Mingaletta 'returns to profitability', says annual report
Mingaletta Aboriginal and Torres Strait Island Corporation has recorded a return to profitability in the 2023-24 financial year, according to a financial statement published with the organisation's annual report..
"After recording a loss of $7672 in 2023, the Corporation reported a net profit of $23,346 in 2024," the report stated.
"Revenue increased substantially to $281,260 in 2024, a 77 per cent rise from $158,678 in 2023.
"This strong revenue growth, combined with a return to profitability, highlights the Corporation's improved financial position and strategic upgrades."
Mingaletta treasurer Mr Mark Champley said: "Mingaletta has continued to grow and prosper.
"The introduction of the Square payment system has made transactions easier for our customers, leading to increased sales from the plant nursery and additional donations.
"However, we have ensured that cash payments remain available for those who prefer it.
"We are fortunate to receive ongoing funding from the Department of Communities and Justice, which has allowed us to expand key roles within our organisation.
"This includes the important work of our coordinator, Aunty Di O'Brien, and our admin and communication officer, Ms Kylie Hogan.
"Additionally, we are now able to fairly compensate our data specialist, Ms Colleen Blyth, for her outstanding contributions to Mingaletta.
"Our financials have been audited by Cooper and Collins Chartered Accountants.
"Over the past year, we have continued our relationship with Darren Fitzgibbon from Breakthrough Accounting, who serves as our accountant.
"The board and I have built a trusting and respectful partnership with Darren, who continues to provide excellent financial governance and guidance and also helped develop Mingaletta's proposed financial budget for 2024-25, which was later endorsed."
SOURCE:
Annual report, 4 Dec 2024
Mingaletta ATSIC