Content FINANCE 7/11/2011. Implementation Recommend ations. Overview. George Mamangakis. ATHENS 2011 Observer s Program

Transcription

1 George Mamangakis FINANCE ATHENS 2011 OBSERVER S PROGRAM 1 Content Overview Implementation & Recommend ations ATHENS 2011 Observer s Program Athens 2011 Observer s Program 2 1

2 Concept FUNCTIONAL AREA S OVERVIEW Statistics, Scope, Organization & Key Steps 16/12/2010, SOI Meeting Athens 2011 Observer s Program 3 Functional Area Statistics Operational time 4 years Total Personnel 9 Accounting 3 - Procurement 3 - Budget 2 Total Budget 69m Cash 42 VIK 27 GOCs total Personnel ~900 Athens 2011 Observer s Program 4 2

3 Finance is a SUPPORTING function to all the others Handles the GOC s money by planning, Researching, Ordering and finally Paying! Cooperates with TOP management and establishes procedures It includes: Budgeting Accounting Procurement..and Risk Management Lets see each function separately. Athens 2011 Observer s Program 5 ACCOUNTING Starts from Day One and ends at liquidation Follows the Country s accounting rules and standards Pays taxes, tries to find alternatives on GOCs obligations Handles the payroll and payments to all parties (contractors, Suppliers, Governmental agencies etc.. Chases over the revenues from various areas PROCUREMENT Supports all functional areas purchasing needs. Works closely with the legal Dept for Tendering process Prepares procedures and rules that need to be consistent National and sometimes international guidelines Athens 2011 Observer s Program 6 3

4 BUDGETING BUILDING, CONTROLLING and REPORTING the Budget Evaluates the income resources Prepares the Games Budget Receives input from all functional areas and tries to group all these needs in order to succeed economies of scale Establishing Financial Discipline to all FAs Establishes procedures for controlling each expense Reporting in a simple and understandable way To the TOP management, to SOI, to Government Reporting to FAs in order to help them keep within budget Athens 2011 Observer s Program 7 Even though all Finance does not have a Games time FA role, RISK MANAGEMENT does Handles risk issues by: Identifying risks and report them Plans for avoiding possibility that risks happen Contingency Planning Venue inspection and Venue Risks Functional Areas Operating RIsks Provides Solutions for risks that happen Handles Insurance policies Incident Reporting Athens 2011 Observer s Program 8 4

5 Functional Area Key steps Establishing a first BUDGET in order GOC to be ready to make Financial Decisions and plan for the level of the Games Prepare and force policies and procedures that all FAs Follow Review the budget as new data come in Communicate with all Fas Handle contingency money allocation during Games time Athens 2011 Observer s Program 9 Implementation & Recommendati ons IMPLEMENTATION & RECOMMENDATIONS Culture/ Host Country Specific Elements, Principles/Policies, & Challenges Recommendations 16/12/2010, SOI Meeting Athens 2011 Observer s Program 10 5

6 Functional Area Challenges BUDGET CHANGES Loss of Revenue and how you handle that with Budget CUTS Starting Tendering phase LATE. Pressure from contractors Suppliers for early payments that could risk the Games Athens 2011 Observer s Program 11 Functional Area Recommendations Things to do First Thing: Prepare a Games Budget with all assumptions and as much as analytic may be by day 1. This will help Top Management to PLAN Recruit and Hire a good Finance Team from early enough Adopt National obligations to your procurement policies and procedures Athens 2011 Observer s Program 12 6

7 Functional Area Recommendations Avoid following the circumstances. Plan ahead Have always plan B on each function. Prepare for changes (management, government, organizational charts etc..) Keep a good relation with FAs. Provide help and reporting to them and they will give you information Athens 2011 Observer s Program 13 ATHENS 2011 OBSERVER S PROGRAM 14 7