- Unqualified opinion issued by independent auditors
- Significant investment in Men’s High-Performance program
- Future investment to be targeted at focus areas outlined in the Foundational Plan
USA Cricket today published its audited financial statements for 2019.
USA Cricket Chairman Paraag Marathe said: “The Board was pleased to receive a full, clean and unqualified independent audit from our external auditors. We are particularly pleased with their opinion given that this was the first-ever audit of USA Cricket’s financial statements and 2019 marked a major transition in the organization’s evolution.”
“As can be seen in the financial statements, two-thirds of the total $4.2m expended in 2019 was directed towards our Men’s National Team programs. The primary focus of that investment was to achieve ODI status in the first half of the year, whilst the second half of the year saw full-time professional contracts being awarded to the national playing squad, as well as enhanced coaching support, programs and resources.”
Chief Executive, Iain Higgins, explained that the finalization of the USA Cricket Foundational Plan, coupled with the implementation of a revised committee structure, now provides a solid framework to strategically determine where future investment is directed.
“The substantial investment in our Men’s National Team in 2019 helped to achieve ODI status and generate the increased playing commitments that come with that. However, our Foundational Plan outlines key strategic focus areas, to which we have committed to apply significant resources over the coming years”, Higgins commented.
“In particular, we are committed to a more balanced allocation of resources towards activities that support the long-term development of the sport in the USA, particularly on programs centered on youth, women and girls. The impact of COVID-19 notwithstanding, we are confident that this approach will produce a more balanced profile of expenditure by USA Cricket in future years.”
Addressing the impact of COVID-19 on the financial position of USA Cricket during 2020, Higgins said: “Whilst we were fortunate that our two major revenue streams were secured heading into 2020, the Board has ensured that we continue to operate in a fiscally responsible manner while the full impact of the pandemic on the global cricket economy is being determined. As a result of our reduced activities in 2020, we anticipate a significant reduction in overall expenditure relative to 2019. Throughout this period, we have been able to build up a strong working capital position which will see us in good stead moving into 2021. As we start to implement our Foundational Plan, we look forward to sharing financial results that represent the long-term growth potential of the sport in the United States.”
The 2019 audited financial statements of USA Cricket can be found here.