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Thread: 5P. Report on Donation from Saskatchewan Chess Association (MOTION ENCLOSED!!!)

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    Default 5P. Report on Donation from Saskatchewan Chess Association (MOTION ENCLOSED!!!)

    From Bob Gillanders' Past President's Report

    There is one significant number on the financials which I hope we do not gloss over.
    It is the Donations revenue of $ 5,506.50.
    But, as I understand it, this is not really good news.
    In April, the CFC received a cheque for $ 5,300 from the Saskatchewan Chess Association. They have closed up operations and donated their bank balance to the CFC. Additionally, $ 206.50 that was owing to the SCA was written off to donations.

    This means the CFC has no presence in Saskatchewan, and the local organizers see little hope to revive CFC events there. I think we should pause for a moment, and question whether we should be so quick to accept this donation into general revenues.

    I would like to see this money used to generate chess activity in Saskatchewan. Find somebody in Saskatchewan who could use the money to hopefully regenerate CFC activity there. But first, I would love to hear from our Governor from Saskatchewan. Can he shed any more light on the situation, do I have my facts correct?

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    I questioned the application of this money to our General Funds, as well - but was told by Michael (from Gerry) that this was the desire.

    You're right, Bob - I think it should be investigated a bit, before it gets completely swallowed by us.

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    Quote Originally Posted by Fred McKim View Post
    I questioned the application of this money to our General Funds, as well - but was told by Michael (from Gerry) that this was the desire.

    You're right, Bob - I think it should be investigated a bit, before it gets completely swallowed by us.
    If nothing else, we could put it into the Foundation rather than simply spending it.
    Christopher Mallon
    FIDE Arbiter

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    I agree with Chris. Put it in the foundation and perhaps it can be donated back at a later date if we are satisfied that it could be put to good use in promoting chess in Saskatchewan
    Les Bunning

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    Les, technically one of the items on the agenda at the Outgoing meeting is a contribution to the Foundation.

    I'd like to move that we contribute $5506.50 to the Foundation for Fiscal 2012-2013. Would you (or anyone else) like to second that?
    Christopher Mallon
    FIDE Arbiter

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    I second the motion. Better to preserve the capital in the Foundation than let it get lost in general revenue and expenses.
    Paul Leblanc
    Treasurer, Chess Foundation of Canada
    CFC Voting Member

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    Quote Originally Posted by Les Bunning View Post
    I agree with Chris. Put it in the foundation and perhaps it can be donated back at a later date if we are satisfied that it could be put to good use in promoting chess in Saskatchewan
    Les Bunning
    I think the motion should specify that a SK fund be set up the same way the Pugi fund is. If it is donated directly to the foundation then it should remain there in perpetuity for investments.

    If we do this then either the financial statements need to be modified or the donation shows against the 2013/14 budget.

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    Quote Originally Posted by Fred McKim View Post
    I think the motion should specify that a SK fund be set up the same way the Pugi fund is. If it is donated directly to the foundation then it should remain there in perpetuity for investments.

    If we do this then either the financial statements need to be modified or the donation shows against the 2013/14 budget.
    I can't recall the foundation spending any of it's principle since I've become a Governor in 1978. Is it actually allowed to ? Paul, Les ?

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    The CFC Executive needs to task someone to contact current and former CFC members in SK and try to get organized chess going again. If they need help we should offer it to them.

    There are a lot of experienced TDs and organizers in both Alberta and Manitoba that may be able to help with a weekend tournament if that is what is needed.

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    There has never been an expenditure of capital with the exception of the funds "held in trust" for the CFC as a result of the sale of the CFC building several years ago. As most of you know some of that capital was spent upgrading the CFC website.
    The Pugi Fund is held in perpetuity (barring a catastrophic collapse of the CFC).
    The "Saskatchewan Fund" could be given a status similar to the CFC building funds. I don't have a strong feeling either way but would want to know who will have the authority to draw funds from it. There may also be circumstances when a bit of notice is required to sell investments to access the cash.
    Paul Leblanc
    Treasurer, Chess Foundation of Canada
    CFC Voting Member

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