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My questions relate to note 3 to the financial statements; specifically, the column headed "Youth CC Program" and the text in the note, which reads:
Olympic donations are designated to provide financial support for participation of Canadian representatives in the International Chess Olympiads. The Canadian Youth Chess Championships (CYCC) entry fees cover the cost of sending players to the World Youth Chess Championships (WYCC). The Kalev Pugi Fund was established as a bequest in the
Chess Foundation of Canada. Each year interest earned by this fund is transferred from the Foundation to the Federation to provide travel assistance for junior players. Contributions to these programs are recognized as revenue in the year in which the related expenditures are incurred.
Here are my questions:
The text implies that all of the $72,113 was used to send players to the WYCC. Was that really the case? Or was it the case that a portion of the $72,113 was used to send players to the WYCC and the balance was used to cover the costs associated with organizing the CYCC? From an accounting perspective, wouldn't there be a much better quality of disclosure if the amount of $72,113 was broken down into its major components?
"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
From an accounting perspective, wouldn't there be a much better quality of disclosure if the amount of $72,113 was broken down into its major components?[/INDENT]
Bob Gillanders, the professional accountant by specialty if I remember correctly, did it concerning 2010 CYCC/&WYCC and he presented results to Governors. Sooner or later the document will be posted at chess.ca.
I'll leave to BobG. to answer/comment other questions.
We all agree the current financials do not provide the desired transparency for the youth program finances. I did report on the finances for the 2010 CYCC / WYCC cycle at the recent governors meeting. That report should make its way to the website in due course. However, the report is not comprehensive yet as we need to add in the Canadian Junior and the World U16 Championship. Also, the closing surplus at April 30, 2011 will include money from the 2011 YCC qualifiers. Hopefully I can wrap up the entire report soon.
To answer your specific question, the $ 72,113 expenditures should be the total spending for the WYCC, Canadian Junior, World U16 Championships. I haven't verified that yet, but that's what I hope to find. It looks about right.
Spending on the WYCC 2010 is 64k. Details are in the report and the major components are 45k to organizers, 11k to champions, 8k to cover everything else.
Normally all costs for CYCC are paid by the CYCC organizers so these costs do not hit the CFC books. There are some minor exceptions. Windsor CYCC did receive seed money of 1k from CFC.
Thanks, Bob, for taking the time to reply. I'll keep an eye out for your report.
"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
My questions relate to note 3 to the financial statements; specifically, the column headed "Youth CC Program" and the text in the note, which reads:
Here are my questions:
The text implies that all of the $72,113 was used to send players to the WYCC. Was that really the case? Or was it the case that a portion of the $72,113 was used to send players to the WYCC and the balance was used to cover the costs associated with organizing the CYCC? From an accounting perspective, wouldn't there be a much better quality of disclosure if the amount of $72,113 was broken down into its major components?
In the interest of full disclosure it should probably indicate that the CFC has lost their charitable dontation status; an important disclosure as this may affect future dontations.
In fact, I fail to see how one can do a financial report without any mention of such a major change in financial status.
Last edited by Zeljko Kitich; Thursday, 13th October, 2011, 11:59 PM.
In the interest of full disclosure it should probably indicate that the CFC has lost their charitable dontation status; an important disclosure as this may affect future dontations.
In fact, I fail to see how one can do a financial report without any mention of such a major change in financial status.
I am not certain of the timing, but it is possible the report was prepared and published before the change in charitable status was final. For quite some time, the CFC looked into ways to salvage the charitable status designation and even considered challenging the ruling.
I am not certain of the timing, but it is possible the report was prepared and published before the change in charitable status was final. For quite some time, the CFC looked into ways to salvage the charitable status designation and even considered challenging the ruling.
According to this post http://www.chesstalk.info/forum/show...ght=charitable the loss of status was known during fiscal 2011 and published in the CFC newsletter in January of 2011. The fiscal year ends April 2011 and it appears the report was published on June 27, 2011, at least 6 months after the registered letter from CRA. If the CFC was considering challenging the ruling then they could have included that in the disclosure. Although perhaps not official I thought the CFC exec indicated on Chesstalk that they would not be appealing but would rather wait a couple of years and try to build a case as a national athletic organization.
Last edited by Zeljko Kitich; Friday, 14th October, 2011, 10:49 AM.
In the interest of full disclosure it should probably indicate that the CFC has lost their charitable dontation status; an important disclosure as this may affect future dontations.
In fact, I fail to see how one can do a financial report without any mention of such a major change in financial status.
I agree with you.
"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
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