Gymnastics Victoria club support fee arrangements
The Gymnastics Victoria Board met on Tuesday evening and agreed on some financial measures to assist and support affiliated clubs:
Payment terms on GV invoices to clubs will be extended from 14 to 28 days;
Gymnast registration invoices for clubs will be changed to monthly, instead of the default current of by term, so as to spread the cash flow impacts for clubs;
An assumed reduction in member registration of 10% will be factored in for all clubs, applying that immediately from Term 1 – this means there will be rebates/refunds to clubs who have paid their Term 1 invoices, and credit notes to reduce the balance owing on those not paid; and
All clubs will be billed on a reconciliation basis in 2020 – i.e. actual numbers registered for the year, with adjusting invoices or credit notes at year end – allowing the option to provide an estimate earlier in the year that would be used as the basis of later invoicing.
The GV office will start issuing credits and rebates/refunds during next week.
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