The audited financials of the Trinidad & Tobago Football Association (TTFA) were approved by its members last Sunday when the FIFA appointed Normalization Committee held their Extraordinary General Meeting (EGM) via Zoom online.
The 2019 audited financials were approved by the membership by a majority vote. The EGM was scheduled because of the motions passed by the TTFA members at the Annual General Meeting (AGM) which was held a few weeks prior on September 26th. The membership required further time to review the 2019 audited financial statements in detail, understand the implications to the TTFA, and table all additional questions to the external auditors Madan Ramnarine and Co. as well as the Normalization Committee.
The press release from the TTFA stated, “During these discussions, the NC reiterated that management decisions related to the 2019 audited financials were all guided by International Financial Reporting Standards issued by the International Accounting Standards Board and adopted by the Institute of Chartered Accountants of Trinidad and Tobago.”
The statement continued, “The NC also outlined that these standards were used to address the matter of the accounting of the grant of the 17.51 acres of leasehold land in Balmain, Couva which was valued at TT$42.5 million. Accounting for Government Grants, which this land falls under, is covered under International Financial Reporting Standards. When the lease is perfected, the TTFA will determine the most appropriate accounting treatment, in accordance with good financial governance practices.”
Also, on the agenda of the EGM was the ratification of the expulsion of the Coaches Association and the admittance of the Unified Football Coaches of Trinidad and Tobago (UFCTT) as the newest Member of the organization. The UFCTT ratified its new constitution on August 15th. The interim executive who will govern the association until April next year was also selected.
The association is led by Jefferson George (President), Wayne Sheppard (First Vice-President), Rayshawn Mars (General Secretary), Johan Contaste (Assistant Secretary), Curtis Orr (Treasurer), James Saunders (Media Officer), Justin Reid (Public Relations Officer).