The financial report was forwarded to members after the annual general meeting on Tuesday after 12 months of extreme change and turmoil.

Basketball ACT president David Leaney said "unique" circumstances had conspired against them and insisted the loss was an anomaly.

He said measures had already been made to arrest the deficit and he was confident the books will be balanced in 12 months' time.

"It's just a one-off really, we had a series of adjustments to make in a unique year," he said.

"Our 'run rate' in terms of finance is balanced budget already. We've made those adjustments, are back on track and we're forecasting a balanced budget or small profit for the next financial year."

The not-for-profit organisation churned through three chief executive officers last year, before appointing Maxwell Gratton for the next three years.

Adjusting its business framework after handing over the licence of WNBL club Canberra Capitals to University of Canberra also hit the coffers hard.

"We had multiple CEOs and at some stages we were paying for two, also the Capitals transition didn't happen straight after last season, it happened a few months after," Leaney said.

"Post Capitals we didn't take the approach of day one, walking in and saying 'you're all fired'.

"We wanted to look after people, make sure they've got a chance to restructure in the organisation or give them some support to go somewhere else."

Basketball ACT have outsourced non-core business, including accounting, referee management and sponsorship management.

A full-time sponsorship manager was also scrapped after the Capitals were handed over.

"We're a not for profit so we aim as close to zero by the end of the year," Leaney said.

"We're a $4 million organisation so this is only a few per cent in the grand scheme of things."

Leaney also confirmed in Basketball ACT's annual report the planned $7 million upgrade of its Belconnen precinct had been put on hold until the organisation finds a better financial footing.