Some numbers from the last Canadian Closed

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  • #16
    Re: Re : Some numbers from the last Canadian Closed

    Originally posted by Neil Frarey View Post
    CFC leadership not only hustles the FQE for 8k a year but they (CFC) can't find a dime to support their own national event???

    That's insane.

    If it wasn't so pathetic ... it would be laughable.

    I don't blame the orgs either, Mathieu. Kudos to them for keeping their cool and enduring such an incompetent CFC leadership!
    Neil. Don't believe everything you read on CT.

    As well, I don't know how you can be taken seriously as a candidate for CFC President, if you can't even be bothered being a member unless you decide you have enough support that you might have a chance of winning the election.

    Comment


    • #17
      Re: Re : Some numbers from the last Canadian Closed

      Originally posted by Fred McKim View Post
      Neil. Don't believe everything you read on CT.

      As well, I don't know how you can be taken seriously as a candidate for CFC President, if you can't even be bothered being a member unless you decide you have enough support that you might have a chance of winning the election.

      I'm not going personally spend 1 direct dollar to support the current delinquent leadership of the Chess Federation of Canada, Fred. Not 1 dollar. Indirectly yes, such as SoCA's continued support for the awsum Banff Open and some other SoCA initiatives which yes, will indirectly benefit the CFC. But all of that is at a grass roots level ...my favorite!

      So, I repeat in this thread:

      If the majority of the VMs want me to run I'll grab a membership and stand for pres. Some of you reading this post are VMs ... get in touch with your fellow VMs and we'll all meet here on CT.

      Question: Can DGT boards be leased/rented?
      Answer: Something like ... http://chess2inspire.ca/Chess2Inspir...uipment-rental ...perhaps???

      Fred, we both know full well the CFC is better than this reveiw:

      "DGT equipment is not cheap. Considering the fact that this championship used paper boards and did not provide extra queens, you have to conclude that Canadian chess is in dire straits."


      .
      Last edited by Neil Frarey; Monday, 24th July, 2017, 10:45 PM.

      Comment


      • #18
        Re: Re : Some numbers from the last Canadian Closed

        Originally posted by Mathieu Cloutier View Post
        Care to explain to me in more details? I'm open to change my opinion on that issue.
        In 2016, due to financial circumstances, the FQE agreed to provide $3000 in services as part of the FQE-CFC agreement. The last payment made in 2016 was for the 2015 partial year. Payments for 2017 have yet to be negotiated. The 2017 Canadian Closed will likely come under the umbrella of the services provided for the 2016 agreement. A significant portion of our expenses for the Olympiad have gone in support of players domiciled in Quebec.

        Comment


        • #19
          Re: Re : Some numbers from the last Canadian Closed

          Originally posted by Neil Frarey View Post
          I'm not going personally spend 1 direct dollar to support the current delinquent leadership of the Chess Federation of Canada, Fred. Not 1 dollar. Indirectly yes, such as SoCA's continued support for the awsum Banff Open and some other SoCA initiatives which yes, will indirectly benefit the CFC. But all of that is at a grass roots level ...my favorite!

          So, I repeat in this thread:

          If the majority of the VMs want me to run I'll grab a membership and stand for pres. Some of you reading this post are VMs ... get in touch with your fellow VMs and we'll all meet here on CT.

          Question: Can DGT boards be leased/rented?
          Answer: Something like ... http://chess2inspire.ca/Chess2Inspir...uipment-rental ...perhaps???

          Fred, we both know full well the CFC is better than this reveiw:

          "DGT equipment is not cheap. Considering the fact that this championship used paper boards and did not provide extra queens, you have to conclude that Canadian chess is in dire straits."


          .
          Most VM's have no interest whatsoever in posting here on CT.

          Almost all of my postings are to provide some factual information to queries made by posters.

          Can you post your criteria for funding tournaments ? Charlottetown just held the PEI Open this past weekend and we attracted players from 7 provinces (and one state). I don't usually blow my own horn this way, but there are all kinds of people associated with the CFC working the grass roots.

          Comment


          • #20
            Re: Re : Some numbers from the last Canadian Closed

            Originally posted by Fred McKim View Post
            Most VM's have no interest whatsoever in posting here on CT.

            Almost all of my postings are to provide some factual information to queries made by posters.

