PHILLIP Island Community and Learning Centre (PICAL) is not going anywhere, not anytime soon that is after announcing they are on a "clear path to stability" today.
Earlier this month the much-loved PICAL called crisis talks as historic debt rendered the organisation “technically insolvent.”
Key among the issues was that "due to the incorrect classification of certain roles, which led to some individuals being paid on an incorrect pay scale" a large debt accrued in the form of staff wages and entitlements.
But in a statement this afternoon, Graeme Turner, President PICAL Committee of Management announced that PICAL is “pleased to announce that we have successfully avoided closure", as they thanked those "who rallied behind PICAL, making it possible for us to continue our mission and serve our community."
The Special General Meeting that was called for November 14 has since been cancelled.
Graeme Turner, President PICAL Committee of Management full statement issued today:
The Committee of Management of Phillip Island Community and Learning Inc. (PICAL) is relieved and pleased to announce that we have successfully avoided closure and are now on a clear path to stability. Our deepest gratitude goes out to all those who rallied behind PICAL, making it possible for us to continue our mission and serve our community.
Some weeks ago, we shared the financial challenges that placed PICAL at risk of insolvency. At that time the exact details of the impact were yet to be confirmed, but the potential impact was estimated to be greater than PICAL’s reserves. However, following thorough independent legal advice, we have confirmed that our historic financial liabilities are lower than initially estimated. Although past obligations remain to be addressed, we are optimistic that the reduced burden presents a viable way forward, allowing us to draw on our reserves to both manage our liabilities and preserve PICAL’s vital services.
The community’s response to PICAL’s situation has been nothing short of remarkable, with countless individuals and groups offering assistance and support. With our future now secured, we warmly welcome financial contributions from those who wish to help us rebuild and strengthen our financial footing.
We extend our thanks to Neighbourhood Houses Gippsland (NHG) and Bass Coast Shire Council (BCSC), who were prepared to step in to support the continuity of services had PICAL been forced to close. Their commitment highlights the shared dedication to maintaining essential services for our community.
In light of these positive developments, the previously scheduled Special General Meeting for November 14, 2024, has been cancelled. Instead, we look forward to hosting community events and fundraisers that will provide opportunities for everyone to support PICAL’s ongoing recovery and growth.
To our staff, volunteers, clients, and the wider community, thank you for standing with PICAL through this challenging period. Your unwavering support inspires us as we work toward a more secure, resilient, and impactful future for all.