Financial Regulations for Sports Clubs (2005)

The Unified Financial Regulations of 2005 establish a standardized accounting and financial framework for all national sports clubs in Bahrain. These regulations aim to protect club assets, ensure the accuracy of financial reporting, and unify accounting treatments across all sports organizations under GSA oversight. By defining clear roles for the Board of Directors, the Financial Secretary, and external auditors, the document provides the necessary controls to manage revenues, expenditures, and investments transparently.

Key Aspects of the Regulations:

• Accounting Systems: Mandates that clubs maintain regular accounting records, either manually or via electronic systems that ensure data security and prevent unauthorized modifications.
• Mandatory Records: Clubs must maintain specific ledgers including the General Journal, General Ledger, Fixed Assets Register, and Inventory Records to track all sports equipment and club property.
• Document Control: Requires pre-numbered financial documents (receipts, payment vouchers, and purchase orders) to be kept in secure locations and recorded in a centralized control register.
• Budgeting & Reporting: Outlines procedures for preparing estimated budgets and regular financial reports to be approved by the General Assembly and the GSA.
• Operational Scope: Covers comprehensive financial activities including procurement, payroll for manpower, investment management, and financial allocations for tournaments and training camps.
• Document Retention: Establishes a 10-year retention policy for original financial documents following the end of the audited fiscal year