Recreational Aviation Australia (RAAus) has recorded a surplus of nearly $600,000 for the past financial year, thanks only to a revaluation of their Fyshwick headquarters.
The financial papers released on 1 November ahead of the Annual General Meeting on Saturday show that the organisation would have shown a $75,000 deficit had the property value not been updated to reflect the current market.
"RAAus posted a comprehensive surplus of $564,875 for the full year," a statement to members reads. "It should be noted however that this was assisted by the revaluation of the RAAus owned property in Fyshwick ACT, which saw an increase in value by $639,886 since its last valuation in 2019.
"The underlying result was ($75,011), which pleasingly, was still ahead of the budget."
For the 2021-22 financial year, RAAus operated on a revenue of slightly over $3 million and has declared total assets of $3.4 million. The cash position has been stated as $1.7 million.
Income streams for the year included $2.1 million in membership fees, $566,000 in aircraft registration fees and $191,000 in an operating grant from CASA.
Employee benefits are listed as $1.6 million in outgoings and RAAus spent $55,000 over the year in scholarships and donations.
RAAus operates as a CASR Part 149 Approved Self-administering Aviation Organisation, currently with 9090 members.
The AGM is scheduled for 10.00 am this Saturday at Ainslie Football Club, but members can register to attend online via Microsoft Teams.