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A $35,000 loan from a local benefactor has saved Pride WA from almost certain collapse.
News of the loan, from Pride WA member Charles Denham, was announced at an information session at The Court today.
The information session was originally intended to be the continuation of the Special General Meeting (SGM) adjourned on 17th February, but an oversight led to members not being given proper notice of the meeting.
The SGM will instead be reconvened on Tuesday 29th April, with the 2007 Annual General Meeting (AGM) to follow immediately afterwards.
Pride Treasurer Iosefo Tapusoa reported to about 20 members present at the information session that the committee had used the $35,000 loan to pay off the vast majority of Pride's debts, leaving current liabilities of $6,385 and current assets of $6,198.
According to Mr Tapusoa, the committee had worked hard over the summer months to raise net funds of $7,165 and had reduced Pride's net debt from almost $36,000 to $28,650.
Funds raised this year included $5,667 at the quiz night in March and $1,000 from Mardi Gras weekend festivities at The Court.
With the $35,000 contribution structured as a loan, Pride has net debts of $28,650, however the terms of the loan mean that it will not be called upon and will not encumber Pride in staging events in the future.
The loan is set to
be repaid over 10 years with funds raised from weekly bingo nights,
which are set to start next week. Once the loan is repaid, funds raised from the bingo nights will be directed towards assisting Pride with its ongoing expenses. Should Pride not be able to repay the loan after 10 years, it will be written off.
Speaking to GAYinWA after the information session, Mr Denham said that Pride needed the $35,000 more than he did right now.
"Pride is a very important organisation and has played a large part in my life," he said.
"I think it would be a total disservice to the gay and lesbian community if Pride folded and I decided that keeping Pride going was more valuable than me buying a new car, which is what i had planned."
Mr Denham, who will stand for election to the committee at the AGM, said he had not sought any commitments from the committee other than the terms of the loan.
"I went to the committee totally uninvited because I worked out there a way in which I could assist with their financial situation and a way I could get it paid back without putting any more pressure on them," he said.
"That was the total reason I went to see them — nothing else."
Mr Denham said he had staged bingo nights on Friday nights over the last three years that had raised more than $10,000 for other community groups and he was hopeful that the new Wednesday night event would be very successful.
"There will be a huge demand
for a new bingo night soon, because a large event in Bassendean closing
down shortly and they will be looking for somewhere to go," he said.
"This means the event is likely to be successful, whether or not we attract a large gay and lesbian crowd, but I am hopeful we will attract gay and lesbian people of all ages, looking for things to do that don't necessarily involve going out to pubs and clubs.
"If you look at the recent Pride quiz night, there were more than 400 people there of mixed genders and ages, all having a great time. That's the sort of event we are going for."
Mr Denham paid tribute to the existing members of the Pride committee, saying that they had achieved an extraordinary amount over the last few months.
He said he hoped people would continue to support Pride, but acknowledged that Pride needed to change.
"I am a company administrator and I think some improvements could be made to Pride's structure and rules - when they were developed, they were brilliant, but they need to change with the times," he said.
"Pride needs to be brought into a modern day relevance which will impact on the types of support it receives. While my feelings towards Pride are largely historical, I am looking forward to the new challenges and Pride reforming itself to take its place among the next generation as a viable and relevant organisation."
The first bingo night will be staged at the North Beach Community Centre on Wednesday 2nd April, starting at 7.30pm.
To find out more about the bingo nights, please phone Charles Denham on 9204 1797.
Read Daniel's blog
Pride needs new committee members to survive.
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written by lilpunk007, April 07, 2008 - 2:30:24 pm CDT
Wouldn't it be deemed a 'conflict of interest' for Charles Denham to consider becoming a committee memeber given the 'loan' he has just provided without the present committee discussing it with Pride members? I certainly have an issue with the current situation that Pride has placed themselves in.
written by Shane C, April 30, 2008 - 11:35:19 am CDT
On the surface, I would have thought it would be deemed as very much in Charle's interest to see the loan repaid; and apart from paying a salary to comittee members, I can't think of a better "buy in" to ensure that Pride continues to meet it's current and future financial obligations.