Cook Islands Sports and National Olympic Committee (CISNOC) executive board has approved the 2023 and 2024 audited financial statements, as well as the treasurer’s report, according to a statement released yesterday by the sporting body.

CISNOC’s secretary general Keziah Lewis in a media release dated May 13, 2025 but sent to Cook Islands News yesterday, said that the reports were approved on April 23 this year and formally accepted by the member federations present at a Special General Meeting (SGM) held on May 1.

According to the Audited Financial Statement of CISNOC for the year ended December 31, 2023, sighted by Cook Islands News, the total cash balance for December 31, 2023, stood at $789,407 and included funds that were committed of $710,584.

CISNOC stated that the committed funds related to monies tied and set aside for specific programmes and events and a number of significant events were taking place in the financial year 2024, including but not limited to the Cook Islands Games and Paris Olympic Games.

“As reported in the last financial year statements; the board has a commitment to recoup reserves that were once held by the organisation. This commitment still stands this financial year,” the report said.

“As reported in last year’s financial statements; a number of assets owned by the organisation are in need to be replaced, due to the high number of significant events that happened in 2023, there was only one asset replaced in 2023 leaving the asset replacement fund with 40,000 rather than the initial 70,000.”

The other committed cash included an IOC scholarship of $1064, operations costing $185,000 and games and events totalling $350,000.

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“Estimated general cash reserve at the end of period 31 December 2023 was $78,823, this is unencumbered cash,” according to the financial statement.

The auditor’s opinion stated that the 2023 financial statement provided a “fair view” of CISNOC’s activities. The review was completed on March 19 of this year.

In the audited financial statements for the year ended December 31, 2024, the total cash balance was $577,974, which included committed funds of $564,661.

Committed funds related to monies tied and set aside for specific programmes and events such as the IOC scholarship of $30,697, asset replacement of $60,000, operation $185,000 and games and events $80,000.

A total of $50,000 was set aside in 2024 for the Pacific Mini Games preparations.

CISNOC stated that a number of significant events were to take place in the financial year 2025, including but not limited to the Pacific Mini Games.

CISNOC also stated that an overspend in IOC scholarship occurred in 2024 as a failure to report by some athlete. They did not confirm what happened with the scholarships then.

The report also stated that a number of assets need to be replaced, and that commitment has been deferred to this financial year.

“The asset replacement has increased for this financial year, as our office data server now needs replacing.”

The estimated general cash reserve at the end of period December 31, 2024, was $13,313 “unencumbered cash”.

The auditor’s opinion on the 2024 financial statement was also fair. The review was completed on March 31 this year.

CISNOC president Luisa Peters thanked all their national federations for their patience and understanding as they worked through the finalisation of the 2023/2024 financials, and for their attendance at the SGM.

“I am pleased to close this chapter and move forward with a renewed focus on a fresh and transparent start for the 2025 financials,” Peters said.

CISNOC treasurer Simone Fe’ao added that it was great to now have these completed.

“We now focus on the opportunities ahead. 2025 marks the start of a new Olympic quadrennial, which brings with it some fresh governance leadership at both the international level and here locally. With that comes renewed vision and strategies,” Fe’ao said.

“I’m looking forward to connecting with the IOC and ONOC in Guam, bringing that vision back home, and exploring how we can leverage available funding to support our members’ plans.”

In the statement, CISNOC said: “The acceptance of these financial statements marks a key milestone in CISNOC’s commitment to transparency and good governance.”

“With a clear financial foundation and a forward-looking leadership approach, CISNOC is set to empower its member federations and strengthen its role in the wider Olympic movement throughout the 2028 quadrennial.”