14. CFC Life Membership - Evaluation

[Christopher Mallon]

Life memberships were a bigger problem back when we mailed out magazines to them - so there was an actual cost to the CFC to maintain even an inactive (or dead!) Life Member. Now that the magazine is flat-rate... I don't have as big an issue with Life Memberships.

Definitely the provinces need to be on board though! The CFC is a Federation of its provinces and should be working with them on an issue like this, when it takes so little effort to do so.

[Paul Leblanc]

Fred, you have given me a pretty hard task because it requires a zillion assumptions about age, cost for the life membership, cost for annual membership, inflation, years of chess play before retirement, cost of servicing members, return on investment.
I will be buying a Life Membership next month. As I have just turned 61, it will cost me $360. That is equivalent to 10 years of annual memberships and the Foundation gets the entire $360 up front. Assuming we can continue to get 4% (as we are getting now), that's $14.40 per year forever going to the CFC instead of $36 per year from annual membership renewals from now to when I give up tournament chess.
The Foundation also acts as a kind of life insurance for the CFC as well. Don't forget that it was there to rescue the CFC from bankrupcy in 2008 with a bridge loan.
I think most of the governors are planning bequests to the Foundation in their estate planning, some just haven't gotten around to letting me know!