The Guyana Olympic Association of Guyana (GOA) income for its financial year ending November 30 was reflected as being just over $139 million, and expended just over $85.5 million, reporting a surplus of $53.89 million, according to the financial statements tendered by TSD LAL & Co Chartered Accountants.As is always the case the bulk of the GOA’s income – approximately $136 million – came from grants received from the “IOC, Olympic Solidarity, the Commonwealth Games Federation, Pan American Sports Organization, the TOP Sponsorship Programme and organizing committees of Games.

The grant for the Olympic Games was $12,330,532, of which $10,517,723 was expended, making up the largest piece of the $12.1 million consumed for Games/Tournaments. A $999,436 was income for scholarship awardees.

The expenditure included $21.7 million spent on coaching/training programmes, which includes Olympic/Pan Am Training expenses, this covers monies expended on Olympic athletes Winston George, Brenessa Thompson, Aaliyah Abrams; and $470,000 going towards scholarship recipients.

Under other expenses $12.72 million was towards conferences meetings, and $19.58 million towards donations, and $3 million for the upkeep of the GOA owned Michael Parris Gym located at the National Park.

In several cases when it comes to getting the money GOA is expected to spend for the events and then apply for the reimbursements from the IOC and other organizations.

This year’s income registers an increase from the $136, 223, 388 that the Association registered for the preceding fiscal year. That year – ending November 30, 2015 – the body had a total expenditure of $91, 857,030, for a calculated surplus of $44,366,358.
The surplus for the years is registered under the Accumulated Fund, which has a balance of $258, 684, 073, as at December 1, 2016. This balance marks a 62% increase from the December 1, 2014 balance of $160,425,871.

The largest sum for the grant, some $41.3 million, was from the Olympics/Pan Am Training Grant. There’s also $33.8 million received for Paso Activities.

Outside of the grants, the income from other collections amounted to $2,517,981. The other collections can be broken down into interest earned ($31,096), subscription ($51,000), income from the Michael Parris Gym ($250,500) and miscellaneous receipts ($2,185,981).

The Pan American Sport Organisation (PASO) provides on a yearly basis US$169,146 to the Association to assist with the organizing of its activities and US$40,000 to assist with the organization of its admin matters. The IOC provided and annual sum of US$19,980 from the TOP sponsorship programme. The latter is revenue which is generated from the commercial partnership agreements entered into with the business community and the IOC and provide support to the whole of the Olympic family.

The total IOC/Olympic solidarity sum of $101, 487,600 is under the label “Other Receivables” accounted for in the Balance sheet. The amount for the IOC/Olympic Solidarity for 2015 is $76,694,426.

Also not in the income and expenditure account is a deferred income of $4,253,400 from the Commonwealth Games Federation which provided an initial sum of US$21,267 to be used as training assistance for the 2018 Golden Coast Commonwealth Games, set to be held in Australia.

The financial statements for the year was discussed at the GOA’s Annual General Meeting (AGM) which was held last Wednesday night at the Association’s headquarters in Liliendaal, which is still under construction.

The financial statement was read by the Association’s treasurer, Garfield Wiltshire. President for the GOA is attorney-at-law, K. A. Juman-Yassin.