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Thread: 5A-2. Delays in CFC Disbursements to Provinces and Foundation

  1. #1
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    Default 5A-2. Delays in CFC Disbursements to Provinces and Foundation

    Paul Leblanc has asked for a discussion on this subject

  2. #2
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    The BCCF receives membership dues from the CFC periodically, as do the other provinces.
    There do not appear to be regular intervals (quarterly, semi-annually or whatever) for these funds to be remitted. This results in reminders and delays in reconciling provincial accounts receivable with CFC accounts payable. I would like to hear from the other provincial associations if they also find this to be a problem. I would also like to propose that the CFC establish a policy to remit provincial membership dues to the provincial associations at least semi-annually (30 April and 30 October).
    Paul Leblanc
    Treasurer, Chess Foundation of Canada
    CFC Rating Auditor
    CFC Governor

  3. #3
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    Quote Originally Posted by Paul Leblanc View Post
    The BCCF receives membership dues from the CFC periodically, as do the other provinces.
    There do not appear to be regular intervals (quarterly, semi-annually or whatever) for these funds to be remitted. This results in reminders and delays in reconciling provincial accounts receivable with CFC accounts payable. I would like to hear from the other provincial associations if they also find this to be a problem. I would also like to propose that the CFC establish a policy to remit provincial membership dues to the provincial associations at least semi-annually (30 April and 30 October).
    This seems reasonable to me though perhaps we could make the dates some time after the year end and quarter end.

  4. #4
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    When I was CFC Treasurer (and when I was BCCF Treasurer) the period was quarterly and was generally fairly regular.

    I don't think the exact period is critical as long as it's reliable.

  5. #5
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    I would be happy with payment within 30 days of the dates I mentioned. The 30 April date is particularly important. being the end of the fiscal year.
    Paul Leblanc
    Treasurer, Chess Foundation of Canada
    CFC Rating Auditor
    CFC Governor

  6. #6
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    When I was provincial treasurer my financials ALWAYS had an 'accounts receivable' showing the April payment which I usually had in had (usually already in the bank) by our provincial AGM which was the May long weekend. Since however the financials were as of 04/30 though it had to be shown as a receivable.

    I offer this not to knock the present system but rather show what used to be taken for granted.

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