JOA: More money, more growth for sport

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July 24, 2020

A reduction in current assets of the Jamaica Olympic Association (JOA) translated to an increase of its “cash position” and unmatched investment opportunities worth $82.5 million for national sporting bodies and athletes.

This position was articulated in a JOA media release that explained several areas of its audited financials for 2017 and 2018, which were queried recently in a media report on national TV.

Figures in the audited financial statement, which were approved by the JOA Board and its members at an extraordinary meeting, showed current assets for the country’s apex body for sport slipping from $178.1 million in 2017 to $147.8 million in 2018.

“This resulted in a commensurate increase in our cash position, which the JOA in turn invested in its member associations, allowing it to fully fund the largest contingent ever to the Central American and Caribbean (CAC) Games and fund the largest contingent ever to the Commonwealth Games,” the JOA said in its release.

It said: “The primary reason for the decrease in current assets over the period 2017-2018 was as a result of the reduction in the amounts owing from the prior years, which was consistent with the JOA’s objective of reducing its receivables as outlined in the section relating to administrative expenses.

“Notwithstanding this spend, the JOA was able to end the year of 2018 in a similar financial position as obtained in 2014 when these Games were last held,” the release advised.

Continuing, the JOA said its decision to leverage spending among its affiliates and national sporting representatives in development, qualifying and competition was justified by performance.

At the 2018 Commonwealth Games in Gold Coast, Australia, Jamaica secured 27 medals (seven gold, nine silver, 11 bronze), surpassing its previous best of 22 medals achieved at the 2006 and 2014 Games.

At the 2019 Pan American Games in Lima, Peru, Jamaica secured a record 19 medals (six gold, six silver, seven bronze) to beat the previous highest mark of 14 medals (two gold, four silver, eight bronze) achieved in 1959 at the Chicago edition.

At the 2018 CAC Games in Barranquilla, Colombia, Jamaica won 27 medals (12 gold, four silver, 11 bronze), way more than the four it achieved at the previous Games in Mayaguez, Puerto Rico.

“The result was clear; the biggest medal haul ever achieved for those Games and notably were the medal achievements of a variety of sports including badminton, rugby and fencing. In addition, the JOA was still able to provide an additional $82.5 million (never done in prior years) in support of the 24 member associations,” the release noted.