The financial management of a sports association : a case study

Abstract

PURPOSE: The objective of this study is to provide insight and analyse the financial management of the Aquatic Sports Association, in order to understand how the Association manages its finances, how it is currently governed, whether there is any financial planning, and what improvements can be made. DESIGN: Semi structured interviews were the research instrument used to collect the data. Two separate samples of stakeholders were chosen with the first including the officials working directly within the Association. The second sample consisted of respondents who are outside of the actual workings of the Association but are directly impacted by it. A separate interview schedule was used for each. FINDINGS: Important findings were gathered from these. A major finding was that there exists an insufficient level of transparency, of internal reporting and of financial planning. A second finding was that this results partially due to weaknesses in the governance structures and from a lack of human resources within the Association. CONCLUSIONS: While it was can be concluded that the successes in recent years achieved by the Association were mainly due the dedication, efforts and direct involvement of the Association’s officials, it was established that to retain and build on this success, it is crucial that more importance be given to improving the financial management of the Association, and that recommendations made by this study should be given serious consideration. Recommendations include the creation of the post of a Financial Controller and more human resources are necessary in order to deliver more accurate and frequent financial reporting. VALUE: A study of this type on the financial management on the Aquatic Sports Association had never been carried out before. Furthermore, the issues and findings brought out from this study can also potentially be extended and applied to other national governing bodies (NGBs), as well as non-profit making organisations (NPOs)