Under the leadership of Dr. Sivanthi ADITYAN, Chairman of the FIVB Finance Commission, all the Commission Members met on 31 January 2005 in Lausanne, ready and well prepared. They examined the 2004 accounts, which they unanimously approved, congratulating the FIVB for its total transparency and professionalism.

Indeed all the details and in particular all new TV and Marketing agreements signed in 2004 and negotiated by Dr. Rubén ACOSTA, FIVB President, were given to the Members on the occasion.

KPMG, external auditors, have also assessed the accounting principles used, the significant estimates made and they recommended that the financial statements submitted be approved also by the Board of Administration.

As in the past the Finance Commission ratified and congratulated FIVB for having allocated the IOC's contribution from the TV revenues of the 2004 Olympic Games in Athens to cover sports expenditures of the World League, World Grand Prix and Beach Volleyball World Tour.

Once more the financial success of the FIVB is based on our financial policy adopted in 1990 by the Board of Administration which consists in having recourse to the motivation and competence of its own members in the search for funds by rewarding them with a 10% commission on the amount of the contracts that they negotiate and bring to the FIVB, rather than relying on agencies which demand, for their work, brokerage fees of about 25% to 40% on the amount of the contracts signed, without any guarantee of success.

In the 20 years since Dr. Rubén ACOSTA was first elected President, the FIVB has spent more than CHF 400 million on sports activities, and has now become on the world's top International Federations, with 35 million registered players and 218 National Federations.