Page 2 of 3 FirstFirst 123 LastLast
Results 11 to 20 of 27

Thread: 10. New Business

  1. #11
    Join Date
    Aug 2008
    Posts
    1,473

    Default

    Quote Originally Posted by Bob Gillanders View Post
    Excuse me,.....you can not just arbitrarily increase the funds flowing from the Pugi fund.
    It is a separate fund within the Foundation, and we are obligated to honour the wishes of the donor, Kalev Pugi.
    As I understand it (maybe I am wrong), but the instructions to the trustees are that the earnings only ($820) are to be distributed annually to deserving youngsters, but that the principal portion be held in perpetuity.

    I am not saying it isn't a good idea, just that we need to comply with the rules. May we hear from a Pugi fund trustee please.
    As I understand from the first post: "when we have a particularly successful year as we did with the Ottawa CYCC and which we will have with Montreal's CYCC this year that maybe we should bump up the awards under this program. " the fund will be increased by transferring a portion of CYCC "earnings" to the fund. However, IIRC, the CYCC profit must go to the next year WYCC fund.
    .*-1

  2. #12
    Join Date
    Jan 2009
    Location
    Tecumseh, ON
    Posts
    2,066
    Blog Entries
    1

    Default

    Quote Originally Posted by Bob Gillanders View Post
    Excuse me,.....you can not just arbitrarily increase the funds flowing from the Pugi fund.
    We are not arbitrarily increasing the funds flowing from the Pugi fund. We are taking funds out of the youth fund and asking the trustees of the Pugi fund to award these funds to worthy youth projects according to the criteria that they follow when making awards from the Pugi fund.

    It is a separate fund within the Foundation, and we are obligated to honour the wishes of the donor, Kalev Pugi.
    We fully intend to follow his wishes. The Kalev Pugi fund will not be adversely affected by this if the governors approve it.

    As I understand it (maybe I am wrong), but the instructions to the trustees are that the earnings only ($820) are to be distributed annually to deserving youngsters, but that the principal portion be held in perpetuity.
    My argument for running this $1000 through the Pugi committee is that they are already set up for this and familiar with potential applications. We had a record influx of funds to the youth fund from the extra players at WYCC 2013 and I expect that we will have a record amount of income into this fund from YCC's over the last year leading up to CYCC. Previously the CFC did not really make any significant money on the YCC's. Putting the money in a checking account at zero percent interest when we can help kids attend tournaments at a key moment in their development seems to me to be a better investment of the funds.

    If we can't do something extra for the kids when we are relatively healthy when will we do it?

    I am not saying it isn't a good idea, just that we need to comply with the rules. May we hear from a Pugi fund trustee please.
    If I am not mistaken, I believe that we already have heard from one of them who is the author of this motion.

  3. #13
    Join Date
    Aug 2008
    Posts
    1,312

    Default

    Quote Originally Posted by Vladimir Drkulec View Post
    We are not arbitrarily increasing the funds flowing from the Pugi fund. We are taking funds out of the youth fund and asking the trustees of the Pugi fund to award these funds to worthy youth projects according to the criteria that they follow when making awards from the Pugi fund.
    Oh...okay, thanks for clarifying that....thumbs up!

  4. #14
    Join Date
    Sep 2008
    Location
    Charlottetown, PE
    Posts
    1,928
    Blog Entries
    11

    Default

    I think the intent was to supplement the regular Pugi grant(s) with money from the CYCC account to total $1600.

  5. #15
    Join Date
    Aug 2008
    Location
    Port Moody, BC
    Posts
    591
    Blog Entries
    3

    Default

    Yes, the intent was to supplement what was available or $820. This is not much to work with and it is hard to divide it and make a difference indeed!
    Valer Eugen Demian
    FIDE CM & Instructor, ICCF IM
    https://itunes.apple.com/us/app/ches...593013634?mt=8

  6. #16
    Join Date
    Aug 2008
    Location
    Port Moody, BC
    Posts
    591
    Blog Entries
    3

    Default

    On a related topic, I would like to propose for discussion how we manage the Kalev Pugi fund. This fund has not been very publicized or known by the general public in the past, so I would like to see a few improvements to make it more transparent:
    - Money available each year should be published on the website as soon as they are known
    - The applications received should be public as well
    - Once the funds are awarded, this should also be public knowledge
    - Anything else we have not covered yet

