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Office of Sport
Terms Definition
Asset Something of value that the State Sporting Organisation can use over time. 
Board or Committee The body comprised of the directors and includes executive committees of management as per the entity’s rules. 
Director A person (office bearer) who is a member of the Board and who is charged with the management (in a governance sense) of the entity. 
Equity The residual interest in the assets of the entity after deducting its liabilities.
Expenditure Amounts spent, or incurred, in running the State Sporting Organisation.
Fiduciary responsibility A person or group of persons who have been intrusted to act in good faith and seek the best possible outcomes for the State Sporting Organisation.  
Financial literacy A basic level understanding of how money works measured through a skill set that allows one to make sound financial choices which maximise outcomes.
Financial outputs Reports either individually or collectively which are generated from financial records used to aid in decision making. Examples include, income statement, balance sheet and cashflow statement. 
Financial records Formal documentation representing past transactions of the business such as sales and purchase invoices and bank reconciliations. 
Liability A commitment or obligation the State Sporting Organisation has as the result of a past event. 
Members Those people who have an invested interest in the performance and success of the organisations whether it be participants, social supports, volunteers or executives. 
Office bearers Are elected or appointed to boards or committees of sporting clubs/associations who are often seen as community sports leaders. Typically, club office bearers have higher levels of involvement and are responsible for running their club. Office bearers have legal obligations as directors and are often given titles including committee member, sports administrator, president, chairperson, treasurer, secretary, public officer, company secretary. 
Revenue Amounts the State Sporting Organisation has received or will receive, which can include fees, registrations, memberships etc.  
Scarce resources The limited availability of revenue, cash, volunteers, time available to allocate towards achieving a desired outcome in line with forward strategy. 
Segregation of duties The act of separating ones duties to reduce opportunities for a person to be in a position to not identify an error or perpetrate and conceal fraudulent behaviour.  
State Sporting Organisation Means a State Sporting Organisation whether incorporated or not, public or private, that has its own function(s) and administration.
Treasurer A person who is elected by the board to management the financial affairs of the organisation. 
Volunteer A representative from the community who freely chooses to give their time, skills and experience to support their sport or recreation activities.




Note: as with any legal and financial documents, this does not replace obtaining legal and financial advice on each sports specific requirements and it is recommended you do so.

The information provided in the framework and tool kit is for your information only.  The authors and the NSW Office of Sport accept no responsibility for the accuracy of the information or your reliance upon it.

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