01 July 2010
UGANDA : FUBA in financial trouble as treasurer is kicked out
Written by Felix Eupal http://www.observer.ug
Thursday, 01 July 2010 11:48
Local basketball body FUBA, embroiled in a damning financial crisis, has forced treasurer Chris Kyebambe out of office with immediate effect. This was during an Extra Ordinary Meeting on June 27. Kyebambe is accused of having failed to account for more than Shs 244m, the total FUBA revenue for 2009.
An earlier Annual General Meeting on May 16 failed to reach a resolution prompting Kyebambe to request for more time to present the balanced accounts.
The federation hired an auditing firm, JR & Associates, to look into the accounts, but it also failed to come up with a substantive report.
When Kyebambe finally presented his report, it was filled with inaccuracies. For example, the All Star Weekend finances were not highlighted.
The report also indicates that the Federation paid over Shs 16m for accommodation of teams during the Zone Five Championship last July, yet the teams footed their own costs.
The report also highlights other expenses during Zone Five to a tune of Shs 95m.
In addition, despite league sponsors MTN saying that half their budget is in form of logistics, communication and advertisements, Kyebambe reports that the Federation spent Shs 6.5m on postage, internet and telephone services.
It has been reported that the absence of an audited financial report explains why MTN have taken long to endorse the Shs 300 m sponsorship package this year.
FUBA president Ambrose Tashobya explains that the three year contract they had with MTN expired at the end of last year and the company wants “some things from us which we can’t yet give them.”
For this matter, Tashobya notes, the Federation needs a professional accountant in the position. “We need to have a competent accountant,” he said.
Team managers and club representatives present unanimously demanded that Kyebambe steps aside with immediate effect. Kyebambe however, has been given up to six weeks to produce a balanced financial report before officially leaving office.
It’s worth noting that Kyebambe has been doing FUBA’s work on a voluntary basis.
Despite Kyebambe being the black sheep, the Federation has long blamed him for their incompetence.
FUBA?TO?BLAME?
Financial management is always key to any administration but Tashobya’s reign has always relied on voluntary services from people like Kyebambe. The need to have qualified personnel is long overdue.
WHAT?NEXT?
The whole mixup now leaves a dark cloud hanging over FUBA. What will they do to Kyebambe if he fails to produce a balanced financial report? Will he be sanctioned to produce the money or head to the coolers?
It remains to be seen what action will be taken but ultimately, it will be hard for the Federation to attract sponsors.
Thursday, 01 July 2010 11:48
Local basketball body FUBA, embroiled in a damning financial crisis, has forced treasurer Chris Kyebambe out of office with immediate effect. This was during an Extra Ordinary Meeting on June 27. Kyebambe is accused of having failed to account for more than Shs 244m, the total FUBA revenue for 2009.
An earlier Annual General Meeting on May 16 failed to reach a resolution prompting Kyebambe to request for more time to present the balanced accounts.
The federation hired an auditing firm, JR & Associates, to look into the accounts, but it also failed to come up with a substantive report.
When Kyebambe finally presented his report, it was filled with inaccuracies. For example, the All Star Weekend finances were not highlighted.
The report also indicates that the Federation paid over Shs 16m for accommodation of teams during the Zone Five Championship last July, yet the teams footed their own costs.
The report also highlights other expenses during Zone Five to a tune of Shs 95m.
In addition, despite league sponsors MTN saying that half their budget is in form of logistics, communication and advertisements, Kyebambe reports that the Federation spent Shs 6.5m on postage, internet and telephone services.
It has been reported that the absence of an audited financial report explains why MTN have taken long to endorse the Shs 300 m sponsorship package this year.
FUBA president Ambrose Tashobya explains that the three year contract they had with MTN expired at the end of last year and the company wants “some things from us which we can’t yet give them.”
For this matter, Tashobya notes, the Federation needs a professional accountant in the position. “We need to have a competent accountant,” he said.
Team managers and club representatives present unanimously demanded that Kyebambe steps aside with immediate effect. Kyebambe however, has been given up to six weeks to produce a balanced financial report before officially leaving office.
It’s worth noting that Kyebambe has been doing FUBA’s work on a voluntary basis.
Despite Kyebambe being the black sheep, the Federation has long blamed him for their incompetence.
FUBA?TO?BLAME?
Financial management is always key to any administration but Tashobya’s reign has always relied on voluntary services from people like Kyebambe. The need to have qualified personnel is long overdue.
WHAT?NEXT?
The whole mixup now leaves a dark cloud hanging over FUBA. What will they do to Kyebambe if he fails to produce a balanced financial report? Will he be sanctioned to produce the money or head to the coolers?
It remains to be seen what action will be taken but ultimately, it will be hard for the Federation to attract sponsors.
# posted by afrbk : 15:29
