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.
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.
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
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
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