            Can you post your criteria for funding tournaments ? Charlottetown just held the PEI Open this past weekend and we attracted players from 7 provinces (and one state). I don't usually blow my own horn this way, but there are all kinds of people associated with the CFC working the grass roots.
            Here on CT there's a vibrant French community. Sharpe contrast with that of chess dot ca. And for good reason! Here on CT it is quite common for a topic to travel both communities and be active at the same time! For all its faults, CT is a common middle ground.

            Congrats on the 2017 PEI Open! Glad you're pleased with your tournament. Was the Charlottetown Open Chess Tournament part of that?

            There's a certain quality we look for when getting involved with a chess event, Fred. It shows itself as a gestural quality. Almost anyone can organize a chess tournament, but not that many can express the event in a gestural form. These gestural qualities are an extension of the organizer(s) ... and that is the criteria Society of Chess Aficionados are willing to support. Proud to support. Banff Open Wine & Cheese for example. Who does that sort of thing? That 'gestural quality' reflects on the tournament proper. So, the chess tournament proper may have 200 players or 20 players ...doesn't matter to us.

            It's that human quality that matters.

            Chess is more than a game of 1 | 0 | = ... Chess is an interface between two people.

            I'm beginning to ramble.


            peace.
            n.
            Last edited by Neil Frarey; Tuesday, 25th July, 2017, 02:19 AM.

            Comment


            • #21
              Re: Re : Some numbers from the last Canadian Closed

              Originally posted by Vlad Drkulec View Post
              In 2016, due to financial circumstances, the FQE agreed to provide $3000 in services as part of the FQE-CFC agreement. The last payment made in 2016 was for the 2015 partial year. Payments for 2017 have yet to be negotiated. The 2017 Canadian Closed will likely come under the umbrella of the services provided for the 2016 agreement. A significant portion of our expenses for the Olympiad have gone in support of players domiciled in Quebec.
              You see? That's the problem. None of that information was made available to the public. All we hear about is that the FQE is sending 8 000$ a year to the CFC. And that the money is supposed to cover for expenses related to international events.

              But now we learn that the expenses related to the Canadian closed might also come under that big 8k umbrella...

              As I said, we don't really know how the money will be used. We just know the direction of the cash flow.

              Comment


              • #22
                Re: Re : Some numbers from the last Canadian Closed

                Originally posted by Mathieu Cloutier View Post
                You see? That's the problem. None of that information was made available to the public. All we hear about is that the FQE is sending 8 000$ a year to the CFC. And that the money is supposed to cover for expenses related to international events.

                But now we learn that the expenses related to the Canadian closed might also come under that big 8k umbrella...

                As I said, we don't really know how the money will be used. We just know the direction of the cash flow.
                The cash flow is in both directions as the CFC pays for participation in world events like the Olympiad many of whose players are Quebec residents. The payments have not been 8k at any time during my tenure and certainly not recently. The payments appear in CFC financial statements and I'm sure they appear in FQE financial statements.

                Comment


                • #23
                  Re: Re : Some numbers from the last Canadian Closed

                  The CFC financial statements are a labyrinth that has swallowed many good men. If you want to investigate, take a flashlight and a forensic accountant. Thumbscrews might also help.

                  The 2016 financial statements are here http://www.chess.ca/sites/default/files/FS2016a.pdf

                  Comment


                  • #24
                    Re: Re : Some numbers from the last Canadian Closed

                    Originally posted by John Coleman View Post
                    The CFC financial statements are a labyrinth that has swallowed many good men. If you want to investigate, take a flashlight and a forensic accountant. Thumbscrews might also help.

                    The 2016 financial statements are here http://www.chess.ca/sites/default/files/FS2016a.pdf
                    Actually not that hard to unravel if you have an MBA and taught finance at the university for five and a half years.

                    Comment


                    • #25
                      Re: Re : Some numbers from the last Canadian Closed

                      Originally posted by Vlad Drkulec View Post
                      Actually not that hard to unravel if you have an MBA and taught finance at the university for five and a half years.
                      The CFC is a tiny organisation, with one employee. It shouldn't take an MBA to understand the financial statements.

