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FEO SHOCK
Story by | Added 31-12-2015 | Source | Leave a Comment

Eaglehawk employment and training agency Future Employment Opportunities Inc has been placed into voluntary administration.

PKF Melbourne were appointed administrators of the locally based entity on December 21, after the firm was contacted by one of FEO’s board members days earlier.

FEO is a not-for-profit social enterprise established in 1981, and provides skills training, accredited courses, employment pathways and enterprise activities for job seekers.

The 2015 Future Employment Opportunities annual report lists the Eaglehawk-based organisation as having more than 75 employees working in a variety of diverse businesses, including On Track Training and Employment, ReVamp Computers, the Eaglehawk Eco Centre, Echuca Environment Centre and Portland Recycle Shop.

FEO is also contracted to operate transfer stations at Goornong, Strathfieldsaye and Heathcote on behalf of the City of Greater Bendigo.

City of Greater Bendigo chief executive officer Craig Niemann said council is aware of the current situation and the services FEO is contracted to provide will not be affected.

FEO recorded a loss for the 2014/15 financial year of more than $317,000, up from the previous year’s loss of $135,647, with grants and other receipts down approximately $700,000 on the previous year.
Whipstick Ward councillor and former City of Greater Bendigo mayor Peter Cox is a life member of FEO and was an employee until leaving the organisation during the 2014/15 financial year.

Future Employment Opportunities has been a significant contributor to the Bendigo region’s economy, and was instrumental in the establishment in 1997 of the Eaglehawk Enterprise Park, which today includes up to 20 small factories consisting of local start-up enterprises.

In his report to the October 27 FEO annual general meeting, president Mike Kiernan described the organisation’s financial results for past financial year as extremely disappointing, citing continued losses from operation of the industrial recycling facility, falling scrap metal prices and lower than expected attendance at training programs provided by FEO as contributing factors.

An auditor’s report which identified issues over accruals and provisions, including for long service leave, which had led to a significant end of year adjustment to correct errors from previous years was also cited.

Mr Kiernan yesterday said he was unable to comment regarding Future Employment Opportunities Inc, and referred the Weekly’s inquiries to PKF Melbourne.

PKF Melbourne did not respond to requests for comment prior to the Weekly’s deadline.

Under Australian law, a meeting of creditors of any entity placed in administration must be held within eight working days of the commencement of the administration. A meeting of creditors of Future Employment Opportunities Inc has been scheduled for Tuesday, January 5.

The meeting will be held at the offices of FEO, located at 12 Hall Street, Eaglehawk, from 10.30am.




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