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---- Nous avons besoin d'un traduction français!
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Questions/Comments re April 30, 2015 CFC Financial Statements
Questions/Comments re April 30, 2015 CFC Financial Statements
In the CFC's 2015 fiscal year, expenses for the Youth CC Program (refer note 3 to stmts.) equaled just over 40% of the CFC's total expenses. That's a pretty large segment of expenses to be treated as a lump sum and I think it would be a more correct and appropriate level of disclosure to break the YCCP expenditures down into their major categories in the notes to the financial statements. For example, I expect that the bulk of these monies were spent assisting eligible children/their parents with some portion (?? 100%, 75%...) of their travel/accommodation expenses. Perhaps some of the money was spent on travel/accommodation/fees for a coach, or a chef d'equipe. Perhaps some of the money was spent on sundry expenses. The point is, no one knows. These expenses are funded 100% by parents. Surely they should be able to pick up the CFC's financial statements and at least get an idea of what they're funding. This is about the umpteenth time that I've suggested that the CFC needs better disclosure with respect to YCCP expenditures. This is the last time I'm going to mention it because obviously no one, as usual, gives a sh*t.
Also, the copy of the financial statements that is available at the CFC's website should show the signatures of the executives who are attesting to the accuracy of the statements. I won't hold my breath waiting for that to happen. When the CFC finally gets around to updating its handbook, I hope they won't forget to include their 'Executive Ain't No Sh*t Sticking To Me' policy.
I don't see the $20k received from FIDE re the norm tournament incentive program. I guess it was received after the 2015 fiscal year-end. I'll keep an eye out for it in the 2016 financials.
"We hang the petty thieves and appoint the great ones to public office." - Aesop
"Only the dead have seen the end of war." - Plato
"If once a man indulges himself in murder, very soon he comes to think little of robbing; and from robbing he comes next to drinking and Sabbath-breaking, and from that to incivility and procrastination." - Thomas De Quincey
Re: Questions/Comments re April 30, 2015 CFC Financial Statements
Peter,
where did you find the CFC financials? I just looked pretty much everywhere on the CFC site and found nothing...
(sorry if this inflames your indigestion further...)
where did you find the CFC financials? I just looked pretty much everywhere on the CFC site and found nothing...
(sorry if this inflames your indigestion further...)
Hi Kerry. Aaaahhhhh...that felt so good getting all that off my chest!! I've probably added six months to my life. :)
"We hang the petty thieves and appoint the great ones to public office." - Aesop
"Only the dead have seen the end of war." - Plato
"If once a man indulges himself in murder, very soon he comes to think little of robbing; and from robbing he comes next to drinking and Sabbath-breaking, and from that to incivility and procrastination." - Thomas De Quincey
Re: Questions/Comments re April 30, 2015 CFC Financial Statements
Originally posted by Peter Mkillop
I don't see the $20k received from FIDE re the norm tournament incentive program. I guess it was received after the 2015 fiscal year-end. I'll keep an eye out for it in the 2016 financials.
I believe it is on the balance sheet as a liability under deferred contributions and note 3 breaks down the details and references FIDE.
Re: Questions/Comments re April 30, 2015 CFC Financial Statements
Occasionally we see more detailed reports on youth activities. I'm not sure why we do it that way as much of the volume of youth revenues in those footnotes is really just pass through money that comes in to send the team to WYCC and then goes out to pay those expenses including things like hotels, entry fees and charges for players and accompanying persons. We collect the required amounts and we remit them to the organizers (who pay the hotels) and FIDE.
Re: Questions/Comments re April 30, 2015 CFC Financial Statements
Thank you, Sid.
"We hang the petty thieves and appoint the great ones to public office." - Aesop
"Only the dead have seen the end of war." - Plato
"If once a man indulges himself in murder, very soon he comes to think little of robbing; and from robbing he comes next to drinking and Sabbath-breaking, and from that to incivility and procrastination." - Thomas De Quincey
I don't see the $20k received from FIDE re the norm tournament incentive program.
2014 Election year with the promise
2015 April 30 End of fiscal year
2015 Summer tournaments + received monies
As I remember, monies are given after receiving receipts of spend amounts. (Though I think the last time it was other way around. Read CFC forum for actual info or ask a master of everything - President :)
2014 Election year with the promise
2015 April 30 End of fiscal year
2015 Summer tournaments + received monies
As I remember, monies are given after receiving receipts of spend amounts. (Though I think the last time it was other way around. Read CFC forum for actual info or ask a master of everything - President :)
Master of everything! Sounds great! Even better then Master of the house from Le Miz!)))
2014 Election year with the promise
2015 April 30 End of fiscal year
2015 Summer tournaments + received monies
As I remember, monies are given after receiving receipts of spend amounts. (Though I think the last time it was other way around. Read CFC forum for actual info or ask a master of everything - President :)
I am pretty sure we received the money for the first year in 2014. I wanted there to be tournaments in 2014 but was told that it would take some months to put them together and 2014 was out of the question. As it was we almost missed getting tournaments together in 2015 as the CMA was not able to put on the event they had been awarded in a timely manner and it would not have been very seemly for us to ask for the next year's funding without having put on the tournaments from the first year. Alberta stepped in and organized the tournaments somewhat late in the year shortly before all the fun with the U.S. treasury department.
where did you find the CFC financials? I just looked pretty much everywhere on the CFC site and found nothing...
(sorry if this inflames your indigestion further...)
Hi Kerry & Peter - The financials can be found on the CFC website under "about us/governors letters".
We still have some legacy terminology to deal with.
While the 2014 and 2015 financial statements have been available for the annual voting members (governors) meeting, I just got around to posting them on the website today (after searching around in my files).
Hi Kerry & Peter - The financials can be found on the CFC website under "about us/governors letters".
We still have some legacy terminology to deal with.
While the 2014 and 2015 financial statements have been available for the annual voting members (governors) meeting, I just got around to posting them on the website today (after searching around in my files).
I just went to governors-letters and there is nothing there past 2012/2013...
We stopped publishing governors letters in favour of online meetings in which all of the proceedings are in theory available. When we switched over to another provider things got scrambled though all of the posts are still there. I myself while having some admin privileges do not have the ability to create sub-forums the last time I checked and thus cannot unscramble things. The person who can unscramble things is aware of the situation and is planning to slowly unscramble things but he is a busy person...
We stopped publishing governors letters in favour of online meetings in which all of the proceedings are in theory available. When we switched over to another provider things got scrambled though all of the posts are still there. I myself while having some admin privileges do not have the ability to create sub-forums the last time I checked and thus cannot unscramble things. The person who can unscramble things is aware of the situation and is planning to slowly unscramble things but he is a busy person...
Thanks for the explanation... No doubt "The person who can unscramble things" must be a very busy person :)
Re: Questions/Comments re April 30, 2015 CFC Financial Statements
I faithfully send in the annual report for the Chess Foundation of Canada every year. I always request that it be posted on the website where all the members can see it.
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