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Re: CFC Loss of Charitable Status - The Separate Junior Program Option
The Chess Foundation is not a separate unit legally. It is run independently but in effect it is simply the way we organize our investments raised from the proceeds of selling life memberships and to a lesser extent the sale of our building. It puts the management of assets at arms length from the executive and voting members. The portion of the Chess Foundation which would be attributable to youth activities (Pugi Fund) is quite small relative to the full amount.
There are lots of things the CFC could do with more manpower but at the moment we are stretched. It does not make sense to stretch things even further. Over the years I have been approached by people who have proposed reorganizing the CFC (including during the time of the continuation process) and separating out the foundation and the youth portion of activities. When it became clear that the youth portion of the foundation was much less (probably about 10% youth vs 90% adult) than the adult portion it became less interesting to them.
A youth oriented chess education foundation with or without charitable status can be very successful as we have seen and will continue to see across Canada. Charitable donations have been quite minimal over the years and probably do not justify the real costs of the CFC setting up a separate charitable foundation. These costs would probably be on the order of four or five thousand dollars per year not counting the additional burden on the executive director. Talking to the people who know the charitable donations have never covered these incremental costs.
We did receive a payment for the youth fund from Caesars Windsor and at a certain moment not being a charity led to some nervous moments but it probably went from the charitable donation budget to the promotion budget and we were able to finance our U16 Olympiad team from the proceeds.
Originally posted by Bob Armstrong
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2. the issue was addressed as to who would benefit from the tax receipts from this new Junior Program..........it was felt that the families who would benefit were generally well-off; poorer families had trouble affording expensive world junior tournaments. It would be nice to benefit the families of these juniors, but at what cost?
3. CFC wished to pursue the "Sport" route of issuing tax receipts.
So the decision was made to shelve the Independent CFC Junior Program possibility, for future discussion (And then, like many CFC good intentions, it fell off the radar).
Again, I'd like an exec (current or past) to confirm my recollection.
Thanks.
Bob
3. CFC wished to pursue the "Sport" route of issuing tax receipts.
So the decision was made to shelve the Independent CFC Junior Program possibility, for future discussion (And then, like many CFC good intentions, it fell off the radar).
Again, I'd like an exec (current or past) to confirm my recollection.
Thanks.
Bob
A youth oriented chess education foundation with or without charitable status can be very successful as we have seen and will continue to see across Canada. Charitable donations have been quite minimal over the years and probably do not justify the real costs of the CFC setting up a separate charitable foundation. These costs would probably be on the order of four or five thousand dollars per year not counting the additional burden on the executive director. Talking to the people who know the charitable donations have never covered these incremental costs.
We did receive a payment for the youth fund from Caesars Windsor and at a certain moment not being a charity led to some nervous moments but it probably went from the charitable donation budget to the promotion budget and we were able to finance our U16 Olympiad team from the proceeds.
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