Club Funding Model & Licence Agreements
Racing Queensland (RQ) is pleased to advise on the 25th of July 2018, RQ Board resolved to endorse a new Club funding model, with effect from 1 October 2018.
Following a comprehensive review of club financial and operational activities, the funding model was developed subsequent to consultation with each Industry Advisory Panel.
The new funding model aims to recognise and support expenses related to the core business of clubs, deliver improved product and track quality, and drive change to improve the financial sustainability of clubs within the racing industry.
RQ has commenced distribution to clubs of the new Club Licence Agreements (Agreements) which will detail individual club funding allocations and associated performance requirements, effective from 1 October 2018.
In order to be granted a licence, Clubs must now sign and return Club Licence Agreement to RQ by 26 September 2018.
RQ will issue Club Licence Agreements to all clubs that have completed their online licence application in full. Clubs which have not satisfied all the licensing requirements are not eligible for funding or any race meetings from 1 October 2018 as they remain unlicensed.
RQ appreciates the efforts undertaken by all clubs to inform and support the development of the new funding model.
Should you have any questions in relation to Club Licensing, please contact RQ Club Licensing Officer, on 07 3869 9424 or alternatively firstname.lastname@example.org
Club Commercial Compliance
Over the term of a Club licence, Clubs must provide a range of compliance documentation to remain eligible for a license.
For the financial year (FY) 2018/2019 Commercial Compliance, changes have been made to this year’s annual compliance requirements. These changes aim to improve the quality of financial reporting and subsequently better inform and enable future industry initiatives.
As per previous years, this year’s compliance is also made up of 3 compliance rounds:
- Round 1: 15th July extended to 15th August (FY18/19 only);
- Round 2: 30th September; and
- Round 3: 31st January.
Having regard for the Club License renewal extension, now due 31 July 2018, RQ will also be extending Round 1 Commercial Compliance to 15th August 2018. This has been extended to assist clubs in meeting both their licensing and compliance obligations during this busy period.
From 1st July 2018, clubs will be allocated a tier dependent on the quantity of race meetings held by each club. The new tier structure is set out as follows:
|21 & More Meets
Depending on the tier a club falls in, there is a number of compulsory and non-compulsory (optional) requirements. These requirements for each round of compliance are outlined in the Club Commercial Compliance Checklist.
Should you have any questions in relation to Club Compliance reporting, please contact Kathy Woodward on (07) 3869 9490 or alternatively email email@example.com