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Thread: 2011 CYCC Surplus - Resolution

  1. #11
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    Question Meaning?

    Quote Originally Posted by Victor Plotkin View Post
    I think organizing commettee made just "wording mistake" using word surplus. They could call 18.200 CAD "expenses" and use this money for example as
    1. Donation to developing sport in Nicaragua.
    2. Salary to members of organizing commettee.
    3. Prize money for 1-3 places.

    3 option looks much better to me.

    Proposal for money distribution was VERY logical and included 2 important points.

    1. More players in the section - bigger prize fund for 1-3 places.
    2. Player who doesn't want to go to WYCC (for whatever reason) still can win some money. Right now we have the situation: if strong player has no intention to go to WYCC (or other international tournaments) he or she has no reason to play in CYCC. Providing some cash prizes could attract this player to participate in CYCC and increase the importance and strengh of the national championship.
    Does this mean we are going to promote junior chess in Canada from now on by offering money prizes at CYCC? This is a very dangerous and slippery slope...

  2. #12
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    Default

    Quote Originally Posted by Valer Eugen Demian View Post
    Does this mean we are going to promote junior chess in Canada from now on by offering money prizes at CYCC? This is a very dangerous and slippery slope...
    It just means that the organizers did a very good job and attracted more participants then planned. The bid projected in the best case 200 players, but with more concerns that there could be much less players.
    .*-1

  3. #13
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    Exclamation Alternative

    Quote Originally Posted by Egidijus Zeromskis View Post
    It just means that the organizers did a very good job and attracted more participants then planned. The bid projected in the best case 200 players, but with more concerns that there could be much less players.
    A good planner saves money (a percentage) for tougher times; not sure why we need to be generous and spend it all to the last cent right off the bat. I thought this was implied in my original question...

    Just to post another option for the "surplus" and still be very helpful to all selected:
    4. Gather a fund to atract proper coaching for the national team going to WYCC.

    Honestly the above should be more important than sending/ accepting siblings to WYCC, but it could be just me thinking out loud.

  4. #14
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    Default

    Quote Originally Posted by Christopher Mallon View Post
    Allowing even 0.1% of the money to be paid out as cash prizes seems to contradict the bid document, and sets a really horrible precedent in my opinion.
    As a member of the Executive we had to take a action that in consideration of the events that had already happened, everybody would be able to live with at the end of the day.

    I think it will be safe to say there will be no cash prizes at the 2012 CYCC or for a long time to come.

    Having said that, I think there is something to be said for the organizers to be able to negotiate fwith the CFC for some of any excess over the balanced budget.

  5. #15
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    In some years the CYCC generates a profit but in other years it does not and the CFC is asked to subsidise the event. I believe it would be more prudent for part of a surplus to be retained in a special fund for use in future years when the event is not so successful.
    Les Bunning

  6. #16
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    Default CYCC financial report

    Quote Originally Posted by Les Bunning View Post
    In some years the CYCC generates a profit but in other years it does not and the CFC is asked to subsidise the event. I believe it would be more prudent for part of a surplus to be retained in a special fund for use in future years when the event is not so successful.
    Les Bunning
    Les,

    Could you please be more specific?

    The known facts are following:
    2007 - the CYCC generates a profit and part of a surplus was retained by the CFC in a special fund for use in future years when the event is not so successful;
    2008 - the CFC was asked to subsidise the event, but responded that it has no money; no report provided where the retained money from the previous year was gone;
    2009 - the CYCC generates a profit;
    2010 - the CYCC generates a profit;
    2011 - the CYCC generates a profit.

    Could you please explain these facts?
    Thanks,
    Michael Barron

  7. #17
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    Quote Originally Posted by Michael Barron View Post
    Les,

    Could you please be more specific?

    The known facts are following:
    2007 - the CYCC generates a profit and part of a surplus was retained by the CFC in a special fund for use in future years when the event is not so successful;
    2008 - the CFC was asked to subsidise the event, but responded that it has no money; no report provided where the retained money from the previous year was gone;
    2009 - the CYCC generates a profit;
    2010 - the CYCC generates a profit;
    2011 - the CYCC generates a profit.

    Could you please explain these facts?
    What was the result in 2008 - a profit or loss for the CYCC?
    (just to be consistent with the other years in that list)

  8. #18
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    Quote Originally Posted by Kerry Liles View Post
    What was the result in 2008 - a profit or loss for the CYCC?
    (just to be consistent with the other years in that list)
    An assumption - it was a loss.
    From minutes:
    This year, the CYCC will have a shortfall in earnings required to pay for the trips to Viet Nam, but there was enough remaining from the previous CYCC to cover this shortfall.
    http://chess.ca/sites/default/files/08-09gl1.pdf
    .*-1

  9. #19
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    Quote Originally Posted by Kerry Liles View Post
    What was the result in 2008 - a profit or loss for the CYCC?
    (just to be consistent with the other years in that list)
    Kerry,

    To be clear: CYCC always generates a profit. This profit is called "WYCC fund" and usually sent to the CFC to fund Canadians' trip to WYCC.
    What is not clear: How the CFC actually spend these funds?

    Bob Gillanders explained at the AGM, that now it's practically impossible to understand how $54,000 generated by 2007 CYCC were spent.
    But he promised to present financial report how were spent $20,000 generated by 2010 CYCC.
    Now we all awaiting for his report...
    Thanks,
    Michael Barron

  10. #20
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    Quote Originally Posted by Michael Barron View Post
    Kerry,

    To be clear: CYCC always generates a profit. This profit is called "WYCC fund" and usually sent to the CFC to fund Canadians' trip to WYCC.
    What is not clear: How the CFC actually spend these funds?

    Bob Gillanders explained at the AGM, that now it's practically impossible to understand how $54,000 generated by 2007 CYCC were spent.
    But he promised to present financial report how were spent $20,000 generated by 2010 CYCC.
    Now we all awaiting for his report...
    Thanks Michael. I hope I was not the only one who did not realize the CYCC always generates a profit! Of course, the questions about where that goes are important and I guess we will see soon from the report.

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