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South African Boxing Act, 2001 (Act No. 11 of 2001)

Chapter 2

15. Finances of Boxing SA

 

(1) The funds of Boxing SA consist of—
(a) Money appropriated by Parliament;
(b) fees payable to Boxing SA in terms of this Act;
(c) grants, donations and bequests made to Boxing SA;
(d) income earned on the surplus money deposited or invested by Boxing SA; and
(e) money generated from sponsorships and fundraising.

 

(2) The financial year of Boxing SA begins on 1 April of each year and ends on 31 March of the following year, except for the first financial year which begins on the commencement date of this Act and ends on 31 March following immediately thereafter.

 

(3) The Chief Executive Officer must as soon as possible but not later than five months after the end of the financial year submit audited financial statements to the Minister in Parliament.

 

(4)
(a) The Chief Executive Officer must keep proper records of all—
(i) money received or expended by it;
(ii) its assets and liabilities; and
(iii) financial transactions entered into by it.
(b) The Chief Executive Officer must, as soon as possible but not later than two months after the end of each financial year, prepare statements of account and a balance sheet showing, with all appropriate particulars, the moneys received and the expenditure incurred by it during, and its assets and liabilities as at the end of, that financial year.

 

(5) The financial statements referred to in subsection (4) must include funds received and held in trust by Boxing SA or expenditure thereof.

 

(6) The financial statements contemplated in subsection (5) must be audited by the Auditor-General.