Uganda Olympic Committee hosts learning event on “Good Financial Management: A prerequisite for sports development”

By Emmanuel Sekago

The Uganda Olympic Committee (UOC) over the weekend, Saturday, June 1st 2024 held a significant learning event focused on the theme “Good Financial Management: A Prerequisite for Sports Development.”

This event, targeted at federations and associations under the UOC’s purview, underscored the pivotal role that sound financial practices play in the sustainable development and success of sports organizations.

Building a strong financial foundation is crucial for the growth and success of sports organizations. Let’s prioritize transparency, accountability, and responsible financial management to ensure sustainable development and integrity in sports!

The event featured prominent facilitators, including Mr. Gad Atuhumusa from the Auditor General’s office, Mr. Sadik Nasiwu, Treasurer of UOC and Commonwealth Games Uganda (CGU), and Ms. Patience Nabakosa, Accountant for UOC/CGU. Their expertise provided invaluable insights into the principles of good financial management.

Mr. Gad Atuhumusa emphasized the importance of maintaining transparency and accountability in financial transactions.

He highlighted the need for regular audits and the implementation of stringent financial controls to build trust and integrity within sports organizations, Mr. Sadik Nasiwu shared his experiences and best practices in responsible financial management.

He discussed strategic planning, effective budgeting, and resource allocation, stressing that these elements are vital for the efficient operation of sports federations and associations while Ms. Patience Nabakosa focused on the significance of accurate and timely financial reporting.

She provided guidelines on how to effectively communicate financial information to stakeholders, including members, sponsors, and regulatory bodies, ensuring that all parties are well-informed and engaged.

The event included interactive workshops that allowed participants to engage in practical activities designed to enhance their financial management skills.

These workshops provided hands-on experience in creating and managing budgets, implementing financial controls, and preparing comprehensive financial reports.

The learning event concluded with a collective agreement on the necessity of ongoing education and support in financial management.

The UOC pledged to continue offering training opportunities and resources to its federations and associations, ensuring that best practices are consistently followed and that financial integrity is maintained.

Participants left the event with a renewed understanding of the critical importance of good financial management in sports development.

By prioritizing transparency, accountability, and responsible financial practices, Uganda’s sports organizations are better positioned to achieve sustainable growth and success.

Conclusion, The Uganda Olympic Committee’s learning event on “Good Financial Management: A Prerequisite for Sports Development” was a resounding success. It highlighted the essential connection between financial acumen and the development of sports. Through continued education and adherence to best practices, Uganda’s sports federations and associations can look forward to a future characterized by integrity, sustainability, and excellence.