Question re: CFC's 2013 Financial Statements

[Peter McKillop]

This is probably the (?) 4th or 5th time I've asked this question in the last (?) 7 or 8 years, but: what's with the ongoing lack of transparency on CYCC accounting? (see note 3 to the 2013 financial stmts.) Why can't the 'contributions' and 'recognized' amounts be broken down into their respective revenue and expense categories so that members and parents can see how that CYCC money is being used?

[Ken Craft]

Re: Question re: CFC's 2013 Financial Statements

Paging the Chancellor of the Exchequer.

[Bob Gillanders]

Re: Question re: CFC's 2013 Financial Statements

Hi Peter,

Everyone agrees that note 3 regarding the Youth fund accounting lacks the desired level of transparency, which is why I have done a more detailed report on CYCC/WYCC revenues and expenditures for 2010 and 2011. These reports can be found in the archived governors meetings. I believe you have seen them already. The 2012 report is now due and should be released along with the 2013 audited financials. I did recently assist our new ED, Michael von Keitz, in preparing this report, so I know it is 99% done. There has also been some discussion about incorporating this detailed information within a new more robust note eliminating the need for two reports.

I think the short answer is we just need to be a little more patient. This year we have a new ED, new auditor, and new Youth coordinator. I would guess Fred, Michael, Mario, and Frank all want to have a collective look at the numbers first.

I hope they get the reports out ASAP. But last I heard Michael and Hal were headed for Ottawa to get Monroi setup at the Canadian Open. The paperwork always seems to take a backseat!

[Peter McKillop]

Re: Question re: CFC's 2013 Financial Statements

Hi Bob. I meant to get back to you on that when you first mentioned it. What thread was the report for fiscal 2012 posted in?

[Kerry Liles]

Re: Question re: CFC's 2013 Financial Statements

It might be referenced in this post:

http://www.chesscanada.info/forum/sh...0463#post20463

which points to: http://www.chesscanada.info/forum/sh...0463#post20463

but that is a pretty skimpy summary level financial report...
Maybe the financials should all be easily found from direct links from the CFC website (eg: under CFC Info)?

[Gary Ruben]

Re: Question re: CFC's 2013 Financial Statements

This year we have a new ED, new auditor, and new Youth coordinator.

Who's the auditor?

[Vlad Drkulec]

Re: Question re: CFC's 2013 Financial Statements

This is probably the (?) 4th or 5th time I've asked this question in the last (?) 7 or 8 years, but: what's with the ongoing lack of transparency on CYCC accounting? (see note 3 to the 2013 financial stmts.) Why can't the 'contributions' and 'recognized' amounts be broken down into their respective revenue and expense categories so that members and parents can see how that CYCC money is being used?

Hello Peter,

I have received a more detailed accounting of the CYCC/WYCC from 2012. I will be releasing these figures to the chess public once I have had time to go over them and make sure that they are a full and accurate accounting. I am at the Canadian Open. I expect that I will be able to turn my attention to this matter once I return home after the tournament. I would like that in future years this information becomes one of the footnotes to the financial statements.

[Peter McKillop]

Re: Question re: CFC's 2013 Financial Statements

Hi Kerry. Thanks but I don't think these links take me to what I'm looking for.

[Peter McKillop]

Re: Question re: CFC's 2013 Financial Statements

... These reports can be found in the archived governors meetings. ...

Bob, rather than having to scroll through threads, and posts, etc., could I impose on you to provide links directly to the reports you've mentioned? Thanks and sorry to be a pain.

[Peter McKillop]

Re: Question re: CFC's 2013 Financial Statements

Thank you, Vlad.

[Gary Ruben]

Re: Question re: CFC's 2013 Financial Statements

No reply? I guess it's a player to be named later.

[Bob Gillanders]

Re: Question re: CFC's 2013 Financial Statements

Bob, rather than having to scroll through threads, and posts, etc., could I impose on you to provide links directly to the reports you've mentioned? Thanks and sorry to be a pain.

Hi Peter, I just sat down to comb thru the archives to find those reports, but......
The first quarterly governors online meeting to be made available to the public was the Oct 2012 meeting. The youth fund reports for 2010 and 2011 were presented in meetings prior, so still available only to CFC governors. Sorry. Perhaps the CFC executive will elect to release them along with the 2012 report to give the numbers some historical perspective.

[Peter McKillop]

Re: Question re: CFC's 2013 Financial Statements

Phew!! Thank heaven my natural laziness led me to ask for a link. Otherwise I could still be cruising...thread by thread, post by post, word (gulp) by word.....AAAAAAAAAAAHHHHHHH

[Peter McKillop]

Re: Question re: CFC's 2013 Financial Statements

Hi Peter, I just sat down to comb thru the archives to find those reports, but......
The first quarterly governors online meeting to be made available to the public was the Oct 2012 meeting. The youth fund reports for 2010 and 2011 were presented in meetings prior, so still available only to CFC governors. Sorry. Perhaps the CFC executive will elect to release them along with the 2012 report to give the numbers some historical perspective.

I forgot about the following until someone (thank you 'B') sent me an email to draw my attention back to it. The following was posted by Fred McKim in September, 2012:

Financial report on 2011 CYCC / WYCC

Receipts

Contributions from parents/players:.....Euros........Cdn $ @ 1.40

Hotels.........................................36,532.71........51,145.80
Organizer fee.................................7,000.00..........9,800.00
Entry fee (FIDE).............................4,760.00..........6,664.00

Sub-totals...................................48,292.71........67,609.80

Currency adjustment...............................................553.87

CYCC Basic contribution.......................................20,000.00
CYCC Surplus.....................................................18,200.00
YCC qualifiers & donations......................................1,900.76
Additional player fees...............................................750.00

Total receipts....................................................109,014.43

Disbursements

Payments to WYCC organizers:.............Euros.............Cdn $

Sept 20, 2011................................41,376.00.......57,053.37
Oct 31, 2011...................................5,569.00.........7,905.20

Sub-totals - WYCC organizers:..........46,945.00.......64,958.57

Champions - Prize fund from CYCC..........................12,000.00

Distribution of CYCC surplus:
30% to CYCC winners............................................5,460.00
70% to WYCC participants................12,740.00.......18,200.00

Entry fees to FIDE Euros:

Champions (70 Euros x 12)....................840.00
Additional players (140 Euros x 28).......3,920.00

Sub-totals - entry fees......................4,760.00........6,664.00

Head of Delegation - Andrew Giblon..........................1,000.00
Assistant HOD - Gary Gladstone..................................500.00
Coaches - Noritsyn, Peredun, Egorov $350 each..........1,050.00
Coaches - Airline tickets.........................................3,832.00
Team T shirts..........................................................604.55

Credit card costs...................................................1,098.82
Miscellaneous fees & costs.........................................150.12

CYCC:

Tournament memberships............................................70.00
CFC rating fees........................................................133.91
FIDE rating fees.......................................................183.96

Total disbursements............................................110,445.93

Net deficit...........................................................1,431.50

[Vlad Drkulec]

Re: Question re: CFC's 2013 Financial Statements

Hi Peter, I just sat down to comb thru the archives to find those reports, but......
The first quarterly governors online meeting to be made available to the public was the Oct 2012 meeting. The youth fund reports for 2010 and 2011 were presented in meetings prior, so still available only to CFC governors. Sorry. Perhaps the CFC executive will elect to release them along with the 2012 report to give the numbers some historical perspective.

I certainly would like to see these reports being made public as well. I think it will increase the transparency of the CFC and reduce the opportunity for misconceptions about what youth funds are spent on.