    Patrick McDonald, Lyle Craver and myself (in charge with this fund beginning last year) have already had preliminary discussions about this move toward transparency. What we would like to know is how the executive and governors see this intention and get some feedback of any sort. This might lead to a motion at the next meeting and a positive development into managing this fund better. Looking forward to your reactions!
    Valer Eugen Demian
    FIDE CM & Instructor, ICCF IM
    https://itunes.apple.com/us/app/ches...593013634?mt=8

  7. #17
    Join Date
    Aug 2008
    Posts
    1,312

    Default

    Quote Originally Posted by Valer Eugen Demian View Post
    On a related topic, I would like to propose for discussion how we manage the Kalev Pugi fund. This fund has not been very publicized or known by the general public in the past, so I would like to see a few improvements to make it more transparent:
    - Money available each year should be published on the website as soon as they are known
    - The applications received should be public as well
    - Once the funds are awarded, this should also be public knowledge
    - Anything else we have not covered yet

    Patrick McDonald, Lyle Craver and myself (in charge with this fund beginning last year) have already had preliminary discussions about this move toward transparency. What we would like to know is how the executive and governors see this intention and get some feedback of any sort. This might lead to a motion at the next meeting and a positive development into managing this fund better. Looking forward to your reactions!
    Valer, I think all of us would appreciate a report from the trustees at these quarterly meetings.
    Thread #6 - Officer & Committee reports would be the right place.
    If you have a report ready,....there no time like the present.

    I'm sure the ED can find a spot on the website for your reports.
    In addition to what you have listed, I would include instructions to parents on how to apply for funds.

  8. #18
    Join Date
    Jan 2009
    Location
    Tecumseh, ON
    Posts
    2,066
    Blog Entries
    1

    Default

    Quote Originally Posted by Valer Eugen Demian View Post
    On a related topic, I would like to propose for discussion how we manage the Kalev Pugi fund. This fund has not been very publicized or known by the general public in the past, so I would like to see a few improvements to make it more transparent:
    - Money available each year should be published on the website as soon as they are known
    - The applications received should be public as well
    - Once the funds are awarded, this should also be public knowledge
    - Anything else we have not covered yet

    Patrick McDonald, Lyle Craver and myself (in charge with this fund beginning last year) have already had preliminary discussions about this move toward transparency. What we would like to know is how the executive and governors see this intention and get some feedback of any sort. This might lead to a motion at the next meeting and a positive development into managing this fund better. Looking forward to your reactions!
    I think those are all good ideas. I am not going to be as verbose as I am posting from a hotel room in the dark on my netbook. Pardon any typos. Should have brought my laptop.

  9. #19
    Join Date
    Aug 2008
    Location
    Victoria BC
    Posts
    617

    Default

    Valer, I support your idea 110%. I also support Vlad's suggestion.
    At the end of each fiscal year I send the CFC office a cheque for the income generated by the Pugi Fund. The trustees consider applications and make their decisions known to the CFC office for the actual payment to successful applicants. In the last couple of years the trustees decided to award the money to the juniors on the Canadian Olympiad Team because otherwise the team was in jeopardy of not being sufficiently funded. There were, I think 3 or 4 juniors on the team each year.
    The CFC office maintains a historical list of successful applicants on the CFC website. However, the details of how applications are solicited and considered definitely need to be better defined and better advertised.
    Paul Leblanc
    Treasurer, Chess Foundation of Canada
    CFC Rating Auditor
    CFC Governor

  10. #20
    Join Date
    Jan 2009
    Location
    Tecumseh, ON
    Posts
    2,066
    Blog Entries
    1

    Default

    Quote Originally Posted by Valer Eugen Demian View Post
    I would like to make a motion for a one time increase of this year's Kalev Pugi fund from $820 to $1,800 for the purpose of better supporting our youth in need.

    Is anyone interested to second it, maybe Michael, Patrick, Lyle, Paul, others? We have around 4-5 applications at this time and any extra money would go a long way in helping those in need.
    Garland has seconded it. I would ask Lyle to add this to the motions to be voted upon during this April meeting. My understanding is that we will transfer an additional $980 from the youth fund to the disbursement to be decided by the Kalev Pugi fund trustees through their usual process of deliberation and making the award on these matters.

Page 2 of 3 FirstFirst 123 LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •