VIA records $180k deficit

The Imported Motor Vehicle Industry Association (VIA) has recorded a deficit for the third financial year in a row.

It has posted a loss of $180,619 for 2019/20. This follows on from deficits of $233,181 in the previous year and $264,258 in 2017/18.

Revenue dropped from $600,011 during the 2019 financial year to $478,596 in 2020 with those from VIA’s provision of services decreasing from $167,244 to $53,663.

Total expenses fell from $833,192 to $659,215. Those relating to the provision of services dropped from $143,261 to $51,976, and from $682,156 to $605,385 when it came to administration.

Net assets decreased from $284,666 to $104,047. Receipts from customers were down from $606,314 to $459,201 with ending cash carried forward dropping from $297,754 to $116,093.

“The executive is continuing its work to reverse the trends of ongoing deficits by seeking new sources of revenue and considering further cost-reduction initiatives,” says a note attached to 2020’s financial statements.

Total overhead expenses dropped from $682,156 in 2019 to $605,885 during 2020. Notable savings included spending on promotion (down from $21,375 to $13,685), communications (from $44,970 to $10,610), legal expenses and debt collection (from $19,430 to $7,665), repairs and maintenance (from $8,515 to $3,559), and travel, accommodation and meals (from $46,602 to $27,592).

VIA’s annual general meeting starts at 2.30pm on July 21 in the Centenary Lounge at Eden Park, Auckland. Members can attend in person or follow proceedings by video link.

Matters to be discussed include those referred by the new council, which will meet before the AGM.

If a member company’s authorised representative cannot attend, then the business can appoint an alternate representative for this meeting only.