The Ministry of Sport and the Trinidad and Tobago Football Association (TTFA) are pleased to advise that the meeting of both parties last week was a cordial and productive one.
TTFA's management and professional services firm KPMG explained the issues that have caused the delay in the finalisation of the audited financial statements from 2008 to 2014.
According to the auditor, "KPMG performed audit work for FY 2008 and 2009 and draft financial statements were prepared and submitted to management (TTFA) for both years for review and comments. A bank confirmation was received for both years, that included bank accounts that were not reflected in the accounts.
TTFA's management requested information from the relevant banks, most of which has not been received to date. Consequently, TTFA's management was unable to provide the auditors with sufficient information for the completion of the audits for all years from 2008 onwards."
When the meeting concluded, the Minister was presented with draft audited financial statements from the TTFA for the periods 2008/09.
The Ministry committed to assisting the TTFA to bring the organisation's accounting records up to date and determine how state funding will be accounted for in the future. However, as the submission of audited financials for previous years must be complete before going forward, it was agreed that draft accounting statements as prepared by KPMG would be presented on the following dates:
2010/11 by 22 May
2011/12 by 8 June
2013/14 by 30 June
The TTFA President also gave a detailed update on the operations of the organization and its plans. He spoke about the FA’s continued efforts towards better governance and also gave a commitment to keeping the Ministry updated on matters discussed.
The Ministry has therefore agreed to resume funding the TTFA with an initial release to cover two months outstanding salaries for coaches and technical staff of the senior men's programme. Additionally, the Ministry has undertaken to review the TTFA's request for funding to support the 2015 Gold Cup campaign which begins in July.
With respect to the Women's Premier League (WPL), the Ministry has submitted a prospectus on the proposed rules and regulations of the tournament and expects to secure the formal endorsement of the TTFA for the competition which is scheduled to commence in June 2015.
The Ministry also resolved to support the FIFA Goal project which will see the establishment of a National Training Centre in Trinidad and Tobago. This initiative links well with the Ministry's overall vision of making Trinidad and Tobago the preferred destination for sport training and development.
Both parties expressed satisfaction with the level of discussions which took place and remain committed towards combining its efforts in the best interest of all concerned.
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Ministry of Sport resumes coaches' salary payments.
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The Ministry of Sport has resumed funding to the Trinidad and Tobago Football Association, while the (TTFA) is expected to formally endorse, the Women's Professional League, a competition proposed by Sport Minister Brent Sancho.
These developments come as both parties have come to a truce, following a recent split which saw Sport Minister Brent Sancho halting Association funding and demanding audited accounts.
The Ministry of Sport issued a joint release on Friday, advising that a meeting of both parties last week was "cordial and productive". Both parties expressed satisfaction with the level of discussions which took place and remain committed to combining its efforts in the best interest of all concerned.
"The Ministry has therefore agreed to resume funding to the TTFA with an initial release to cover two months' outstanding salaries for coaches and technical staff of the senior men's programme. Additionally, the Ministry has undertaken to review the TTFA's request for funding to support the 2015 Gold Cup campaign which begins in July 2015," stated the release from the communication department of the Ministry of Sport.
When the meeting concluded, Minister Sancho was presented with draft audited financial statements from the TTFA for the periods 2008-09. An agreement was made to have set dates for delivery of other required accounts.
The TTFA was required to deliver audited accounts for the period 2010-11 to the Sport Ministry last Friday, those for 2011 -12 by June 8, and 2013-14 accounts of expenditure by June 30
The Sport Ministry's statement said: "TTFA's management and professional services firm KPMG explained the issues that have caused the delay in the finalisation of the audited financial statements from 2008 to 2014."
According to the auditor, KPMG performed audit work for FY 2008 and 2009 and draft financial statements were prepared and submitted to management (TTFA) for both years for review and comments. A bank confirmation was received for both years, that included bank accounts that were not reflected in the accounts.
TTFA's management requested information from the relevant banks, most of which has not been received to date. Consequently, TTFA's management was unable to provide the auditors with sufficient information for the completion of the audits for all years from 2008 onwards."
Further, the Sport Ministry gave its commitment to assist the TTFA to bring the organisation's accounting records up to date and determine how state funding will be accounted for in the future. It was stated that submission of audited financials for previous years must be complete before both parties go further forward.