Home' Trinidad and Tobago Guardian : February 25th 2014 Contents A55
Tuesday, February 25, 2014 www.guardian.co.tt Guardian
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The world of sport is no
longer what it was---simply
rules and regulations, raising
funds for trophies, uniforms
and travel for national teams.
Sport admintrators and volun-
teers no longer simply raise
funds via cake sales and car
Those innocent fun filled and
team bonding adventures seem
The quantum of money need-
ed to fund even the simplest of
activities or purchases are no
Sport finance and accounting
has now developed into a dis-
cipline and skill in its own right.
Just as sport law, sport market-
ing, sport sponsorship and sport
advertising, sport medicine,
sport science, sport psychology
etc. You name it, the reality of
the modern environment is that
it's a separate skill set and
Finance related issues are an
Financial numbers can tell
many important facts about a
sport and national sport organ-
It is an important area of a
national sport organisations day
to day activity.
No national sport organisation
can survive without money. You
have to know where the money
is going to come from and where
it has to be spent.
It is impossible to make
informed decisions on a day to
day basis without a basic knowl-
edge of money management.
Financial projections and
budgeting and what finance
mechanism is best are daily con-
More and more sport leaders
are required to have an under-
standing of balance sheets,
income statements, accounting
and money saving strategies and
how to invest for future growth.
The importance of finance for
a national sport organisation
can't be underestimated. The
role of a treasurer is much more
than that of a book keeper. Man-
aging and advising on money
matters is much more complex
than mere book keeping.
Financial planning is impos-
sible without an understanding
of accounting basics.
To be able to answer questions
and solve problems related to
money matters is a critical suc-
In an ideal world, every
national sport organisation
would be financially self-suffi-
cient and independent. But it's
not an ideal world.
In order to pay bills, money
must be found and it must be
found on a sustainable basis.
For many, money is their
enemy rather than a friend.
National sport organisations
can't adopt that approach- at
least not if it wants to consider
itself modern and fit for pur-
Attention to the bottom line
is no longer just a business state-
Bills must be paid and
expenses must be managed.
Revenue must be generated and
National sport organisations
have to raise, manage and track
money flows -- in and out.
Failure to properly manage
funds will cause a national sport
organisation to fail.
Successful financial manage-
ment equals sustainable devel-
opment and growth.
A sport organisation can have
the best sponsorship programme
and the best image but if it is
unable to properly plan its
finances, all efforts will come to
Financial principles apply to
sport. It's no different from busi-
Avoiding financial scandals
and impropriety is also critical.
The sport world is not
immune to the consequences of
poor financial planning.
Financial skills require some
one trained in developing,
analysing, projecting and inter-
preting financial information.
The days of placing square pegs
in round holes in respect of the
role of treasurer are over.
National sport organisations
must be mindful that accounting
and finance are not in a true
sense one and the same and
should not therefore be lumped
together merely as a matter of
It requires careful thought and
consideration. To effectively and
efficiently run sport is demand-
ing and complex and a lack of
knowledge and skill only makes
the task harder. National sport
organisations can't afford to
ignore the current reality.
• Brian Lewis is president of
the T&T Olympic Committee
www.ttoc.org. The views
expressed are not necessarily
those of the TTOC.
Sport is demanding and complex VCB claims
KINGSTON---Celebrated Jamaican sprinter,
Veronica Campbell Brown, has claimed redemp-
tion after she was cleared to resume her track
and field career following her positive test for
a banned substance last year.
The Court of Arbitration in Sports (CAS) cleared
Campbell Brown of any wrong doing paving the
way for her to resume a glittering career that has
included gold at Athens 2004 and Beijing 2008.
VCB, as she is popular known in the track and
field world, released a statement yesterday ref-
erencing black American civil rights leader Dr
Martin Luther King Jr and stating her intention
to resume her career and philanthropic work.
"Yes, I lost out on the opportunity to compete
for most of 2013 and the chance to defend my
World 200m title, however, I press on," said Camp-
bell Brown who missed the IAAF World Cham-
pionships in Moscow Russia last August.
"Dr Martin Luther King Jr spoke of the redemp-
tive quality of unearned suffering and I must say
I am redeemed".
She has been sidelined since testing positive
for a banned diuretic at the Jamaica International
Invitational in May.
Campbell Brown says the last few months of
her life have "brought much pain and suffering"
as she awaited a resolution of her drug case.
The Jamaican sprinter has been under scrutiny
with Asafa Powell and Sherone Simpson also test-
ing positive for banned substances, which also
forced them to miss the World Championships
in Moscow in August.
Campbell-Brown could return to competition
at next month's World Indoor Championships in
Poland, with the Commonwealth Games in Glas-
gow in July also an option. (CMC)
THINGS THAT MATTER
More and more sport
leaders are required to
have an understanding of
balance sheets, income
and money saving
strategies and how to
invest for future growth.
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