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Should the CFC try to dismantle the Chess Foundation?
Should the CFC try to dismantle the Chess Foundation?
At Gary's request :):
If it's possible, do you think the CFC ought to dismantle the Chess Foundation and spend the funds on the CFC's Objectives, to promote chess, rather than continuing to invest the funds with the Foundation?
36
Yes
22.22%
8
No
77.78%
28
Anything that can go wrong will go wrong. Murphy's law, by Edward A. Murphy Jr., USAF, Aerospace Engineer
If it's possible, do you think the CFC ought to dismantle the Chess Foundation and spend the funds on the CFC's Objectives, to promote chess, rather than continuing to invest the funds with the Foundation?
The CFC seems unable to run their own affairs; why allow them to steal money from elsewhere - just to be frittered away?
Re: Should the CFC try to dismantle the Chess Foundation?
What an incredibly short-sighted blunder this would be! Take all the money contributed by people through purchase of life memberships and direct conrtibutions and squander it on various "good ideas". The CFC has an abysmal past record for financial management. Why take the only asset that hasn't been pillaged and hand it over for further profligate spending? The Foundation hands over $7,000 to $9,000 annual income to the CFC and will continue to do so forever. That is so obviously the right course of action in my humble opinion.
What an incredibly short-sighted blunder this would be! Take all the money contributed by people through purchase of life memberships and direct conrtibutions and squander it on various "good ideas". The CFC has an abysmal past record for financial management. Why take the only asset that hasn't been pillaged and hand it over for further profligate spending? The Foundation hands over $7,000 to $9,000 annual income to the CFC and will continue to do so forever. That is so obviously the right course of action in my humble opinion.
Do you want to list all the years which the foundation handed over $7,000 to $9,000. to the CFC? Just so people won't think you're full of excrement.
Are you still a Trustee of the Chess Foundation? What would you do without the foundation?
Re: Should the CFC try to dismantle the Chess Foundation?
Funny you should ask about the 7,000 to 9,000 figure. Yesterday, I advised the CFC Treasurer, Maurice Smith, who is putting together the 2010-2011 CFC budget, that the Foundation would be sending the CFC a cheque for approximately $7,000 shortly after the end of the FY (April 30th) and that I projected income for 2011-2012 to be $9,000.
By the way, Gary, don't forget to include the Chess Foundation in your estate planning!
all the best, Paul
Re: Should the CFC try to dismantle the Chess Foundation?
As I posted in another thread not so long ago:
"As I wrote in a much older thread, my view is that the Chess Foundation was a noble, but extravagant, idea. If funds donated or contributed to it to it had been donated or contributed to the CFC directly, there would have been no cash flow crisis, at least not for many more years. That cash flow crisis at least in part cost the CFC it's print magazine, and business office (& equipment business), which had to be sold in exchange for badly needed funds."
Having said that about the effect of having the Foundation in the past, why dissolve it now, now that there is less of a problem with cash flow, perhaps?
Well, there may be another great cash flow crisis not too distant down the line, especially if the CFC is badly mismanaged again. Then there may be not enough time to manage to successfully dissolve the Foundation, the last great asset the CFC (almost) has at hand. Meanwhile, everyday CFC promotion of chess/(its objectives) continues to suffer for lack of extra available funds. An analogy might be that the CFC is like a none too healthy person putting savings in a pension for hoped-for golden years ahead, when it can easily find itself in terrible health and need to pay medical care bills.
Anything that can go wrong will go wrong. Murphy's law, by Edward A. Murphy Jr., USAF, Aerospace Engineer
Funny you should ask about the 7,000 to 9,000 figure. Yesterday, I advised the CFC Treasurer, Maurice Smith, who is putting together the 2010-2011 CFC budget, that the Foundation would be sending the CFC a cheque for approximately $7,000 shortly after the end of the FY (April 30th) and that I projected income for 2011-2012 to be $9,000.
By the way, Gary, don't forget to include the Chess Foundation in your estate planning!
all the best, Paul
Well, Paul, I guess the correct reply to my question is the foundation has NEVER sent $7,000 to $9,000 per year to the CFC. You are providing us with a Forward Looking Statement.
When did the Chess Foundation become a registered charity? I thought the CFC has the registration.
I donate to religious organizations. If the Chess Foundation is worthy, I feel certain Gawd will provide.
Okay, Gary. Why should the Foundation be dissolved?
Hopefully the people who are interested in managing money will leave and will be replaced with people who are interested in promoting chess and chess players in the country.
You've been a governor a long time, Ken. Would you list your main contributions in making the organization better? If you think it is better.
Re: Should the CFC try to dismantle the Chess Foundation?
I concur with Paul and Ken and Bob that the foundation should be donated in its entirety to the Edmonton Chess Club. Err, that it should not be dismantled, I mean.
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