Have annual operations financed
Your NOA should ensure that funds are in place or being found to cover your planned activities . It is challenging to deliver projects with minimal funding. However, a lot of good can be done for very little with passionate volunteers and some creative ideas.
Here are some questions to consider:
- How much budget does my NOA need?
- How can NOAs get funding?
- How should NOA finances be managed?
1. How much budget does my NOA need?
First you need to decide what your NOA wants to do, in other words, you need to develop an operations plan. Guidance on how to approach this is covered within Planning as part of the Leadership and Governance section.
Don’t forget your NOA running costs
With the operations plan, it is easy to focus on everything you want to deliver and forget about the running costs. Below are some examples:
- Administration: meetings, AGM, staff / consultants…
- Office costs: technology, wifi, stationery, rent…
- Projects: Service to Society or Service to Olympians
- Communication / brand: website, social media, newsletter, design…
Where possible, consider aligning with your NOC to utilise their services or facilities to alleviate some financial costs.
Predicting the cost of things
Costs can be worked out or estimated based on quotes from suppliers, previous experience and internet research. Try to look in three places to judge the cost of something. And leave yourself some extra funds, particularly for events where you need to have some emergency funding in case of changes or situations beyond your control.
Is very important as it can take time to raise funds. If you receive funding from your NOC or any other organisation, you need to have your budget request sent to them early, to fit into when they make decisions.
2. How can NOAs raise funds?
There are a number of ways to raise funds for your NOA. List where your funds could come from and then work out the best strategy to access the funds.
You can raise money from:
- WOA Grants
- annual subsidy
- research how you can collaborate to apply for Olympic Solidarity funding
- donated equipment / office space
- NOC administration staff
- IOC Sport and Active Society Grant
- Government, Sports Agency
- Partnering with a company or foundation that is aligned with your NOA’s objectives (please pay strong attention to the guidelines in the Branding and Marketing section)
- Social enterprise projects (delivering a project that generates profit and also helps Olympians or the community)
- Organising fundraising events such as auctions, dinners and golf tournaments
- Membership fees
- Private donations
The Olympic Properties may not be used for any commercial activity. Your NOA should already have permission from your NOC to use the Olympic properties as part of day-to-day non-commercial activities.
WOA Letter of recognition
If you require a letter of recognition from WOA in support of your NOA activities, please write directly to email@example.com to submit a request.
3. How should NOA finances be managed?
Your financial year
Work out when your year begins and ends. Some countries work on the calendar year (January to December), some have a different tax year. You should match your financial year to the same as your NOC’s.
NOAs should have a bank account so you can receive funding and pay out your expenses. If you are unable to set up an NOA account, speak to your NOC and work with them to use their account.
Excel spreadsheets are the best way of managing finances. Please find an NOA annual budget template to help you.
Here are some examples of ways NOAs raised funds.
Updated on 12 August 2020