Revealed: Cork GAA stumbles across €176,000 in seven separate bank accounts

The existence of the accounts and the manner in which they came to light is the subject of an internal probe involving the Board’s executive and its independent Audit and Risk committee

TWO blocks of long-standing Cork GAA bank accounts, totalling seven in all and containing €176,000, have been discovered in a trawl of old accounts by the County Board executive, the Irish Examiner can reveal.

The existence of the accounts and the manner in which they came to light is the subject of an internal probe involving the Board’s executive and its independent Audit and Risk committee. The Board’s auditors have also been notified and Croke Park has been kept informed of recent developments.

Both are long-standing accounts used for two distinct purposes - the Bord na nÓg Helmet and Hurley Scheme and the Cork Senior Football and Hurling holiday funds. Though the latter has been largely untouched for a number of years, the hurling equipment account has been operating on a regular and ongoing basis for over twenty years.

The Board confirmed Friday in response to questions from this newspaper that the accounts total seven different bank statements - including one closed account – which were reviewed by the Audit and Risk Committee and which have a total credit balance of €176,000. 

€89,000 relates to the Helmet and Hurley Subsidy scheme and €87,000 to the team holiday fund.

There is no indication at this stage of any misappropriation or misuse of the funds in the account, only surprise and embarrassment that they’ve only come to light now, and in such an unusual way.

The Board’s executive has been briefed, with some expressing their astonishment at the existence of the seven accounts in question. Members of the high-powered ‘One Cork’ body, established to put Cork GAA on an upwardly financial trajectory, have also expressed disquiet at the revelations, which were relayed this week. 

Current members of the executive have spoken independently to their predecessors to establish more details regarding when the blocks of accounts were set up and in relation to activity on the various accounts.

The oversight is being put down to “collective carelessness,” as one source described it.

In a statement, issued in response to a number of questions from this newspaper, Cork GAA stated that the accounts did not form part of their annual financial statements as they were 'ring fenced' for a specific purpose and not part of Cork County Board activities.

The statement added: “Going forward, these bank accounts will be incorporated in the Financial Statement and be accounted for separately. They will have no impact on the balance sheet of the County Board financial statements, as there will be corresponding accruals included in the balance sheet for future liabilities.” It added: “Based on custom and practice these bank accounts were deemed to be independent of Cork County Board, but were appropriately administered for the purposes intended, by the individuals responsible.” 

Cork GAA has admitted that it would have been better to ring-fence the money by having specific sub-accounts within Cork County Board’s financial statements. “In that way, greater transparency would have been achieved. It is recommended that these bank accounts be properly ring-fenced and with immediate effect be included within the Cork County Board financial statements.

“Based on the A&R committee’s work to date, it is confident of the efficacy of the treatment of the funds and that all funds have been accounted for correctly and have been properly applied. Further governance recommendations may follow in the full report of the A&R committee.” Croke Park provided an initial annual subsidy of around €45,000 to Cork GAA for the scheme, but the funding has now ceased due to the financial challenges arising from Covid-19.

“The current treasurer has advised that the latest payments from Croke Park were retained in a Cork County Board bank account.” 

Asked whether they were satisfied there are no other bank accounts, dormant or active, with undeclared monies in the name of Cork GAA or any of its constituent parts/committees, Cork GAA stated: “Yes, we are at this point.”