Australian Marketing Institute confident of surplus, committed to recruiting new members
After reporting a deficit for the financial year and being warned by auditors that failure to meet “critical” business targets will place its future in doubt, The Australian Marketing Institute has vowed to increase efforts to draw new members.
Tonitto: Previous financial year investments “are increasing operating efficiency”
Last week the AMI’s annual report revealed an audited deficit of almost $170,000 for the 2015-2016 financial year, a net asset “deficiency” of $718,575 and a drop in revenue from members of $157,000.
The auditors painted a dire picture for the future of the AMI if it did not meet its business targets, which included growing its membership income by 20% and slashing costs by 12%.
With no value proposition and even less interest in listening to and meeting the needs members, this ongoing decline in numbers will no doubt continue.
I have to agree with the above comment, actually.
I hold no animosity against the AMI, however all the feedback we’ve given them is never taken on board, so their events and offering always seem poorly executed and out of touch with the younger market. Hence why we decided not to renew this year.
Hi Chris and LeoLeo,
What state(s) are you in? The AMI has had a committee overhaul and has a robust action plan for 2017 which is already getting underway. There is a lot of new blood and senior experience in all of the states, with skills and expertise to match what many new marketers need. I would love to connect with you and hear more about the thoughts you had expressed earlier, especially if you happen to be in VIC – and can share any feedback with my co-committee members.
Cheers
Nina
This is interesting reading from the annual report. We fail you pay up. “If the company is wound up, the Constitution states that each member is required to contribute a maximum of $20 each towards meeting any outstanding obligations of the company. As at 30th June 2016 the number of members was 6,145 and their collective liability was $122,900.”
Good point JJ.
Let’s hope the board is asking big questions of the CEO. They have a fiduciary responsibility to act in the best interest of the organisation, after all, the the purpose of the AMI is to service its members, isn’t it?