GNOC Treasurer Wadda sheds light on GNOC finances

Monday, October 17, 2016

I the Treasurer of the Gambia National Olympic Committee (GNOC) may take this opportunity to thank all the associations who nominated me to continue to serve them.

I am obliged to inform the associations affiliated to the GNOC that there is a constitution endorsed by the general body and approved by the International Olympic Committee (IOC) and Olympic solidarity (OS) as a working tool to execute all our activities. For easy of reference please visit the IOC website for the approved constitution at your convenience.  The IOC /OS are the funding agency of the GNOC.

Every year the NOC receives an administration grant of 40,000 US DOLLARS to facilitate staffing and running cost of the office.  In addition, there is an Activity Grant of 85000 US DOLLARS which is to support associations preparing for Olympic Games.  The NOC has two development officers whose work is to facilitate training and development programs for associations through OS.  It is the responsibility of every association to develop their training programs. 

The NOC has to account for every dollar that it receives from OS and this has to be audited.  It is worth noting that the NOC was satisfactorily audited at the request of OS by one of the most reputable audit firms in the world in PricewaterhouseCoopers. These two grants are given to all the 206 NOC EQUALLY and there is a formula which guides all expenditures and the NOC cannot go wrong as all expenditures are done according to OS requirements.

Extra funding to the NOC is project based.  The benefiting association submits its project proposal (e.g. training of coaches) to the NOC who would send the request to OS for funding.  The NOC would receive 80% of the funds required and the 20% is received after the activity.  The NOC is required to refinance the 20%.  With regard to travelling, most of them are OS funded for the President and Secretary General.

It is worth noting that last year a reputable international audit firm PriceWaterHouseCoopers were sent by Olympic solidarity to audit our accounts. After completing their audit they made their recommendation to Olympic solidarity. However the audit was positive and all recommendations have been implemented. 

During my presentation in Lausanne I had discussions with officials of Olympic solidarity regarding our NOC, the controls we apply on our finances. In fact OS will be writing to the GNOC to seek permission to use our financial manual as a model for other NOC’s.  This is laudable and a testimony that our financial management systems is reputable.   This is why Gambians hold positions in international sporting organisations both at executive and commission levels.

I would like to urge all members of the sporting fraternity in The Gambia to join hands and work as a team to develop our sport.

It could be recalled that during the recently concluded Rio Olympics, we had a meeting with the president of the International Handball Federation facilitated by our OIC Member. 

We were able to secure approval for 75,000 US Dollars to finance the purchase of equipment. This is a testimony that whatever we do is in the interest of the Gambian athlete. 

Prepared by GNOC Treasurer Ousman Wadda

Source: Picture: GNOC Treasurer Ousman Wadda