Central Australian Aboriginal Media Association granted fourth extension of special administration after finally turning profit

THE Central Australian Aboriginal Media Association remains in debt despite turning a profit

THE Central Australian Aboriginal Media Association remains $2.7m in debt despite turning a profit.

• Central Australian Aboriginal Media Association granted extension of special administration
• Debt ridden CAAMA placed under special administration

THE Central Australian Aboriginal Media Association remains $2.7m in debt despite turning a profit.

The Registrar of Indigenous Corporations Selwyn Button has extended the special administration for the fourth time.

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Since their appointment, and assisted by CAAMA’s senior management team, the special administrators have introduced financial controls which, in combination with growing revenue, have made CAAMA profitable again.

Unaudited financial accounts recorded CAAMA went from a $1m loss for the 2019-20 year to a profit of almost $500,000 as at December 31.

But the organisation will have to sell a commercial property to repay significant outstanding debts.

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“CAAMA continues to operate, and its services are expanding and improving,” Mr Button said.

“We won’t return the corporation to members’ control until debts exceeding $2.7m are resolved, and everything is in place to ensure this situation doesn’t arise again.”

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