In October 2013 the current FRU board welcomed an IRB audit which was delayed twice by previous management.
This was agreed to give the FRU board an objective view of the state of affairs at FRU.
The IRB audit letter and report was received by IRB in December 2013.
The IRB audit report highlighted financial, administration and governance issues that this current board is working hard to complete before reengaging with IRB.
To date we have completed the FRU constitution review, put in place both finance and human resources procedures and policies in line with current accepted standards of practice as recommended in the IRB report.
Please note that all these issues were inherited by this current FRU board and the board expects to clear up all these issues by end of May 2014.
The FRU acknowledges IRB's funding towards FRU in previous years. However it is important to note that funding from IRB to FRU is also taken out from the IRB Grant allocated for Fiji's Rugby World Cup 2015.
To date FRU has utilised 200,000 ($F625,717) of the 250,000 pounds ($F782,146) leaving a balance of only 50,000 pounds ($F156,429) towards the Rugby World Cup 2015 preparations.
The FRU board will only ask for the further funding from IRB only if absolutely necessary or not at all and reserve this funding for our world cup preparations.
To alleviate the financial crisis the FRU board is currently working on fundraising activities, approaching several sponsors and the Fiji Government through the Fiji Sports Commission to assist FRU.
The FRU board is also currently working on a long-term solution towards financial sustainability of the institution.
The FRU sponsors will be expected to be announced next week.
The FRU board aims to make FRU a financial stable and sustainable institution with accepted standards of practice (finance, human resources, governance and administration) with minimal dependency on grants.