                      For those many of us without an MBA, these are the basic nuimbers, from the Treasurer's report: http://www.chesscanada.info/forum/sh...surer-s-Report

                      Bob might not like this but here's what I'll call the Cole's Notes Version of the CFC 2015/16 Financial Year (amounts rounded to the nearest $250)

                      Net CFC Memberships Collected $43,000
                      CFC (& net FIDE) Rating Fees Collected $28,500
                      Donation from Chess Foundation $9,500
                      CMA (Book & Equipment Deal) $5,000

                      Revenue Total $86,000


                      Admin Expense $51,500
                      CFC Magazine $15,250
                      International Programs $6,000
                      FIDE Admin & Meeting Expenses $5,750
                      FIDE Titles / Licenses $2,500

                      Expenditure Total $81,000

                      Net Income $5,000

                      Fred McKim
                      CFC Treasurer 2015/16

                      Comment


                      • #26
                        Re: Re : Some numbers from the last Canadian Closed

                        Originally posted by John Coleman View Post
                        The CFC is a tiny organisation, with one employee. It shouldn't take an MBA to understand the financial statements.

                        For those many of us without an MBA, these are the basic nuimbers, from the Treasurer's report: http://www.chesscanada.info/forum/sh...surer-s-Report

                        Bob might not like this but here's what I'll call the Cole's Notes Version of the CFC 2015/16 Financial Year (amounts rounded to the nearest $250)

                        Net CFC Memberships Collected $43,000
                        CFC (& net FIDE) Rating Fees Collected $28,500
                        Donation from Chess Foundation $9,500
                        CMA (Book & Equipment Deal) $5,000

                        Revenue Total $86,000


                        Admin Expense $51,500
                        CFC Magazine $15,250
                        International Programs $6,000
                        FIDE Admin & Meeting Expenses $5,750
                        FIDE Titles / Licenses $2,500

                        Expenditure Total $81,000

                        Net Income $5,000

                        Fred McKim
                        CFC Treasurer 2015/16
                        Thanks John ...color of money, nice touch.

                        Who owns the Chess Foundation?
                        What is its purpose?

                        Comment


                        • #27
                          Re: Some numbers from the last Canadian Closed

                          I like to say that the Chess Foundation is what we call our bank/investment account. It is not a separate entity. The CFC owns it.

                          Comment


                          • #28
                            Re: Some numbers from the last Canadian Closed

                            Originally posted by Vlad Drkulec View Post
                            I like to say that the Chess Foundation is what we call our bank/investment account. It is not a separate entity. The CFC owns it.
                            If the Chess Foundation is not a separate entity ...how can the CFC 'donate' to itself?

                            Comment


                            • #29
                              Re: Some numbers from the last Canadian Closed

                              Neil, if you really want to understand this stuff, you have to get a deerstalker hat, and polish-up your magnifying glass. An MBA wouldn't hurt, not to mention a forensic accountant.

                              4. Chess Foundation of Canada
                              The Chess Foundation of Canada is effectively controlled by The Chess Federation of Canada since the
                              Federation appoints the Foundation's Board of Trustees. The Foundation was established as a trust to
                              financially help the Federation promote and develop chess.

                              Life membership fees of $8,460 ( 2015 - $ 1,890) have been paid into the Foundation from the Federation.
                              The Foundation has contributed $ 9,582 (2015 - $ 9,436) in support of the Federation's general operations
                              and $ 923 (2015 - $923) towards the Kalev Pugi junior program.

                              The Foundation has not been consolidated with the Federation's financial statements. Financial summaries of the unconsolidated Chess Foundation of Canada as at April 30, 2016 and 2015 and the years then ended were prepared internally.

                              BALANCE SHEET 2016 2015
                              Assets $ 2 95,916 $ 3 08,561
                              Liabilities 11,519 10,505
                              Net Assets $ 2 84,397 $ 2 98,056

                              STATEMENT OF REVENUE AND EXPENDITURES
                              Revenue $ 19,979 $ 12,395
                              Expenditure 11,519 10,505
                              Net revenue for the year $ 8,460 $ 1,890

                              Comment


                              • #30
                                CFC Foundation - a good thing!

                                In a nutshell, the Foundation is an investment fund. Life memberships go into the fund, which is managed by the trustees. Paul Leblanc, myself, Lloyd Lombard, Hugh Brodie, and Hans Jung are the current fund trustees (PS: Kudos to Paul who does the heavy lifting here). Revenue from the fund investments is then returned to the CFC to fund different activities.

                                By doing so, Life Memberships do not simply show up as a lump sum in the CFC coffers, never to be seen again. They generate revenue for the CFC year after year. In terms of finances, this is something that the CFC has managed well, and is something that the voting members have actively contributed to.

                                Those of you who are long time CFC Members, I strongly recommend buying a life membership. Not only will you save money in the long run, your life membership contribution will be magnified over the years.

                                Comment

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