CAIRO, Jan. 17 (Xinhua) -- The Confederation of African Football(CAF) is set to announce a healthy balance sheet to its membership, with cash assets of over 24 million US dollars and an annual income of 12.3 million dollars, the BBC reported Tuesday at its website.

CAF's financial report, released ahead of its ongoing congress in Cairo, stated it earned 5.5 million dollars from its annual competitions last year and received just under 4.6 million dollars from FIFA.

A total annual income of 12.3 million dollars is a record for the organization, which had a surplus of almost 8.9 million dollars last year.

However, CAF finance committee chairman Suketu Patel warned that the wise investment of the organization's resources was vital to the future of the game on the continent.

"CAF will not be able to sustain current levels of investment in development programs if we cannot make African football attractive enough to allow more resources to flow into our confederation," he said.

Meetings and travel accounted for just under half of its expenses, while 1.55 million dollars was spent on development programs.

CAF continues to earn the majority of its money from the sale of television and marketing rights of the African Nations Cup and African Champions League.

French company Sport Five pays five million dollars annually for Champions League rights and 5.5 million dollars every two years for the African Nations Cup. Its current contract runs until 2008.

FIFA's annual grant, instituted since Sepp Blatter became president, has come close to doubling the organization's revenue and allowed the traditionally frugal CAF to spend money on bigger projects in recent years.