Publishing every peso: the first quarterly financial report
Income, expenditure and officer compensation for the quarter, posted in full on the day the board approved it.
By Ricardo Bituin
The board approved the federation's first quarterly financial statement this week, and it went onto the Transparency page the same afternoon.
The statement covers everything: membership income, tournament entry fees, sponsorship, the development fund allocation to each of the eighteen regions, and officer compensation line by line. Nothing is summarised into an "other" category.
Alongside it we have published something less common: a worked example of where a single entry fee goes. For a rated open with a 1,500-peso fee, 55 percent goes to the prize fund, 14 percent to the venue, 12 percent to the arbiters, 8 percent to administration, 6 percent to equipment and 5 percent to the rating fee. Those proportions are fixed before the event opens for registration, not decided afterwards.
The treasurer put the reasoning plainly. "A federation that asks its members for money owes them an account of it. Not on request. By default."
Statements are published within five working days of board approval. The next covers October to December.