Chess Foundation - Question for Paul Leblanc

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  • Chess Foundation - Question for Paul Leblanc

    First I want to say that I have total respect for you.

    The CFC foundation, which you are in charge of, has invested a certain amount in stocks. The market has not been kind of late. How is the foundation doing compared to the same time last year


    Larry

  • #2
    Re: Chess Foundation - Question for Paul Leblanc

    Originally posted by Larry Bevand View Post
    First I want to say that I have total respect for you.

    The CFC foundation, which you are in charge of, has invested a certain amount in stocks. The market has not been kind of late. How is the foundation doing compared to the same time last year


    Larry
    The last time I looked at a statement I did not see any stocks. They were all interest bearing debt instruments.

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    • #3
      Re: Chess Foundation - Question for Paul Leblanc

      Being on one of the committees, Paul sends me regular statements of the investments. The last one I received (April 30), was 3% cash, and 97% equities. No "interest bearing debt instruments". The equities consisted mainly of Canadian bank preferreds and ETF's and several blue-chip Canadian common stocks. The regular dividend income should cover any recent paper losses. (of course - it's not a loss until you sell).

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      • #4
        Re: Chess Foundation - Question for Paul Leblanc

        Originally posted by Hugh Brodie View Post
        Being on one of the committees, Paul sends me regular statements of the investments. The last one I received (April 30), was 3% cash, and 97% equities. No "interest bearing debt instruments". The equities consisted mainly of Canadian bank preferreds and ETF's and several blue-chip Canadian common stocks. The regular dividend income should cover any recent paper losses. (of course - it's not a loss until you sell).
        I stand corrected. It seems to me at one point it was more heavily weighted in municipal debt and such but I looked back on the last few statements and I guess the preferred shares is where the funds went after the interest rates tanked.

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        • #5
          Re: Chess Foundation - Question for Paul Leblanc

          Hi guys. I'm holed up on holidays in SW Ontario getting ready for the Canadian Senior Championship. Really looking forward to seeing some of my "old" chess friends from Ontario.
          As for the Foundation, we've been weathering the storm rather well. I just logged onto the account and it sits at $289,764.65
          We ended fiscal year 2014-2015 on April 30th with $298,056. Then we sent a cheque to the CFC for $10,505 and received life membership payments of $1,530.
          The Canadian ETF has been hit a little bit by the fall in resource shares but the European and US ETFs have mostly offset that. The preferred shares are down a tiny bit.
          Specifically to Larry's question, the Foundation stood at $286,510 on 30 April 2014 so we're a tiny bit ahead year over year although about $2,500 of the gain was from life memberships. Meanwhile we sent all of the $10,505 income to the CFC.
          I'm sleeping well at night :)
          Paul Leblanc
          Treasurer Chess Foundation of Canada

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          • #6
            Re: Chess Foundation - Question for Paul Leblanc

            Thanks Paul!

            Good luck in your tournament :)

            Larry

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