Financial Result 2020: Tigers make a $217,727 Profit

[Tiger Tragic]

That's not correct.
To qualify for Jobkeeper your organisation's income simply had to be 30% or more down in one month, in the prescribed period and then you received payment for ALL employees (stood down or not, so they would have got it even for Gale) as long as they were employed as at I think it was March 1st. So they would have receieved $750 per week for 6 months for pretty much every employee in the club. If they retrenched or dismissed employees then the $750 stopped when that occurred.
So the $10M is a bonus and doesn't nett out and shows the state the club would have been in without it. What could be argued is the club may have cut harder or sooner if they didn't get JK, certainly not to the tune of $10M I wouldn't think, but not that it evens out.

Have a mate here that received the $750pw even though he was still getting his normal full wage as his job was unaffected. Tried all avenues to give the money back as he felt guilty but was told there was not any mechanism to give the money back.

If this is correct, the payroll officer has made a large error for the company!!
Business had to show a reduction of 30% for the quarter to qualify for JobKepper. After the initial 3 month period was over, you had to reapply. Not all business received the second round of JobKeeper funds. Business wishing to obtain the next and final allowance need to show a reduction of 30% to qualify. You don't automatically receive the full funds for the duration of the program.
Gracie- it is hard to fathom as error like this being achievable.

All that was required for JobKeeper 1.0 was a forecast decline in turnover of 30% or more for a month or a quarter.  Once you show that, you are eligible for the entire period from that particular month/quarter to the end of JobKeeper 1.0 (Sept).  I have plenty of clients who had one bad month and qualified but recovered and was still collecting JobKeeper even though turnover had recovered.  There was no way to implement a morally correct approach of not taking the money.

As for the person getting the $750 per week and his normal wage, that was not the intention of JobKeeper.  He/she may have continued to get the normal wage but the expectation was that the employer would pocket the $750 as a subsidy toward wage costs (to keep them afloat having demonstrated a decline in turnover).

[one-eyed]

JobKeeper program keeps AFL clubs above waterline as Tigers’ flag windfall takes serious hit

More than $10 million in JobKeeper funds and a premiership — usually a goldmine any given year — yet Richmond’s financial results reveal the harsh reality of COVID.

Jon Ralph
HeraldSun
December 4, 2020

Richmond says it took back-to-back premierships and more than $10 million in JobKeeper funds for the club to declare a “wafer-thin” profit this year.

Western Bulldogs president Peter Gordon lauded the Federal Government’s JobKeeper initiative for keeping businesses including AFL clubs alive during COVID lockdowns.

The Dogs were able to declare a fifth consecutive profit of $1 million this year, a $1.8 million surplus with JobKeeper allowing the club to keep on many of its staff during lockdown.

Richmond’s financial results included $10.8 million in JobKeeper payments across the football club and its range of businesses, but the club made only a $217,727 profit.

A handful of AFL rookies and low-paid players accessed JobKeeper through the AFL Players’ Association.

Customarily clubs in Richmond’s position are able to declare vast financial windfalls through ticket sales, prizemoney and merchandise sales.

The Tigers had declared profits in excess of $4 million in the previous two seasons.

Richmond boss Brendon Gale said the Tigers were pleased to keep their nose in front despite the sacrifices made in staffing and redundancies.

“We are $20 million down on our normal revenue and we were looking down the barrel of a multimillion-dollar loss,” he said.

“Things did improve and it took a premiership, which you can never budget for, to allow us to declare a wafer-thin surplus. But it was on the back of a $20 million revenue reduction and working with a skeleton staff.”

Gordon said of the JobKeeper program: “Holistically I am a man from the left side of politics but I have to admire the Scott Morrison government for JobKeeper. It was very important to AFL clubs just as it was to businesses right across Australia,” he said.

“My guess was the Dogs would record far and away the biggest loss in our history, in excess of $8 million and possibly $10 million.”

He told SEN the club had to stand down 70 people but eventually improved the club’s financial picture enough to make a profit.

https://www.heraldsun.com.au/sport/afl/news/jobkeeper-program-keeps-afl-clubs-above-waterline-as-tigers-flag-windfall-takes-serious-hit/news-story/5f029ca5f5e5fcea5affb29e9f7c7c87

[one-eyed]

Collingwood made a loss of $1.8 million this year.

source: The Age.

Shows how well we've done to make a profit.

[Andyy]

Lol Collingwood

Suffer in ya jocks

[one-eyed]

Swans have made a whopping $6 million loss .

[one-eyed]

The footyindustry.com website has collated the 2020 financial results of AFL clubs (excluding Eagles, both SA & NSW clubs):

https://docs.google.com/spreadsheets/d/1XSt5rpLXo7jkAo-97o7z11ExhWOJqAzwKSaUH4zTOAE/edit#gid=0

Richmond was:

#1 in total revenue .......... (we had the 2nd lowest % fall)
#1 in sponsors income
#1 in jobkeeper payments
#2 in membership income
#2 in footy dept. spending
#5 in highest profit ........................(only six clubs made a profit)
#7 in venue income
#8 in AFL distribution
 
http://www.footyindustry.com/?page_id=58789