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Federal CPSU (SPSF) Office financial report approved
FOLLOWING a second audit process the Financial Report for the Federal Office of the CPSU (SPSF Group) was approved by the Federal Executive on 21 March 2013. The report has now been provided to Fair Work as required under the Registered Organisations Act.
You can find the report below.
The report shows the SPSF Group made a loss for the year of $602,737 largely due to changes in regard to the Queensland Branch that meant that no capitation payments were made on behalf of CPSU members in Queensland. The operation of the Federal Office is currently being reviewed under the new leadership of our Federal Secretary Karen Batt and Federal Council has instructed that a balanced budget be developed and implemented for 2013-14.
As can be seen in the Financial Report while this loss has reduced the total equity in the Federal Fund, the Fund remains health with assets exceeding liabilities by around $1.37M.