The CHIA Vic Board is pleased to report that the organisation has achieved another year of financial growth with 2018/19 revenue of $1,344,934, some $335,725 (33%) higher than the prior year. The growth in revenue is the result of CHIA Vic securing funding on behalf of the sector for projects that will assist member organisations and the tenants they support.
Our success in securing project funding in recent years has been exceptional, with project revenue increasing from $159,680 in 2016/17 to $699,773 for the reporting period. Credit must go to Lesley Dredge and her team for identifying and delivering on these projects, notwithstanding the limited staffing resources available to the organisation.
Our commitment to provide training and professional development opportunities for the sector and others that partner with community housing organisations remains a key component of our strategic plan. For 2018/19, training income increased by 7% to $209,882. Finally, recurrent funding from the Victorian Government (Department of Health and Human Services) remains a core pillar to ensure the viability of our organisation. We thank our government partners for their on-going support, their core recurrent funding of $327,395 was a 3% increase on the previous year.
Total expenditure for the year was $1,336,141, which was $331,739 higher than the prior year. However, when excluding the significant increase in project expenditure and other specific one-off items in both years (i.e. projects, seminars, conference and marketing), costs have been exceptionally well managed with staffing and overhead expenditure of $553,983 only $7,838 (1%) higher than the prior year. This is an exceptional outcome considering the time and effort associated with managing the significant increase in projects over the period.