Olympic Assn Rejects Fund-Raising Scheme

Press, Volume CIX, Issue 31941, 19 March 1969, Page 14

Olympic Assn Rejects Fund-Raising Scheme

(New Zealand Press Association)

WELLINGTON.

A scheme by an Australian organisation to produce a capital fund, the interest from which would be used to finance future games teams, was rejected by the annual meeting of the New Zealand Olympic and British Commonwealth Games Association last evening.

The firm envisaged raising $600,000 by public subscription, which, with the $94,000 already held in trust by the association, would result in a capital fund of about $700,000.

“This question has to be looked at objectively. National bodies just do not have the money to keep on raising funds for games teams,” Mr Holley said.

the Lonsdale Cup at the meeting. Ballinger was named winner of the award earlier this year as the competitor returning the most meritorious performance in 1968 in a sport on the Olympic or Commonwealth Games calendars. All officers were re-elected unopposed. They were: Patron, Sir Arthur Porritt; vice-patrons, Mr K. J Holyoake, Sir Richard Wild; president, Mr Austad; vice-presidents. Sir William Stevenson, Messrs Cross, P. N„ Robinson. R. Shakespeare and J. L. Squire. Mr Cross was re-elected unopposed as chairman at a later meeting of the association's council and executive.

Report To Be Sought Although no definite scheme was mentioned, delegates to the meeting suggested several avenues of possible fund-raising. These included:

This invested at 6 per cent would result in $BO,OOO every two years to be used for sending teams away. To ensure that the scheme could be successfully launched at the first attempt, the firm, Compton Associated, Ltd, offered to undertake a feasibility study for a fee of $2500. Many Suggestions Made The association’s executive chairman, Mr C. L. S. Cross, said there had been many suggestions in recent years that a capital fund to provide finance should be established. The association could continue to pass the responsibility for fund-raising to national associations, or raise a fund to provide interest to send teams away.

The Government, from its patriotic fund, and large business firms provide a capital sum at no interest to be invested by the association. The interest would be used to finance the games teams and to repay the loans over a longterm period; That all members of the 22 affiliated bodies of the association be levied a small fee to provide a capital fund; That a direct appeal to the public be launched to provide funds for each games.

It was finally agreed that the finance committee investigate the position and report to the half-yearly meeting of the council, with particular reference to the possibility of a New Zealand fund-raising organisation being approached.

Olympic Fund Surplus Although a number of accounts still have to be received, the association reported a surplus of $7874 in its Mexico Olympics fund. Mr Austad said the fact that the budget had been underspent was partly because of the generosity of firms in offering goods for the team free cr at cut-rate prices. The annual report included a long list of firms which had provided money or materials and services. The total cost to date for the Mexico Olympics to the association has been $81,553.23. The Olympic shooting bronze medallist, I. R. Ballinger (Canterbury), was presented with

“There may be those who feel that spending $2500 on a feasibility study would be money down the drain.” said Mr Cross. “But we cannot afford to launch a scheme and have it fail. It would be better to spend $2500 and find the scheme impossible than to go headlong into it and fail.”

The association's president, Mr H. I. Austad, said it would be extremely difficult to raise 2600,000 in the economic atmosphere ot New Zealand today. “Let Down By Committee” "If we are going to get into fund-raising, I feel we would do better to raise funds for a specific fund —the Edinburgh Games or the Munich Olympics —rather than make a general appeal." A resolution "That the firm be thanked for its information, but that the association planned no furher action." was adopted. Mr J. W. Holley (Amateur Athletic Association) said the games association had been badly let down by its finance committee. The committee had been expected to present definite fund-raising proposals to the annual meeting.