BCA Posts Half-Million Dollar Loss

For the second straight year, the Barbados Cricket Association (BCA) has recorded an operating loss of close to half-million dollars. And the deficit has come in spite of more than $300 000 in revenue from its newly-introduced lottery.

Draft financial statements revealed the BCA incurred a loss of $456,098 for the fiscal year ending March 31, 2002. This follows a shortfall of $657,344 the previous year when the BCA recorded its biggest loss in more than a decade.

Additionally, the BCA's auditors say they have been "unable to confirm or verify by alternative means the amount of $248,498 included in the balance of $1,161,164 due from the West Indies Cricket Board (WICB). Accordingly, we were not able to determine whether any adjustments might be necessary to the balance from the WICB revenue, excess expenditure for the year and accumulated funds."

The financial statements, which are to be presented at the July 30 annual general meeting at Sherbourne Conference Centre, are certain to be debated vigorously among members of the largest and most respected sporting association in the island.

During the year under review, the BCA did not increase its revenue, the figure dropping from $2,324,744 to $2,309,382.

The lottery, which started in mid-February, brought in $333,333 and advertising returns went up by close to $50,000, but revenue from sponsorship, rental of boxes and subscriptions all declined by substantial amounts.

Another area where revenue decreased was from the share of gate receipts from international matches during the 2000 home season. The BCA?s share from WICB was $30,063 compared with $114,157 the previous year.

The BCA managed to decrease its expenditure by $216,608, but it is significant to note it spent $237,685 in legal and professional fees.

SOURCE: Barbados Nation.