5b. Treasurers Report

[Michael Barron]

Thanks for the question, Michael.
Some of the difficulty in preparing the reports (and understanding them) is that the transactions span over two fiscal periods. The first report, Financial report on 2011 CYCC / WYCC captures ALL the financial transactions related to the 2011 cycle before and after April 30, 2011. In order to balance to the accumulated surplus balance at April 30, 2011, we need to make an adjustment. The CYCC qualifier tournaments brought in a total net proceeds of $1,900.76. (Net proceeds = Qualifier fees + donations - costs of Qualifier packages). ($1,025.76 before April 30, 2011, $875.00 after April 30, 2011)

I hope that answers your question.

Thank you, Bob, for your response!

Unfortunately, it doesn't answer my question...

My understanding is that numbers in brackets are negative - like ($1,025.76), while without brackets are positive - like $1,900.76.

So, what is the Financial result of CYCC qualification system that we introduced last year - is it a profit or a loss?
And it's important to know - how we came to the final number?
That's why detailed tournament by tournament report is necessary.

I would think, this information should be reported to the Assembly of Governors to allow it to make informed decision on the feasibility of the whole program.

Thank you for your consideration!

[Michael Barron]

Not acceptable. Disagreements over policy, criticism, and intelligent debate are all fair game. When any member of our chess community resorts to personal attacks on the integrity, character, and honesty of CFC officials, organizers, volunteers, to try and embarrass or belittle someone to try and win an argument, that is unacceptable. It hurts us all.

Michael, you and I have had our differences over policy, but I always found your heart was in the right place, and you always championed a position you felt was best for the chess community.

What to do about "bad behaviour"? I wish I had the answer.

Bob, I don't have all the answers neither, but I have a suggestion:
We need clearly let people know:
"bad behaviour" won't be tolerated!

As a very least we shouldn't spend even a penny for such people with "bad behaviour", let alone to send them abroad to represent our Federation...

[Bob Gillanders]

As a very least we shouldn't spend even a penny for such people with "bad behaviour", let alone to send them abroad to represent our Federation...

Yes, I agree.

[Bob Gillanders]

Unfortunately, it doesn't answer my question...

My understanding is that numbers in brackets are negative - like ($1,025.76), while without brackets are positive - like $1,900.76.

So, what is the Financial result of CYCC qualification system that we introduced last year - is it a profit or a loss?

Michael, to repeat,
The CYCC qualifier tournaments brought in a total net proceeds of $1,900.76. (Net proceeds = Qualifier fees + donations - costs of Qualifier packages). ($1,025.76 before April 30, 2011, $875.00 after April 30, 2011)

The bracketed number ($1,025.76) is not a "negative", it merely indicates that this amount is included in the accumulated surplus above. An alternative way to write the report would be:

Accumulated surplus as of April 30, 2011 from previous cycles $ 6,750.57
Net deficit for 2011 CYCC/WYCC cycle ($ 1,431.50)
etc
etc
etc

If this is still unclear, phone me.

[Michael Barron]

Michael, to repeat,
The CYCC qualifier tournaments brought in a total net proceeds of $1,900.76. (Net proceeds = Qualifier fees + donations - costs of Qualifier packages). ($1,025.76 before April 30, 2011, $875.00 after April 30, 2011)

The bracketed number ($1,025.76) is not a "negative", it merely indicates that this amount is included in the accumulated surplus above. An alternative way to write the report would be:

Accumulated surplus as of April 30, 2011 from previous cycles $ 6,750.57
Net deficit for 2011 CYCC/WYCC cycle ($ 1,431.50)
etc
etc
etc

If this is still unclear, phone me.

Thank you, Bob, for explanation!

It is clear now.

Still, I would think, we need more transparency in financial issues.
Last term Executive were very open in decision-making process.
Youth Committee was very active and discussed such issues as how Youth fund should be spent.
This term, however, many important decisions seems to be made behind closed doors...

Even this financial report is presented almost a year after the fact, and as you admitted, after such period of time it was difficult to collect and understand the information.

CYCC qualification system is new, and the Governors need to monitor how it works.
For this purpose we need to see tournament by tournament report from last year.
By the way, could you please inform Governors how CYCC qualification system affects our finances this year?

[Ellen Nadeau]

I too was disappointed that after a spectacular financial and organizational success of the 2011 CYCC that more dollars were spent than brought in.
I also note that after a very active (some would say too much) youth committee of last year we fell to silence of the Youth committee this year.