CAAMA ‘drowning in debt’: Regulator
By ERWIN CHLANDA
The Central Australian Aboriginal Media Association (CAAMA) has today been put into special administration by the Registrar of Indigenous Corporations, Selwyn Button, who says the 40 year old organisation is “drowning in debt”.
Well over half its income comes from grants, says Mr Button in a media release: “In 2018–19, CAAMA generated approximately $4.1m in revenue, of which 63% was grant funding. But its liabilities are also considerable, and growing.
“Unfortunately, over the last couple of years [CAAMA] has been unable to demonstrate improvements to its financial position or that it can trade itself out of debt.
“Despite having a repayment plan with the Australian Tax Office, its tax debt has more than doubled, reaching a critical level that is not sustainable.
“The special administrators will look at all options to help CAAMA improve its financial position.”
The Registrar has appointed Jack James and Paula Smith from Rodgers Reidy as joint special administrators until 12 June 2020.
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