Discussion Item 5A2 CFC financial situation in 2023 and beyond

[Lyle Craver]

We've all been through one of the toughest two year periods in our lives.

Where to now for the CFC as we've had a strong recovery in the past year

[Vladimir Drkulec]

584

Here are the CFC financial statements for the fiscal year ending April 30th, 2023. As you can see we have allocated $20,000 from this past year's surplus for next year's Olympiad team.

We will also likely reinvest the monies from the foundation back into the foundation as there is no point in having a slightly larger bank account that doesn't pay any interest.

Fred McKim will likely have time to talk about this in greater depth tomorrow.

We did open a second bank account largely because of the inflexibility we were experiencing from our current bank when it came to international transfers. Bob Gillanders would have to travel to Windsor to do those transfers and often there were difficulties. I had enough when we had to do two youth tournament transfers and one of them would not go through. We went across the street to Bob's bank and he was able to complete the transfer. This is not the way to do things but was the way that things were being done out of necessity. There have been no glitches with the new bank.

Net income is $15,496 for the last fiscal year.

[Aris Marghetis]

I STRONGLY support ANY financial measures that make life less challenging for you, and even more so, Bob!