DEPUTY TREASURY KSAA FINANCIAL REPORT OF OCTOBER 09 AND RECOMMENDATIONS ON LOAN PROGRAM.
Below are the KSAA National Account and debtor’s highlights and the achievement obtained during the last couple of months.
• Balance on KSAA National Account as on 02.10.2009 is $31,179.03 and this included $10,000.00 from awareness project funding and excluded $5000.00 wrongly deposited in SA Account
• National Account balance remained as $21,179.03
• Outstanding KSAA Members loan is $24,362.36
• States loan and 2008 unpaid states contribution (VIC and QLD) stand at $3,540.00
• A total of nine individual have completed paying off their debt
• There are about three debtors who made substantial large lump sum payment and have promised to complete their payment at the end of November.
• Twelve individuals have not made any payments at all since the beginning of the year: some have made endless promises and others have requested an extension of payment dateline.
• Three states have not repaid their loan at this moment even though they are in the continuation of collecting money as stated by States Treasurers.
Let’s me begin by congratulating the National Committee on the hard work the put into the association since taking over in December last year. The progress and achievements so far are enormous and significant to the success our team. My appreciative goes to each department and individuals for their substantial effort to make the future of KSAA brighter for the next generation. I would not go depth into success stories so far and things we have managed to accomplish during this short period, as I believed the were unfolding in front of our eyes. Also, during the year in the work, we had being facing many obstacles and difficulties in the collection of debt, the closing of the South Australia account-including the transfer of the fund mistakenly deposited in their account. Furthermore, internal conflict in term of administrative task have drove us backward, with some issues solved and other still hanging in the air.
As we all know, the dateline for loan repayment as stated in the 2009 tentative plan was September. So, to update the National Committee on the advancement of the loan recollection. The month of September has passed by as we are currently in early October and the recoup of KSAA debt is not even close to the finished line. The reason for the failure of debtors for not paying their loan is something I can explain partially, but to get to the whole story is beneath the earth. This is something Economists would blame on global recession, which has a flow effect on our members and others would doubt so. Only individuals can extract his/her own information to formulate a real sense of believing. I personally have put in my all available resources to communicate with the KSAA debtors and still I couldn’t accomplish the mission to recover the whole amount of loan. Our debtors would explain to each and everyone, that I have constantly reminded them about their loan and different alternatives to meet their payment without defaulting. I was generous and proficient in all form of dealing even though a certain group will still criticize my performance and way of approach.
I would like to thanks my fellows KSAA members, and in particular I am referring to our debtor’s, who have positively worked with me in the pervious months and made their payment. I truly and honestly thank each and everyone for the great job done; you have shown an example to other members about the duty of care we possess to our association, the obligation to comply with the rules, being a good Kongor citizen and make considerable contribution back to the community. You have made a point that by us helping you; you can possibly help us back in returns. For those who failed to pay their loan. I still appreciated your energy of trying to make the impossible possible. You had shown courage and willingness to repay your loan, though we couldn’t achieve the ultimate outcome we were all hoping for; in relation to those who were reluctant, inconsiderate and noncompliance, one thing you need to understand is that you are letting down your community and the future identity of the next generation to have something that they can built on.
Prolongation policies
Prolongation policies are the next policies, which take us forward in the course of work. They are design to help us in reaching our next destination and meet our objectives; they are not particularly direct at any individuals for any other purpose. These policies intention are to achieve the ultimate goal of recovering the loan by the end of November and built a greater level of confident in the association. According to my analysis and understanding of the loan program. I have classified debtors into two group basically, one I would called a participating debtors and other one I would called non-participating debtors ( participation mean those who make at least a reasonable or completed their payment and excluded just talking or being active with me).
For those who had made a significant payment on their loan, and are in trustworthy deferment of debt repayments, and fall within my specification rules are given a second chance. This is a group I described early as participating debtors and on behave of them, we have a binding agreement that they will pay their outstanding amount of loan by the end of November. I believe they will fulfill their promises and obligation in this condition and these are the reasons I have personally allowed for extension of their dateline. However, I have being coherent in the process and decision making, so the clearly know the consequences of failing to meets the agreeable dateline, which is simply the posting of their names to the generally assembly.
The non-participating debtors who have asked for longer period to repay their loan and who have also not complied well with the policies, it’s my decision as individual not to accept any request of long term payment, which goes into the year 2010. Some of these individual have sincerely express their willingness to pay off their debts, while others are in the position of I will pay later with no specific arrangement. So, this is when am really concerned and become even more suspicious because they should have at least paid something with in the past ten months. I honestly believed that each of these debtors will make their payment in the future, no one have ever told me that they will not repay KSAA loan. They are great human being and valuable KSAA members who are incredible, have ambitions and courage to support the organization as long they continued to live in the universe. The only problem facing them is the fact, their conditions and circumstances are currently not in a good state. I guess they have tried to priotised their spending, starting with the necessity and this is where KSAA debt falls behind the lists.
Therefore, my suggestion as a Deputy Treasury is to let other National Committee witness the development on these issues, I am requesting the National Committee to name two individual to assist in dealing with this particular group, which I will forward their names to them. Their tasks is to continued asking this individual if there is anyway they would make their payments before the starts of December 2009. I have communicates this ideas to our debtors already-some are happy about it but some had rejected the idea, but I have no other alternative. I have told them many times that it’s my decision and I have authorized this people to help me in the recollection for the next two months as I will also been in contacts with them at the same time. The final decision which is going to be in place during the end of November 09 is that the whole lists of borrowers will be posted on the websites, the decision of revealing the details to the KSAA members is my personal proposal at this time, which I believe to happen. It’s does not express view of any individual. I believe this will answers the questions from the general assembly of where the money are and why the have not been repaid aback. Others would say this is a threat and an intimidation to our debtors, it’s their opinion and I have no problem with that because that’s not my intention. I have no power and authority to arrest anyone or come knocking on people doors as I am not also opening court case for trial. I also believe the use of debtor’s details by any person in whatever ways for personally purposes or to gain popularity is not my responsibility and I will not take any blame. The only reason for this is to let people know that, these are the members with loan and are having difficulties at the moment with paying-off their debts and they are intending to pay in the future fully stop. As we do not believe in distressing our members and we will still maintain our value of helping our members financially if necessary desire, and in present of adequate fund.
My own suggestions on two new National Committee members to help in the loan recollection process with the non-participating group are: the Deputy Chairperson and the Deputy Secretary, in addition one lady for equity concern/reason.
Thanks you all for reading and all opinion are welcome for review.
Kindly regards
Thuch Bior