The IBSF received more than $17 million from the IOC for its contribution towards the Pyeongchang 2018 Winter Olympics ©Getty Images

The International Bobsleigh and Skeleton Federation (IBSF) plans to earmark nearly 20 per cent of projected receipts during its 2020-2021 financial year for coronavirus-related expenses.

The governing body's budget plan for the current financial year includes a sum of €650,000 (£585,000/$740,000) labelled "COVID-19".

This is out of total expenses of €7.89 million (£7.1 million/$9 million).

The estimate amounts to one of the first concrete assessments by an International Federation of the year-one financial impact of the pandemic that has had such a deep impact on global affairs since its emergence early this year.

Budgeted IBSF receipts for 2020-2021 amount to only €3.48 million (£3.1 million/$4 million), leaving a projected deficit of some €4.4 million (£4 million/$5 million).

The federation received a contribution of well over €15 million (£13.5 million/$17 million) from the International Olympic Committee (IOC) during the year to end-March 2019, however.

This payment, equivalent to not far off €4 million (£3.6 million/$4.6 million) per year of the Olympic quadrennium, was in recognition of the sport's contribution to Pyeongchang 2018, and renders the budgeted 2020-2021 deficit more affordable than it might appear at first glance.

The figures are in papers circulated ahead of the IBSF Congress, to be held virtually, on October 17.

The IBSF had to move its 2021 World Championships from Lake Placid in the United States to Altenberg in Germany due to the COVID-19 pandemic ©Getty Images
The IBSF had to move its 2021 World Championships from Lake Placid in the United States to Altenberg in Germany due to the COVID-19 pandemic ©Getty Images

The meeting was originally due to have been held in June, first in Shanghai then Antwerp, but was pushed back because of the COVID-19 pandemic.

Details of the planned budget suggest that the IBSF is planning to slash committee expenses from just over €55,000 (£50,000/$63,000) a year earlier to only €23,000 (£21,000/$26,000) in 2020-2021.

Executive Committee expenses were also expected to drop somewhat, from €230,585 (£207,500/$263,000) to €175,000 (£157,500/$200,000).

Congress expenses were budgeted at just €25,000 (£22,500/$28,500) - a substantial saving from the actual figure of €106,850 (£96,000/$122,000) the previous year.

A tripling in insurance costs is budgeted, however, from €23,000 (£21,000/$26,000) to €75,000 (£67,500/$85,500).

The development programme budget looks set to fall by half from almost €640,000 (£575,000/$730,000) to €300,000 (£270,000/$340,000).

The circulated papers also include audited accounts for the year to March 31, 2020.

These put assets at this date at less than €10 million (£9 million/$11.4 million).

The net loss for the year was just under €5.2 million (£4.7 million/$5.9 million).