anoc finance and audit commission report to the anoc general assembly – october 29 th, 2015...
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ANOC FINANCE AND AUDIT COMMISSION
Report to the ANOC General Assembly – October 29th, 2015
Richard Peterkin - Chairman
ASSOCIATION OF NATIONAL OLYMPIC COMMITTEES
ASSOCIATION DES COMITÉS NATIONAUX OLYMPIQUES
ASOCIACIÓN DE COMITÉS OLÍMPICOS NACIONALES
FINANCE AND AUDIT COMMISSION REPORTWashington – October 29th, 2015
OPERATING AND CAPITAL RESULTS IN 2014
Expressed in US$000’sActual2014
Budget2014
Actual2013
Income – IOC Subsidy for ANOC Activities
12,000
12,000
12,000
Income – IOC Subsidy for ANOC Headquarters
7,000
8,000
12,000
Operating expenditure (9,314) (12,000) (5,669)
Investment and other income (29) - 43
Overall Surplus (deficit) 9,657 8,000 18,374
Equity - Fund balance 34,695 25,038 25,038
FINANCE AND AUDIT COMMISSION REPORTWashington – October 29th, 2015
LES CHARMETTES – FINAL COST
Capital ExpenditureFINAL COSTS
(US$ Millions)
Acquisition of Land 2,286
Renovation of Building 11,278
Indoor Fittings 5,722
Office Equipment 473
Total 19,759
FINANCE AND AUDIT COMMISSION REPORTWashington – October 29th, 2015
OPERATING EXPENDITURE IN 2014
Expressed in United States dollars
Actual2014
Budget2014
Actual2013
Meetings:
General Assembly 3,450,823 3,500,000 3,025,579 Executive Council meetings 716,661 900,000 757,299 Commissions, Working Groups and Seminars 726,295 1,000,000 6,841International Events: International and Continental Meetings 660,468 500,000 106,010 International Forums 140,033 1,500,000 -ANOC Offices Running expenses 3,149,236 4,280,000 1,688,610Depreciation 419,909 170,000 65,578Auditors’ fees 47,277 50,000 12,545Miscellaneous 3,676 100,000 6,122 Total expenditure
9,314,378
12,000,000
5,668,584
FINANCE AND AUDIT COMMISSION REPORTWashington – October 29th, 2015
COMMISSION ACTIVITIES AND PRIORITIES
How to safeguard our assets and implement investment policies and practices that have the right balance of risk, returns. Best returns will always be returns on the efficient and effective use of our resources on behalf of the NOCs
Recommendations to the Executive Council on internal controls, risk management, compliance with the Basic Universal Principles of Good Governance and the global legislative environment
Greater transparency in our reporting. Adoption of International Financial Reporting Standards (IFRS) for the preparation of ANOC’s Audited Financial Statements
FINANCE AND AUDIT COMMISSION REPORTWashington – October 29th, 2015
BUDGETED OPERATING EXPENDITURE - 2015 & 2016
ANOC Operating Expenditure Expressed in United States dollars
ProposedBudget2016
RevisedBudget2015
ApprovedBudget2015
Meetings:
General Assembly 4,500,000 4,500,000 4,000,000 Executive Council meetings 700,000 700,000 900,000 Commission, Working Groups, Seminars 500,000 600,000 1,000,000International Events: International and Continental Meetings 400,000 500,000 500,000 International Forums 100,000 300,000 1,000,000World Beach Games 900,000 500,000 -ANOC Offices Running expenses 4,000,000 4,000,000 4,280,000Depreciation 800,000 800,000 170,000Auditors’ fees 50,000 50,000 50,000Miscellaneous (including bank charges) 50,000 50,000 100,000 Total expenditure
12,000,000
12,000,000
12,000,000
FINANCE AND AUDIT COMMISSION REPORTWashington – October 29th, 2015
THANK YOU
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