As I wanted to finalise my vote this weekend I decided in fairness to venture over to Joe Russo's website and see if there was anything there that tells me more than what the media has reported.
What caught my eye was that indeed Mr Russo does say that without JDF revenue the club would have made a loss. He goes as far as to say that JDF revenue
should NOT be included in the clubs results see:
http://anewgameplan.com.auAs I posted last night the club is legal required to include all JDF revenue in its results. Failure to do so is a clear breach of accounting standards and corporation law on this country. To suggest they shouldn't is foolish
Also as I posted the deed for the operation of the JDF isvery very clear. Funds can only be used improving player facilities. All money is kept in a separate bank account which it is as shown in this year's financial report and every other fin report issued since the JDFs inception
It is disappointing that before making the statement he has, Mr Russo didn't check and get clarity on how the JDF works and the legal requirements that need to be followed.
And before anyone jumps on me accusing me of whacking for the sake of it and the club won't answer his questions. To get this info he doesn't need the detail from the club, he just needs to ask any accountant and considering he runs his own business I reckon it is a fair bet he has one of his own
"Without donations"? I would suggest going by what I've read that is simply untrue. Take away any line of revenue you can say the club wouldnt have made a profit.
If Mr Russo is referring to contributions made to the FTF or the Jack Dyer Foundation, then I suggest he take a lesson in accounting standards and corporation law and understand what a business is required to do with regard to revenue they control. One hopes he is not "scare mongering" regarding the off field
As for the JDF, same rules apply in that in that the club ultimately controls the funds so they are bound by law to include it as part of its revenue and profit. The difference between the JDF and the FTF is that there is special deed arrangement that states what the funds must be used for. Yes all funds received are deemed "donations" but there's is nothing underhanded here; club is following their legal obligations. To suggest otherwise is well.... I'll leave it at that
Anyways... Time to vote