ASMOF (NSW) Financial Report for the year ending 31/12/2017



The NSW Industrial Relations Act 1996 imposes financial accountability obligations on the Union. This includes the requirement to lodge an audited Financial Report with the Industrial Registrar in respect of each financial year of the Union. A copy of the Financial Report can be accessed here.

Members will note an operating deficit of $36,354 against a budgeted surplus of $70,300 for 2017. This deficit is the result of a 1.4% decline in total revenue and a 14% increase in expenses.

The main contributing factor to the decline in revenue was the requirement to repay an overpayment of $88,636 to the AMA for income received for DiTs in 2016. The error arose because the method of reporting the income received for DiT membership used by the AMA overstated the income owed to ASMOF NSW. This error has been corrected but the repayment means that a $44,224 surplus became a $36,354 deficit for the 2017 financial year.

The increased expenditure reflects the strategic decisions made by the governing body of the union (the State Council) to focus on improving and consolidating governance and staffing structures.

Thanks to sustained membership growth over the last three years, which have led to healthy surpluses, we have been able to implement Council’s strategic direction, ensuring that financial resources are allocated effectively and efficiently to guarantee appropriate governance and financial stewardship into the future whilst ensuring we continue to meet our objectives with good industrial outcomes. Furthermore, the current financial year is expected to see continued increase in membership numbers.


Total revenue for the year ending 31 December 2017 is $3,160,253. This is $47,351 less than the previous year. Income from staff specialist, clinical academic, career medical officer and related membership fees was $2,127,032, an increase of $97,297 on the previous year – mainly due to an impressive 3.4% membership growth over the year.

Income from medical officer (DiT) membership fees was $550,169 which was $194,388 less than the previous year.The major contributing factor is the repayment to the AMA. Council should also note that though there was a small increase in DiT members -2272 (as at 31 December 2016) to 2279 (as at 31 December 2017) the “corrected” income still fell by $33,252. This is explained by a 9% decline in membership PGY3-5. The main growth in membership (25%) has been amongst PGY 1-2.


The 2017 operating expenditure of $3,196,607 was $394,502 higher than in 2016. The major contributing items are:

  • an unexpected but unavoidable payment of $49,261 to engage a temporary finance officer
  • $33,083 on engaging consultants to undertake important internal reviews the outcomes of which will contribute to the long-term success of ASMOF with more rigorous governance structures and improved staffing levels
  • an increase in DiT expenses arising from an increased focus on recruitment and strategic engagement with DiTs
  • an increase in car related expenses the result of an increase in the number of industrial staff and an increase in the number of car trips by staff attending meetings and campaign and recruitment activities, and
  • the total salaries expenditure was $1,509,652. This is slightly higher than the budgeted expenditure for 2017 of $1,450,000 and the result of employing the new Corporate and Membership Support Officer position.