Please find attached the first Quarter Profit & Loss Statement and Balance Sheet
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Please find attached the first Quarter Profit & Loss Statement and Balance Sheet
Accounts receivable seems to be unusually high
They are somewhat lower today. They probably included rating fees and receivables for CYCC and the Canadian Open which had only recently concluded at the end of July.Quote:
Originally Posted by Paul Leblanc
It would be greater to see numbers ending September 30, even better October 15.
What are memberships stats (a direct income of the CFC)
The thing is, these statements are supposed to be quarterly statements meaning with a year end of 04/30 that means 07/31, 10/31, 1/31 for the quarters.
I fully understand your point and have previously suggested to the Executive that we might want to consider re-jigging our quarterly meeting dates so that the financials are at the 'the ink is barely dry' stage when financials come out since obviously the financial health of the organization is a key VM concern.
Notes are not provided with Quarterly figures. Bob mistakenly put numbers in that would indicate notes were coming.
Vlad has explained the large receivables.
I'm not sure about today but back when I was working for the Canadian Shareowners Association financial results that came out two months after the end of a quarter were not unusual and were in fact the norm. Preparing financial statements takes some effort and I don't think it is feasible to do a statement at the 5.5 month mark.Quote:
Originally Posted by Egidijus Zeromskis
I think this year we will be aiming to break even rather than have a $9,000+ surplus as we had last year. I expect that we will have some significant expenditures related to organizing a Canadian Closed and likely a Canadian Open and all the other tournaments that no one seems to want to organize at the moment.
Hi Paul, is the foundation set up as a charitable foundation? It may assist in encouraging interested people to donate if they knew they had an income tax deduction.
Alas the foundation is simply part of the CFC which is no longer considered a charity.Quote:
Originally Posted by Lloyd Lombard
Vlad is correct. The loss of the CFC's chartitable tax status has taken away a major incentive to donate to the Foundation, however, I should add that very little money ever did come in as donations. The vast majority of revenue always has been from Life Memberships.
Charitable status no doubt encourages donators as they get some benefit from income tax relief and not only the satisfaction of donating to a cause they believe in. In this age of baby-boomers where some of our older players are "well-off", it seems to me that estate planning may include donations, especially those which permit tax deductions. In my view, the chess foundation should be registered as a registered charitable foundation. I'm in the process of drafting something for Nova Scotia. The essence of it is that any monies placed in the foundation is to remain within the foundation with only income being available for distribution (less expenses). This means that any and all donations remain "in the pot" to generate income for future generations. Expenses are paid from the income generated and only the remainder is available for distribution. Perhaps the CFC isn't getting much in terms of donations but it seems to me that if we provide tax relief "and" market the foundation properly, the foundation may be able to generate future donations.Quote:
Originally Posted by Paul Leblanc
It is highly doubtful that the CFC in its present form could become a charitable organization again. If we wanted to remain a charitable organization we probably should have fought to remain so when the CRA revoked our charitable status. My guess is that the people in charge did a calculation of the cost of fighting, compared it to the probable stream of donations and decided to cut a deal with the CRA.
I suspect that we might be able to spin off youth chess as a separate charitable organization though the expense might be considerable and the loss of donations is only in the hundreds of dollars per year range so there is some question of whether the expense and additional requirements would be cost effective.
I think we've already established that the CFC's best chance to issue tax receipts again is to become a registered sports association.Quote:
Originally Posted by Vladimir Drkulec
From the information we received at the time our Charitable status was revoked, we would have to meet the requirements of an educational foundation (probably only for youth), and there were several activities that we currently perform that precluded that.
Thank you, Fred!Quote:
Originally Posted by Fred McKim
Could you please clarify:
What should be done to make it happen?
Do you have any plan - what and when should we do?
I think some others have established that it is a matter of filling out paperwork ... however I haven't seen the forms and there may some things we have to do to get our house in order first. The new constitution was the first one.Quote:
Originally Posted by Michael Barron
Thank you, Fred, for clarification!Quote:
Originally Posted by Fred McKim
Now, after we got a certificate of continuation, we can fill out necessary paperwork to become a registered sports association, right?
Who is doing that?
Could we help in any way?
This sounds like the type of thing we need a committee with two or three people to investigate and proceed. Our biggest question might be what measures do we need to take to establish that we qualify as a recognized sport in Canada.
I'm not sure if there is anybody who has done any work in this ....
It's a 16 page form (where some of the material sought isn't applicable to every application). Paul should be a member of the committee (if this is pursued) because the application requires financial information. I refer you to the Income Tax Guide T4063 - Registering a Charity for Income Tax Purposes. There's also a 9 page form plus a couple of worksheets to file annually.Quote:
Originally Posted by Fred McKim
Fred, would you like to chair such committee?Quote:
Originally Posted by Fred McKim
Michael. I will bring this up with the rest of the Executive after the meeting and we can provide an update via this board.Quote:
Originally Posted by Michael Barron
Thank you, Fred!Quote:
Originally Posted by Fred McKim
Hopefully, we all agree that we need to start moving in this direction... :cool:
How much money did the CFC receive from this years CYCC ?
Les Bunning
At last report we have received $25,000.Quote:
Originally Posted by Les Bunning
With more to come.Quote:
Originally Posted by Vladimir Drkulec
Of course. The last time the CFC had the money shortly after the tournament was probably Windsor in 2010 and maybe Toronto's 2011 CYCC.Quote:
Originally Posted by Fred McKim
I was a little bit surprised, so I inquired about the payment. It seems like our principal sponsor (the provincial government) was supposed to send a cheque in June and for some reasons decided to wait until now... In any case, they sent a letter telling the FQE that the cheque should arrive this week or next week, so the remaining $20 000 or so can be paid to the CFC.
Thanks Felix. With that welcome news we can close the thread and the meeting.Quote:
Originally Posted by Félix Dumont