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In the 2019/20 financial year, AIFS operated with $4,452,000 of government appropriation and $10,068,526 of other revenue (primarily from contracted research), as detailed in the 'Financial statements'. The Institute incurred a budget deficit of $1,488,329. This deficit is primarily due to depreciation and amortisation expenses, the impacts of COVID-19 and the adverse impact of movements in employee provisions due to discount factors.
Without depreciation and amortisation of $920,930, AIFS would have reported a deficit of $567,399.
We have received approval to run an operating deficit of $590,000 due to the impact of COVID-19 and employee provisions.