5A2. DISCUSSION ITEMS. CFC financial situation in 2021 and beyond

[Lyle Craver]

This is an open discussion - we want to hear from you!

[Vladimir Drkulec]

Paradoxically our financial situation is currently stronger than it was going into the pandemic. Thanks to Paul Leblanc and the other foundation trustees who have done a stellar job managing our finances despite not getting any government covid relief funds we are probably a year or so away from needing to tap foundation funds. In tough times cash flow is the most important factor. Our cash flow is fine. The difficult part will come when we need to send teams to an olympiad. At that point we start burning cash more quickly. Hopefully by then we will be back playing chess in person and rating fees and memberships will recover (eventually) to pre-pandemic levels.