JOA reports strong financial growth, inspires member confidence

Sport

JOA reports strong financial growth, inspires member confidence

Wednesday, January 20, 2021

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It was “good tidings we bring” and goodwill at the annual general meeting (AGM) of the Jamaica Olympic Association (JOA), as the apex governing body demonstrated to its members good corporate governance, robust member-centric investment policies and strong financial viability.

JOA President Christopher Samuda stated publicly in June, 2017, on the election of his administration, that it would be “business unusual” and that the implementation of a new governance model and management structure would revolutionise the delivery of sports administration and development by the umbrella national association.

“Solid, safe and secure are not only the watchwords, but also the DNA of the JOA,” stated Samuda who in his official remarks at the December 31 meeting emphasised that the “achievements and successes of the association continue to be inspired by the members' commitment and loyalty to the vision articulated and the mission being pursued, both of which have resulted in a strong organisation and the establishment of a well sought-after, distinct and commercial JOA brand”.

Secretary general/CEO and Director Ryan Foster attributed the performance of the new administration of the association in successive financial years to an ethos of “sound internal controls, business automation, systems transformation, aggressive corporate financing, member centricity and simply prudent and innovative housekeeping”.

The health and wellness of the treasury of the JOA for the financial year ended 2019 was evident in the account given by the association's Treasurer Nichole Case.

Case reported to member associations that the JOA received an unqualified opinion from its external auditors KPMG for the period ended December 31, 2019, which witnessed a robust growth in the balance sheet over the prior year with increases in current assets by 8.3 per cent, non-current assets by 15.3 per cent and total funds [capital and general] by 13.2 per cent.

The governing body also reported a decrease in expenses by $104.3 million over the prior year and recorded a surplus of $46.3 million. A positive cash flow of $31.8 million was generated from operating activities and $38.5 million was dedicated to investment activities for 2019.

The performance of the apex association demonstrates continued strengthening of its asset base and prudent management of accounts receivable, which allow for effective cash flow to fund its current and future operations and investment activities.

The performance of the association brought commendation from several members.

The governing association continues to provide opportunities for its members and stakeholders, as it pursues a vigorous foreign development policy. It recently established historic partnerships with the United States Sports Academy (USSA) and World Eleven and the Argentine Football Association. Under the former a suite of diploma, certificate, degree, masters and doctoral programmes will be offered, while the latter will see institutes being established in Jamaica through which the celebrated AFA technology and training methodologies will be delivered in football and other sports.

These partnerships, along with enabling commercial and bilateral agreements signed with business concerns, international federations and national Olympic committees, continue to be hallmark achievements of the entrepreneurial sports administration body.


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