6. Financial Guidelines
Introduction
This document has been prepared as a guide to the National Governing Bodies (NGBs) of Sport on financial matters. Financial management is one of the key ways any NGB has of measuring its performance and is therefore a very important component of the functions that must be carried out by NGBs.
It is recognised that NGBs realise their strategic goals and roll out their programmes and activities through the efficient and effective application of human, physical and financial resources.
Just about everything can be measured in monetary terms, especially the resources consumed by the NGB carrying out its activity. Therefore financial reporting provides a means of evaluating the activity of any Governing Body and this is the key information required by any management team when it is reporting to stakeholders, Board members, membership, etc.
The aim of this publication is to provide a guide to the best practices in financial reporting for Governing Bodies. The guidelines can be used by the NGB's Treasurer, Financial Manager, Administrator, Accountant - in effect everyone who is involved in managing and operating the financial aspects of the NGB. It is hoped that this document will provide an accessible and comprehensive view of the most important aspects of financial good practice, including bookkeeping, budgeting and reporting. These guidelines are produced with a view to contributing to an effective, strong corporate governance environment to the NGBs.
The guidelines were written to suit all levels of financial knowledge. A number of the subjects covered might be challenging to begin with, especially for those who do not have financial training / experience. For others, these guidelines might act as a checklist so that they can satisfy themselves that their current practices are in keeping with the most current advice and developments in the area of financial management. It is important that these guidelines are disseminated to those involved in any aspect of procurement, cash management, financial administration, book keeping, salaries administration, budgeting or financial reporting and planning.
Sport Ireland advises that each NGB should satisfy itself that all aspects of good practice as outlined in this publication are being adhered to within their own organisation. Where a gap is identified, this should be addressed at the earliest possible opportunity. Sport Ireland is committed to assisting NGBs to meet the highest possible standards of performance in this and all areas of the organisations' development.
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