Bill to make COPUR finances transparent becomes law
By The Star Staff
Rep. Eladio “Layito” Cardona Quiles announced on Tuesday the signing by Gov. Pedro Pierluisi Urrutia of House Bill 1203, which will require the Puerto Rico Olympic Committee (COPUR by its Spanish acronym), its affiliated federations and organizations under their jurisdiction to publish its audited financial statements, as well as its tax returns, on an annual basis.
The measure was filed back in February by Cardona Quiles, who chairs the House Recreation and Sports Committee, in order to ensure transparency and the correct use of public funds directed to sports in Puerto Rico.
“I am satisfied with the work done by the Legislative Assembly and the governor’s signing of this bill that is meritorious for the country,” the District 16 representative said. “We want to guarantee that the accounts are clear and we look for all the economic alternatives to strengthen COPUR.”
“In addition to ensuring a process of transparency, what we seek with this bill is to get more than the $8 million allocated to the Olympic Committee and that we can justify these additional contributions,” Cardona Quiles added. “In the Legislative Assembly we will be fighting to find the funds needed for the development of Puerto Rican sports and to ensure the well being of our athletes.”
The statute provides that COPUR, as well as those sports federations and organizations that receive public funds in amounts equal to or greater than $1,000,000, must present their audited financial statements and their tax returns on the COPUR website.
The forms must be published before June 30 of the year following the corresponding year. The audited financial statements must be completed and published before Sept. 30 of the year following completion.
COPUR-affiliated federations and sports organizations receiving public funding that does not exceed $1,000,000, instead of the audited financial statement, must submit a “Statement of Financial Position.” It will not be a requirement that the statement is accompanied by an audit report prepared by a certified public accountant.