The Elephant in the Room

[Bob Armstrong]

We were fortunate to have the financial support of the Chess Foundation over the last year. Their loans have allowed us to continue normal operations while restructuring.

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Hi Bob:

Thanks for sharing this information with us. The CFC had to borrow $ 30,000 last fiscal year to operate, which is still owing. It was expected that this would again be necessary this year of restructuring.

Can CFC advise how much has been borrowed from the Chess Foundation this year so far to be able to operate?

Does the CFC project that any further loan will be required before the fiscal year end April 30, 2009? If so, how much? I assume this will not be necessary, given that CFC now has the proceeds of sale of the office unit.

It would be interesting for members to know. Thanks.

Bob

[Bob Gillanders]

Hi Bob,

A second loan of $ 18,500 was received in November 2008.

Both loans totalling $ 48,500 are being repaid directly from proceeds of sale.

No additional loans will be needed.

[Bob Armstrong]

Hi Bob:

Thx. That's not too bad. I guess the close out sale of books and equipment helped somewhat. Had to be done given the deficit situation inherited from the previous year.

Bob