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Monday, July 1, 302 AP
Web posted at 1208 UST.
The Utanian Football Association may well have been reborn, its finances showing absolutely no resemblance to the UFA of old!
Not least, the UFA finance whiz-kid, CFO Richard Price, told reporters at the unveiling of the new organisation, there will be a balanced budget — no Û30 million shortfall that befell the organisation at the end of last year. (In fact, the new budget projects an Û8 million surplus to help pay off debt.)
Mr Price gave a brief run-down of the finances of the organisation for this year, noting before he began that he was the first CFO of the organisation to do so since the forceful disclosure of the mid-80s.
"The UFA has, in the past, run a very closed shop, keeping the inside operation of the organisation and its finances very close to its chest", Mr Price said. "Under the new management of the UFA, myself, (CEO) Robert (Aranja), and Chairman Roger Beyose, and others, this policy will be discontinued."
"Be prepared for an openly detailed examination of the finances", he told the crowd, jokingly adding, "Though I shan't make you sit through it right now."
Spending Doubled
The first bombshell Richard Price dropped was somewhat anticipated, yet hardly believed: Budgeted expenditure by the UFA would more than double, from the Û90 million they grossly overspent last year, to a whopping Û202.7 million (C67.6m).
All UFA overhead expenses are decreased by 22%, while staff numbers increase by a quarter, and payroll by 17% to Û23.3 million. There are signs that this is already in place, with an increased presence of UFA organisers who provide administrative, encouragement, and financial support to local-level clubs and competitions.
There is also a 147% increase in finances made available to non-national level clubs, to Û19 million, plus Û8 million for football equipment, a 19% increase.
And how will the UFA pay for all this?
Richard Price seems to think that most of the budgeted Û210.7 million in revenue is accounted for, the greatest portion coming from the federal government's Department of Culture, which is providing Û70 million.
It is understood that the government only did so if the UFA provided certain guarantees and structural changes. Much of the new organisation structure, including the staff ethics committees and accountability structures, have been demanded by the government. Elizabeth Chapel advised the UFA on ethics during the past six months, having been pointed to the Board by none other than the President himself. She is now serving as a Director.
CEO David Aranja already announced the substantial increase in gate receipts the UFA would take, an anticipated 155% increase, while CFO Mr Price said the UFA was expecting a 150% increase in corporate sponsorship, to Û38.5 million.
The balancing Û75.5 million was anticipated from TV UFA, the satellite television broadcaster via Starlight, that will bring in substantial advertising revenues, the UFA hopes.
Mr Price said the UFA would provide "greater openness" to clubs to examine the UFA's books, also provided to the wider public on account of the substantial government investment in the organisation.
"We are very grateful for the support of the government, and the corporate sector, and yet we are also acutely aware that it is dependent on a continued commitment to ethical and goal-oriented management of the organisation."
Related Articles
The new and improved UFA
The UFA: Organisation on a mission
Related Websites
The new UFA Website
The finance page of the UFA website
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©Zeitgeist Magazine, 300 AP.
<TECH> ©Mike Ham, 2000. All rights reserved. No reproduction without, at least, tacit approval. ;-) |