Cork GAA review finds €176,000 not consolidated into annual statements

Seven bank statements were uncovered by the audit and risk committee

File photo of Páirc Uí Chaoimh. Photo: Ken Sutton/Inpho

File photo of Páirc Uí Chaoimh. Photo: Ken Sutton/Inpho

 

A Cork GAA governance review has uncovered a number of bank accounts, totalling €176,000, that were not consolidated into the county board’s annual financial statements.

In a statement released on the county’s GAA website, this is explained as “based on custom and practice which was applied to ring-fence them from the day to day running of Cork County Board activities.

“Going forward, these bank accounts, will be incorporated in the Financial Statement and be accounted for separately. They will have no impact on the balance sheet of the Cork County Board Financial Statements, as there will be corresponding accruals included in the balance sheet for future liabilities.”

The review was carried out by the county executive in conjunction with the audit and risk (A&R) committee, which was established two years ago “to provide an independent appraisal structure within Cork County GAA, to measure and evaluate the effectiveness and efficiency of its risks, governance and internal control procedures and its financial reporting framework”.

According to Friday night’s statement: “The seven bank statements (including one closed account) reviewed by the A&R Committee had a total credit balance of c. €176,000, as at April 2021, of which: €89,000 related to the Helmet and Hurley Subsidy Scheme accounts, and €87,000 related to the Senior Football and Hurling Holiday Fund accounts.”

The first of these accounts was for the processing of subsidised equipment for Bórd na nÓg clubs and the second to provide holidays for county teams. These latter accounts relate principally to the Cork footballers during their most recent successful run between 2009 and 2012.

“Based on the A&R committee’s work to date, it is confident of the efficacy of the treatment of the funds and that all funds have been accounted for correctly and have been properly applied. Further governance recommendations may follow in the full report of the A&R committee at a later date.

“This matter will be discussed at our scheduled County Committee meeting on Tuesday next, June 1st.”

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