4.L. Treasurer's Report

We had a healthy increase in membership and rating fee revenue this year. Some of that "surplus" money has gone towards the Olympic team and having a healthy start on the 2020 Olympic Fund campaign.

One of the projects I intend to work towards in the next fiscal year is our social media presence / CFC Newsletter. At one time we were spending as much as $18K on this.

GoMembership will be discussed separately, but Bob could use a couple of volunteers to help with this as the "model" tends to have a lot to do with Chess Clubs.

We have the financial resources to invest in a new website, but want to assess what we will need going forward once we have GoMembership up and running.

I have posted the complete Financial Statements at 4M., but any questions you have can be sent here.


Fred


Fred's "Coles Notes" CFC Financials

Revenue
======
Net CFC Memberships .............................................. $52,100
Net CFC Rating Fees ................................................ $37,700
Chess Foundation Donation ....................................... $10,300
CMA (Chess Equipment & Books Agreement) ............... $ 5,000

Total Net Revenue........................................... ...... $ 105,100


Expenses
======
Office / Admin .................................................. .... $52,200
CFC Olympic Program ............................................ $21,400
International Expenses .......................................... $12,300
CFC Newsletter / Social Media ................................. $ 4,200

Total Net Expenses .............................................. $ 90,100

SURPLUS .................................................. ......... $ 15,000

I have heard rumours of the great generosity of the FIDE president towards National Federations. According to a possibly unreliable sources, the CFC has been granted 60 000 euros by FIDE. This looks to good to be true and I cannot see that money in the financials either as received or as account receivable. Before telling the source to stop spreading fake news, I would like confirmation that this is an hoax.

Why are we getting a commission from DGT ? How did we earn it ? Can we expect it to be recurrent ?

Quote:

---

Originally Posted by Pierre Dénommée

Why are we getting a commission from DGT ? How did we earn it ? Can we expect it to be recurrent ?

---

It was not really a commission. There was a safety margin built in to the DGT order because of uncertainties about shipping and currency exchange. Larry Bevand realized that there was money over and beyond the arrangement we agreed to and refunded that amount to the CFC.

Quote:

---

Originally Posted by Pierre Dénommée

I have heard rumours of the great generosity of the FIDE president towards National Federations. According to a possibly unreliable sources, the CFC has been granted 60 000 euros by FIDE. This looks to good to be true and I cannot see that money in the financials either as received or as account receivable. Before telling the source to stop spreading fake news, I would like confirmation that this is an hoax.

---

I don't know anything about this. There is a new program where countries can receive development grants. We have not applied so far.

Quote:

---

Originally Posted by Vladimir Drkulec

It was not really a commission. There was a safety margin built in to the DGT order because of uncertainties about shipping and currency exchange. Larry Bevand realized that there was money over and beyond the arrangement we agreed to and refunded that amount to the CFC.

---

This money was applied against the Olympic expenses, and thus doesn't show in my summary above.

Quote:

---

Originally Posted by Pierre Dénommée

I have heard rumours of the great generosity of the FIDE president towards National Federations. According to a possibly unreliable sources, the CFC has been granted 60 000 euros by FIDE. This looks to good to be true and I cannot see that money in the financials either as received or as account receivable. Before telling the source to stop spreading fake news, I would like confirmation that this is an hoax.

---

I don't think the amounts discussed have ever risen to 60,000 euros. There have been discussions around possible pilot programs which would involve sponsorship from FIDE. I believe in the long term the intention is to reverse the flow of funds from the federations to FIDE and make it from FIDE to the federations. So far, these pilot programs have gone to places where poverty is the norm which is only right. Canada should not be ahead of Haiti in line for such programs. The programs have requirements and deliverables as well so it is not handing over bags of money without any requirements on the federations.

Such arrangements are possibly in our not too distant future.

Quote:

---

Originally Posted by Vladimir Drkulec

Canada should not be ahead of Haiti in line for such programs.

---

I do not think that you are aware of the situation in Haiti. They have only 2 LTD for the entire country. I give them the lecture and the examination over Internet in 2019. Prior to that, they did not have any arbiter. The lecture have been delayed because of demonstrations/riots/Civil unrest in Haiti.

I was using Haiti as an example of a country that would get development funds before Canada would. You are right that I do not know the situation in Haiti.

If we did get 60,000 Euros or $87,782.81 CAD from FIDE or some other source with the understanding that we should use it to advance chess in Canada, how would you spend it? Suppose you would get a similar amount every year from now into eternity. What projects should be undertaken? Suppose that you had to provide a report to FIDE or the donor at the end of the year showing forward progress (more children and adults playing chess, more titled players - FMs, WFMs, IMs, WIMs, GMs, WGMs, more FIDE games played). How would more money help us move the ball forward as far as chess in Canada and Canadian Chess in the World is concerned?

How would your answer change if the amount was 30,000 Euros or 100,000 Euros?