Finance Committee

1.2.3 Finance Committee

The role of the Finance Committee is primarily to provide financial oversight for the event. It is involved in every finance-related aspect of the sports event — planning, accounting, decision-making, the finalisation of sponsorship, keeping an eye on the inflow and outflow of finances, the purchase of equipment and other items, and the settling of payments to officials. Because money runs through every part of an event, the Finance Committee is often called the backbone of the tournament; it also pitches to different companies and attracts them to sponsor the event.

Pre-sports event / tournament. Before the event, it is the responsibility of the Finance Committee to prepare the budget; to purchase sports equipment, stationery, medals, certificates and other requirements as desired by the other committees; and to prepare and finalise the Memorandum of Understanding (MoU) with the sponsors.

During sports event / tournament. During the course of the event, the committee keeps a check on the outflow and inflow of finances, including the payment and remuneration of officials.

Post sports event / tournament. Once the event is over, the committee examines all records related to the settlement of the bills and accounts, and prepares the financial report.

Why this committee matters. Every other committee's plans ultimately depend on what the Finance Committee can afford to release. The Technical Committee cannot buy equipment, the Logistics Committee cannot arrange refreshment or decoration, and the Marketing Committee cannot print banners, without funds that have first been budgeted and approved here. A Finance Committee that under-budgets, or releases money without proper records, puts the whole event at risk of running out of money midway or facing an unauditable mess afterwards — which is why strict bookkeeping, not just fundraising, is central to its role.

How the budget is built. A realistic budget is prepared by first listing every expected expense — equipment, officials' remuneration, medals and certificates, refreshment, decoration, transport, medical aid and printing — and then listing every expected source of income — the institution's own grant, entry fees if any, and sponsorship. The committee then negotiates sponsorship deals, often in cash or in kind, and formalises each one through a signed MoU that states exactly what the sponsor will provide and what visibility or benefit they receive in return, such as their logo on banners or mention in the press release. …