:00
