THE Olympic Council of Ireland (OCI) has been informed by the Revenue Commissioners that it intends to carry out an audit of its accounts on October 24th next.
The OCI's annual audit of accounts in the 12 month period to March 31st, 1996, showed that the body had received some £1.2 million in Government grants in that period. The council retained £90,000 of that sum for administration costs.
The accounts now show a provision for a possible tax liability of £8,500.
However, the OI treasurer, Mr Brendan Foreman, had "no comment" to make on the tax liability. Speaking to The Irish Times last night, he said that audits of sports organisations by the Revenue Commissioners were "normal" where Government money was involved, and that circulars had been sent to all such organisations "quite a while ago" saying such audits were likely to take place. This was "routine", he said. He said the OCI provided the Department of Education with audited accounts of its spending each year.