Hagen Eagles declare profit

THE Bintangor Eagles RFLC have set a benchmark in any sports when it announced a K39,874.09 profit in the 2009 annual financial report.
The Western Highlands-based franchise beat its own national governing body, the PNG Rugby Football League, and other codes which recieve overseas funding to declare a profit.
It is something rare for sporting bodies in Papua New Guinea. 
When presenting his report to major sponsors Bintangor Holdings, treasurer Joseph Neng commended the board and  management for the transparent and accountable manner in which it used money from sponsors and gate receipts.
“Financial mismanagement has been a major problem in the club practically running it down every season which has discouraged sponsors but this is very pleasing,” he said.
Neng said under the new board headed by Peter Bebi in 2008, the Eagles had only K8,578 after tax.
But last season, the Bintangor-backed club rationalised costs from unnecessary spending to post a huge saving after meeting all recurrent expenditure.
Such savings have prompted Western Highlands provincial government to continue its support of K50,000 this season while other minor sponsors have shown a willingness to back the club again.
He said the financial report had been presented to the bemobile Cup board and he urged other franchises to do the same.
Neng said his board would continue to practice prudent management to ensure that investments from sponsors and donors were used effectively and not wasted.
Though the Eagles posted a profit of just under K40,000, 2009 was not a good year off-field for the club in terms of financial support from business houses and individuals in the province.
The board was hopeful that with the huge savings, this will encourage other sponsors to come on board and make the Eagles a stronger franchise capable of retaining players and expanding its roster. The income in the current financial year: 2008 Rollover (K8,588.59), Bintangro Trading Company (K80,0000), WHPG (K50,000), bemobile Match preparation transfer (K51,975.00 including bemobile subsidy with K25,000).
Apart from cash donation, Wamp Ng Group of Companies through its subsidiary companies, Hotel Kimininga and Airport Hotel have allowed the club to use their facilities and services to the value of K15,000.
All in all, the cash income was K190,563.59 excluding goods and services received from the two hotels.
Neng said the expenditure for the club includes: bemobile cup registration (K55,000), players match allowance, accommodation, travel (K81,713.01), trials (K9,923.20), clothing (K4,015.00) and bank fees and charges (K238.29) which totaled up to K150.689.50.
Neng believes his board can improved on that in the coming season given the good support from minor sponsors and the stakeholders of the game in the Western highlands.