Play nzherald.co.nz's rugby Pick the Score competition - go to: pickthescore.nzherald.co.nz
KEY POINTS:
The Manawatu Rugby Union recorded a deficit of $454,000 at this week's annual meeting.
The record loss was attributed to a drop in gates and gaming funding, increased player costs and reduced sponsorship.
Also, a bookkeeping mistake which went undetected until late may have blown out the loss by about $200,000, The Manawatu Evening Standard reported.
The newspaper said $200,000 of "contra" from sponsors, not cash, was recorded by office staff as income and that skewed the accounts.
Chairman Tony Murphy said the mistake was a dent to Manawatu's reputation.
"We are doing significant reviews of our financial system so it won't happen again, so the processes are accurate," he said.
"2008 was a frustrating and disappointing year. Our financial performance was totally unsatisfactory."
The national provincial championship first division union has had to take out a loan of an undisclosed amount to cover its immediate debts.
- NZPA
