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Olympic Solidarity puts its finance control tool in place

Olympic Solidarity puts its finance control tool in place

os head finance nicole francoise
OS head of finance Nicole Francoise Girard-Savoy speaks during the OS-OCA Regional Forum in Siem Reap yesterday. Photograph Ken Gadaffi

A new financial control tool has been introduced by Olympic Solidarity (OS) in its 2013-16 Quadrennial Plan for the next Olympic cycle requiring all National Olympic Committees (NOC) to adhere to sound fiscal discipline in accounting for the funds and subsidies they receive for world and continental activities.

Outlining the new monitoring system to the delegates on yesterday’s second and final day of the Olympic Solidarity-Olympic Council of Asia Regional Forum at the Sokhalay Hotel in Siem Reap, OS head of finance Nicole Francoise Girard-Savoy described the guidelines as a key change in funding and accounting policy.

“Speedy and fair accounting practices come under the Universal Principles of Good Governance, and these are important changes in this four-year plan,” she said.

The NOCs will now be required to submit to the OS annual financial statements audited by independent, external and qualified auditors for the funds that have been granted for various activities.

In her presentation on Complementary Programs, OS representative Joanna Maria Zipser-Grave revealed the setting up of a special fund in the current four-year plan for NOCs beset by unforeseen situations and external problems, such as natural calamities or disasters.

“As the name suggests, it is a special dispensation, but NOCs can make use of this fund for purposes which cannot be covered through other regular programs,” she said.

The OS will soon be creating a Knowledge Centre, a repository of successful programs and models involving all NOCs which is a well-organised and easy to navigate source of valuable information.

To strengthen the integrity of the Olympic symbol and enhances its visibility, OS Corporate Identity has been created. “The use of this identity will not be allowed for commercial purposes nor its alteration or distortion,” Zipser-Grave said.

A two-way communication platform between the OS and its NOC members all over the world will soon be established through NOCNET, which will be one of the numerous IOC Extranet platforms for different stakeholders.

Once the NOCNET is functional, the OS will be in a position to receive online applications and reports, thereby reducing lot of paperwork.

In his submission on the various OCA initiatives, the Council’s Games Manager Haider Farman said the OS contributed as much as $29 million over four years on various continental programs.

Asian youth development, social development through Olympism and participation subsidies for continental and regional Games were all part of OCA initiatives.

“The Olympic-Asia Fund provides up to $100,000 to NOCs in Asia for carrying out renovations or upgrades of existing sports facilities,” Farman said.

After the conclusion of the two-day forum, National Olympic Committee of Cambodia secretary-general Vath Chamroeun told the Post: “By sharing the experience with so many delegations, we have learnt a lot and our own mission of hosting the 2023 SEA Games has been warmly welcomed by both the OS and OCA as well as several prominent NOCs.”

To contact the reporter on this story: H S Manjunath at [email protected]

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