FAI Finances thread |
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Bunny Munro
Ronnie Whelan Joined: 27 Nov 2014 Status: Offline Points: 31 |
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Posted: 28 Nov 2014 at 1:31pm |
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Worth bringing this to the attention of the Public Accounts Committee and specifically John McGuinness. Not a huge fan of his but he is like a dog with a bone when it comes to government spending and normally the PAC likes to go beyond their remit. If JD was called into the PAC, he'd be asked questions like his personal expenses, personal ticket allocation etc. There must be some Kilkenny people here willing to take it up with John McGuinness.
If the GAA were called in over Garth Brooks, then surely this warrants similar action. Although it appears there are more voters among Garth Brooks fans and Mary Lou might not want to go on the attack now that JD has declared he's one of her own. If this was being raised with the PAC, it could be important to highlight any aspects that affect government funding of the FAI or anywhere money appears to be mishandled such as: - The stadium funding which was co-funded by the government and how the FAI handled their obligations under that funding. - Visibility into ticket sales and where that money goes. - Commitments made to purchasers of season tickets in the form of priority for away tickets and how that is managed e.g. it may be fraud if they are selling tickets under false pretences. - "Freebies"' given out by JD in the form of tickets to Scotland and other games, rounds in bars etc. and how that is accounted for tax purposes - both FAI and personal. - FAI expenses and again how these perks are handled both in terms of use of government money and financial reporting. One of the reasons he has the support of the board is beacuse they all eat from the same trough. There are more, those are just some off the top of my head... |
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greengooner
Liam Brady Joined: 03 Apr 2007 Status: Offline Points: 1376 |
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Very interesting.
First things first. Have to establish if the FAI is completely self-financing (independent of funding) or whether it relies on grants, subventions, etc from public funds. So....does anyone here know: 1. Do the FAI receive public funding from the Exchequer? 2. If so, from what source ie what Department, other body etc 3. How much per annum and whether the money is for specific things If it can be established that the FAI receive public funds, then there is almost CERTAINLY a tie-in with the Dail having a role to a - ensure good corporate governance, b- assess how public funds are being managed c. - getting TDs to ask questions that are not being answered by the FAI to YBIG, journalists,private citizens etc) PS - got a copy of the FAI review - it was located at a different link - silly me! Edited by greengooner - 28 Nov 2014 at 2:06pm |
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Platini are you listening
You'd better keep your trophy glistening Cos we'll be over next year To drink all your beer, Walking in an Irish Wonderland. |
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greengooner
Liam Brady Joined: 03 Apr 2007 Status: Offline Points: 1376 |
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All i can say is WOW! I'm no accountant but ...... The FAI's total Fixed assets are 91 Million which sounds great!! However, 88 milion of these are "intangible Assets" - can someone suggest what those 88 Million of intangible assets might be made up of? wikipedia says that an Intangible asset is an asset that lacks physical substance and usually is very hard to evaluate. It includes patents, copyrights, franchises, goodwill, trademarks, trade names. So the FAI appear to have Fixed assets of 3 milion, Current ASsets of 5.5 million, the "intangible assets of 88 Million Versus Hard debts of 82.5 Million Gulp. |
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Platini are you listening
You'd better keep your trophy glistening Cos we'll be over next year To drink all your beer, Walking in an Irish Wonderland. |
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MariborKev
Liam Brady Joined: 01 Jan 2009 Status: Offline Points: 1266 |
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Essentially, brand. Yes, I realise how ridiculous that sounds even the last few weeks....
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greengooner
Liam Brady Joined: 03 Apr 2007 Status: Offline Points: 1376 |
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THe IRFU report for the same period lists Intangible assets as ZERO............ (funny that the IRFU report has about 20 pages of financial data - FAI 3 with no breakdowns or notes to teh accounts) Irish Rugby values it's brand image as NIL on the balance sheet Irish football values its brand image as 88 Million Eh...... Something is not adding up....... Shane Ross where are you......
Edited by greengooner - 28 Nov 2014 at 2:41pm |
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Platini are you listening
You'd better keep your trophy glistening Cos we'll be over next year To drink all your beer, Walking in an Irish Wonderland. |
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greengooner
Liam Brady Joined: 03 Apr 2007 Status: Offline Points: 1376 |
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http://www.fai.ie/sites/default/files/atoms/files/FAI%20Annual%20Review%202013.pdf Annual Report FAI
http://www.irishrugby.ie/downloads/IRFU_ANNUAL_REPORT_20122013.pdf Annual Report IRFU |
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Platini are you listening
You'd better keep your trophy glistening Cos we'll be over next year To drink all your beer, Walking in an Irish Wonderland. |
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BrenC
Davey Langan Joined: 21 Oct 2010 Status: Offline Points: 856 |
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The FAI Annual Report says where ye can get more information
"These summary financial statements have been extracted from the full statutory financial statements of the Association for the year ended 31 December 2013. The annual report and statutory financial statements, including the independent auditors’ report thereon, may be obtained from the office of the Association at the National Sports Campus, Abbotstown, Dublin 15". |
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Team Emmet
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nvidic
Moderator Group Joined: 03 Aug 2010 Status: Online Points: 18995 |
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Id move across all the other posts on this if possible, especially the ones on goodwill, intangible assets etc
edit, nice one Edited by nvidic - 28 Nov 2014 at 3:21pm |
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seanyshuffler
Jack Charlton PM snitch Joined: 09 Jun 2011 Location: Ireland Status: Offline Points: 9538 |
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If anyone knows the FAME database you can get financial information on football associations through it. You can get any financial information through it for companies.
