Finances Update

It has been an incredible 18 months since the ACC Initiative was launched.

 

In that time, the Initiative has raised $1,000,000 in commitments from chiropractors from around the world, with the majority right here in Australia.

 

I would like to offer my thanks to all of who have contributed so far – you are changing the face of chiropractic in Australia and the world!

 

I have received questions as to how your valuable money is being spent and I thought, given it is the beginning of a new financial year, it would be fitting that I give you an overview of how we are using your gifts.

 

It is important to note that the astounding $1 million raised by you so far represents staged gifts to the ACC and not (sadly!) money in the bank. TEQSA will be wanting to see an amount around $500,000 in our savings so I am asking for your further help! If you can give a little bit more and encourage your colleagues to at least match your own gift that will enhance our prospects greatly. You can be assured we are putting your money to very good use!

 

The total dollars spent on the ACC project to date is around $400,000.

 

This includes the feasibility study commissioned by CAASA in 2015. The lion’s share of remainder has been spent on ACC’s TEQSA submission in 2016. The total cost of the submission was in the order of $300,000. This comprised of consultancy fees, staffing costs, application fees, as well as legal and accounting fees. The other area of spending was in the ACC’s fund raising efforts which included the hiring of a professional fund raiser to the project towards the end of 2016.

 

Over the course of 2017, the ACC has been continuing its accreditation efforts. ACC is in regular communication with TEQSA and has also prepared its Self Evaluation Report for CCEA. The ACC is ensuring our communications with these bodies is of the highest quality, and as a result most of our resources are focused on this. This is slow but vitally important work and continues even as you read this.

 

The ACC project continues to cover its costs and make headway on its accreditation efforts – meaning that the ACC is well positioned to become a reality in the very near future. Because of legislation, and without the appropriate approvals, I cannot give you a start date at this point – but we are doing all we can to hasten our launch.

 

I want to reiterate how delighted we are with the response to the ACC Initiative.

 

This is due almost solely to the foresight and goodwill of Australian chiropractors. There are several very large gifts that need to be acknowledged, as without them, the ACC would still be only a good idea.

  • Foremost amongst these gifts is Dr Mark Postles who has single-handedly committed $100,000 to the ACC.
  • Next is the Healing Wave practice group of Newcastle. Drs Craig Lieschke, Dan Smith and their team have gifted $100,000.
  • At their 2016 Annual General Meeting, CAA(Queensland) have donated $50,000 to the ACC.
  • And SOTOA have similarly donated $50,000 of their members’ money earlier this year to the initiative.

 

In summary, we can all be very satisfied with ACC’s progress. The project is covering costs and continues towards gaining accreditation. More funds are needed, particularly large gifts, as TEQSA will be interested in seeing a sizable balance in our bank account.

 

On behalf of the ACC Board and all of us working on the project, thank you for your continued support.

 

Over future weeks I will report to you on the accreditation process and our launch projections, including the discussions on when the ACC will take its first students.

 

Yours in Chiropractic,

 

Dr Patrick Sim