The cricket administrators program on Finance brought together a total of 17 participants mostly from the teaching fraternity within Nakuru town and its environs.
Covered in details were the uses of different cash recording systems including receipts, petty cash and cashbooks and explanation provided on their importance in relation to accountability processes. The participants were taken through the processes of budget preparation and were reminded to ensure that those budgets are then linked to their strategic plans.
In most organisations, budget processes are ‘top secret’, but in keeping with current trends it is now necessary more than ever to have the budget process to be an all inclusive undertaking, this of course ensures accuracy on the budget items and guarantees that major items are included in the draft. The second part of the budget preparation then places priority expenditures and makes provision for the less important items to be funded through alternative means including borrowing if the financial plan cannot cover them.
The course covered basic book keeping strategies to assist cricket administrators to develop skills relating to budgeting and financial reporting.
It is imperative that money being a precious commodity is managed carefully, since failure to do this would result in clubs being forced out of existence. To safeguard crucial investment and make certain for sustainability, part of financial management requires the identification of a reliable financial institution of repute and one that offers a competitive interest and stability in the long term.
The position of the treasurer was identified as one that requires good organisation, honest and trustworthy individuals due to the sensitivity of their job. The attendees also learnt and discussed in details the different sources of income for different entities and the expenditure areas. Achieving a balanced budget where expenditure is funded by income is the best way to keep afloat and ensure sustainability.
The course material provided simple but yet effective methods on financial systems which have been in common use over the years. Essential to this process was the fact that the course enlightened the participants on the different accountability processes that most of them will be able to come across in their lines of duty.
The participants acknowledged that the delivery of this course would encourage their involvement in the monetary activities of their own schools or societies and further edified them on the significance of transparency.