Edited by seanyshuffler - 28 Nov 2014 at 3:31pm |
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MJD
Liam Brady Joined: 31 Jul 2011 Location: London Status: Offline Points: 1921 |
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Intangible assets could represent a number of items. I'd be surprised if, in this case, the brand was the intangible asset as I'm pretty sure the brand value can only be recognised if the company was taken over, i.e the FAI can't just decide the brand is worth €88m, the FAI would need to be bought, with 88m of the purchase price being associated with the value of the brand.
Interestingly, the skills and/or knowledge of your employees can be an intangible asset...so perhaps Delaney's skills/knowledge is valued at €88m?
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17 International Caps
16 International Goals COYFIG |
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seanyshuffler
Jack Charlton PM snitch Joined: 09 Jun 2011 Location: Ireland Status: Offline Points: 9538 |
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Also solocheck.ie for more recent accounts. |
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seanyshuffler
Jack Charlton PM snitch Joined: 09 Jun 2011 Location: Ireland Status: Offline Points: 9538 |
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http://www.sportseconomics.org/sports-economics/the-finances-of-football-associations-in-britain-and-ireland
Wrote a piece on this before comparing the various associations. |
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MariborKev
Liam Brady Joined: 01 Jan 2009 Status: Offline Points: 1266 |
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Computer software can be a intangible asset. The FAI's bespoke ticketing software is worth at least €20m I'd say.....
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Junior
Kevin Kilbane Joined: 03 Jun 2009 Location: Manchester Status: Offline Points: 485 |
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The intangible Asset is mainly linked to the FAI's contribution towards the building costs of the Aviva Stadium which are capitalised at cost and amortised over the useful life of the stadium (50 years). It also includes any Legal, Professional fees etc.. associated with this.
I havent looked at the link above re: 2013 review but the intangible was 88m back in 2011 - so if it is still at 88m, looks like not much amortisation is taking place!! However, that 88m was largely funded by the debt which was incurred by the FAI's for its share of the building costs. As JD got that slashed (I forget by how much) then I guess the intangible should reduce by an equivalent amount (I think that will be a 2014 adjustment)... Edited by Junior - 28 Nov 2014 at 3:56pm |
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baresi41
Liam Brady Joined: 17 Oct 2011 Status: Offline Points: 1102 |
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posted this on the away ticket thread. yes they do get funding. Not only the PAC but the Minister for Sports Pascal Donohoe should be lobbied. Checkout the Oireachtas Links.. As I said lobby TD's councillors etc. Questions posed here are serious question marks over the association, the CEO, expenses, litigation issues.
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FRANCO BARESI: Always supporting the green brigade
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BrenC
Davey Langan Joined: 21 Oct 2010 Status: Offline Points: 856 |
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Ye the FAI rights in Aviva are an intangible asset as they don't own the stadium. The value of the 60 year lease reduces each year but theoretically the debt should reduce also as they are gonna pay it off really fast according to themselves.
The idea of being debt free by 2020 is surely ludicrous though. Most worrying is the creditors due within one year - rose by 3 million and is 20 million more than short term debtors. They also made a loss if ye exclude exceptional item (was that a UEFA grant - can't remember) which by definition won't be repeated. Hard to say much without looking at the full accounts. |
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Team Emmet
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baresi41
Liam Brady Joined: 17 Oct 2011 Status: Offline Points: 1102 |
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Folks. Pasted too much. This is the oireachtas link. As you can see, ongoing discussions on funding for sport, upgrading facilities etc. The PAC would be ideal to get involved as they have a mandate to investigate, wages, spending etc. Here's the link to start with, you can search anywhere on this link for sport.
http://www.oireachtas.ie/viewdoc.asp?fn=/documents/ThisWeek/PMB-SEANAD-2014/document34.htm http://www.oireachtas.ie/documents/bills28/bills/2014/8514/b8514d.pdf Bear Bua |
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FRANCO BARESI: Always supporting the green brigade
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seanyshuffler
Jack Charlton PM snitch Joined: 09 Jun 2011 Location: Ireland Status: Offline Points: 9538 |
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Would coaches employed by the FAI count towards intangible assets? As in their value etc. in developing players?
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