And the good news is that the money will be chanelled back to sports.
It will be given back to the athletes, coaches and National Sports Associations (NSAs) for their contribution and sacrifices in sports and the OCM will also use the fund to play a more active role in the development of sport.
OCM president Tunku Tan Sri Imran Tuanku Ja’afar said yesterday that the setting up of the trust fund was a proud moment for them.
He said that the setting up of the fund marked the culmination of OCM’s hard work, prudent expenditure, thriftiness and wise management of their finances.
“Having been the president for 11 years, I am happy to see all the progress in the OCM. The setting up of the Trust Fund is certainly one of our biggest achievements. Now, we have more income and we can carry out more activities for our members,” he said.
The OCM already have their own building – Wisma OCM – at Jalan Hang Jebat and assets worth a total of RM73.8mil.
Their other sources of income are from the International Olympic Committee (IOC) and from the hosting of regional Games.
Tunku Imran, aware that with big money comes big responsibility, said they had formed a Trust Management Committee to ensure proper management of the fund.
The committee will comprise three OCM office-bearers – the president, deputy president and honorary treasurer – and three trustworthy and high-profile independent panels – Datuk Dr Khaw Lake Tee, Datuk K.T. Tan and Datuk Syed Moheb Syed Kamarulzaman.
Perpetual Trustees Berhad, an associate company of ING Group, is the trust company of the fund.
“The fund is for all OCM affiliates. It is for current and former athletes and coaches. Members can apply for funding from this Trust Fund for a whole range of things – like training, traveling, facilities at club house or stadium, welfare of athletes, seminars and others,” he said.
“The Trust Management Committee will meet once every six months to determine the recipients of the fund. The trustees will not disperse more than 5% of the capital annually.
“The applications should be submitted 60 days before the committee meet.”