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FIDE America received $5,000 from the CFC in 2017-18
FIDE America received $5,000 from the CFC in 2017-18
First I would like to congratulate the CFC under Vlad, for posting another positive result for their last financial year!
Paul Leblanc continues to grow the Chess Foundation of Canada, with great returns again this year (we need you at the CMA Paul :)!
The CFC is in good hands and in good health!!
I have a question about this line in the Financial statements:
Under International expenses in the notes (#7)
FIDE America received $5,000.
First I am surprised that the number is a round number since FIDE America is not a friend of Canadian dollars...and secondly...and since I am not a friend of that organization...I am racking my brain to figure out what this could be for.
Insight please Vlad.
Thanks,
Larry
Last edited by Larry Bevand; Thursday, 23rd August, 2018, 05:29 PM.
We (Bob, Fred, Hal and I) are getting to the bottom of it. It is likely an accrual item from one or more past tournaments which required that fees be paid to FIDE America. Apparently the fees have not actually been paid as of yet in part because FIDE America was slow in invoicing the CFC. If it is the NAYCC 2016, the FIDE America fees were paid to the CFC by Windsor Chess via cheque dated August 31, 2016 that took a long time arriving at the CFC office. It was not yet there some two and a half weeks later as I recall but eventually the Post Office came through. A complicating factor was the closing of the FIDE bank accounts, I am told. There will likely be another accrual item this fiscal year to clean everything up once we get a total from FIDE America or find the original invoices and decipher the various payments to FIDE and FIDE America.
The payment from Windsor Chess to the CFC for FIDE America was $12 USD x 359 players x whatever the exchange rate was but amounted to $5400 and change according to Bob's notes.
Last edited by Vlad Drkulec; Thursday, 23rd August, 2018, 07:13 PM.
It should be noted that the financial picture would have been even better looking if we had not made an accrual for the 2018 Olympiad team which falls in the next fiscal year of 2018-19. I suspect that we will be looking at an expenditure north of $25,000 net of donations.
The CMA/Strategy and Games books and equipment contract certainly contributes to a healthy bottom line which will enable us to continue to grow.
Last edited by Vlad Drkulec; Friday, 24th August, 2018, 11:49 AM.
As mentioned by Larry Bevand, I would also like to congratulate the team of the Canadian Chess Federation for its transparency in its financial results.
The Quebec Chess Federation has a lot to learn from you.
Thank you for the kind words though the FQE financials are also public. I don't have time to look for them at this moment but I was able to find them with the help of google a few years ago. In the same way that the CFC information is available online through the federal government, I am sure the FQE information is also available through the regulators in the Quebec government.
Maybe it was like that few years ago, but now, the financial information is not disclosed. Any information concerning expenses and costs for example for travel or bonuses to a masters during tournaments is confidential ... we have already confirmed this.
1. when FQE runs a tournament as an organizer (Private Enterprise), and does not disclose any tournament financial; and
2. FQE running as a provincial chess association - and its own operational expenses (I would imagine it is a Quebec corporation, and if not-for-profit, I would think it has to file its financial with the government somewhere, no? Especially when it receives Government of Quebec grants?)
1. when FQE runs a tournament as an organizer (Private Enterprise), and does not disclose any tournament financial; and
2. FQE running as a provincial chess association - and its own operational expenses (I would imagine it is a Quebec corporation, and if not-for-profit, I would think it has to file its financial with the government somewhere, no? Especially when it receives Government of Quebec grants?)
Bob
Hi Bob,
Non-profit organizations do not seem to be required to disclose how they manage there money.
We already had a tournament ( COQ 2017 ) where the guaranteed prizes, for some classes of players, were late, due to the government's pending subsidy, yet all the players had paid for tournament registration.
Certain profits granted to certain masters during tournament are not disclosed.
There were also AIDEF tournaments where it was impossible to know who paid for the flight in Europe, the only answer from he FQE is, a Mécène ( sponsor ) paid to bring a 1400 player to an international tournament, when there are some higher ranked Canadian players who could make a master norm.
We have no idea how the money is managed, but we know that our president participates in all AIDEF tournaments. Does he pay for all these trips? Only God knows.
Just take a look at the FQE Website and you will see how and when the site was updated from 2011 to 2017.
Travel to AIDEF events would be a legitimate expense particularly when trying to leverage those contacts to further aims of organizing a tournament such as WCCC in Quebec City which is one idea that has been floated. My understanding of AIDEF is that it does not offer a subsidy to its delegates beyond the usual board of most FIDE tournaments and conferences. The leadership of AIDEF wrongly thought that Canada was getting some significant FIDE funds as a flight subsidy to pay for teams and delegates. We get the partial cost of a flight for our delegate and nothing else. Oddly enough places like Scotland and Ireland which are closer to the site of the Olympiad get quite a bit more.
It would be a good idea for those pursuing that World Cadet tournament get the CFC involved as it won't be successful without our support and active lobbying.
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