The BOC financial report is finally completed
Guardian Sports Reporter
Published: Oct 03, 2013
The long-awaited financial report is finally ready to be presented to the executives and the general assembly of the Bahamas Olympic Committee (BOC), revealed treasurer D’arcy Rahming yesterday.
The official audit report was done by Graham Thompson and Company, and reflects the last four years, 2007-2011. The 2012 audit will be released at a later date. According to Rahming, the request for a professional financial report was only made for the first four years of the past administration.
“We did a number of audits, from the year 2007 to 2011,” said Rahming. “The process is as follows, the auditors will come in, then we do what was necessary. They would produce a report, we will receive a report and then we will review it. We send back comments to the auditors, after a series of comments they will then give us a final version of the report.
“That’s the step we are at now. The next step is to take it into the general assembly and all of the national federations. From there we will proceed. I don’t control when that happens, but it should happen, I imagine, within this quarter. There are a number of federations that are applying, and a new business that we have to take before the new assembly. I am not the one to determine that.”
The BOC’s Annual General Meeting and election of officers was held on Friday, April 12, at the Paul Farquharson Building, in the Royal Bahamas Police Force Headquarters. The elections were delayed due to a number of issues raised by past and some current executives. The two main concerns that caused the delays were the adjustments made to the committee’s constitution, and the request for an official audited financial report.
Since the elections, the new executive board, which comprises of President Wellington Miller, Secretary General Romell Knowles, and vice presidents Cora Hepburn, Derron Donaldson, Joseph Smith, Clarence Rolle, Roy Colebrook and Iram Lewis among others, were working feverishly on producing the report. Rahming wasn’t able to comment fully about the report or reveal the exact date the report will be presented, but he did reveal that the previous administration did an excellent job with the finances.
He said: “The finances are under control. The last administration conducted themselves as professionals and there is nothing untoward in the reports. We are going to have a massive fundraising drive, a part of it is to increase the information about sports development. The way the
Olympics has been done in the past, when we have a multi-sports year there is more spending. This is not a year of multi-sports so we have less spending, but next year, when we have the CAC (Central American and Caribbean) Games and the Youth Olympic Games, there will be a lot of spending, so in 2015, there will be some more spending as the Olympics approaches. Of course, 2016 is the Olympic year so we are doing things differently now from my office. We are trying to do an entire Olympic journey chronicles. The Olympics just doesn’t happen in the year 2016, it is an ongoing process for the athletes and administrators. People are preparing and trying to qualify. A massive fundraising effort will be done because we are under-funded. Anytime any of our athletes go to travel they have to spend a lot of money, unlike in Europe or in the United States where some of these meets are held, and the athletes can just drive.”
The years leading up to the Olympic Games will be busy ones for the committee, as the International Olympic Committee (IOC) has added to the Olympic program.