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The FQE held their annual meeting yesterday. It was reported on the French Chesstalk board that 25 people took part. A bid is being prepared for the 2017 WYCC. I was given a copy of their financial statement for 2012-2013 (ending March 2013). Overall it looks like the finances are sound. They receive over $90,000 a year from the Quebec government which covers salary and rent. They generate another $100,000 in memberships, entry fees, sponsorships etc. For example, they collect about $26,000 in membership fees and another $4,000 in rating fees. They have a net worth of about $90,000 despite having lost about $18,000 this year, mainly due to sponsorship revenue declining from $45,000 to $30,000, sales of stock declining by $10,000, other revenues going down by $10,000 (whatever that is) and tournament entry fees going down by about $7,000 compared to the previous year. Last year they posted a surplus of $32,000.
For my own amusement, I would like to share with you the comments from the accountant who prepared the report - which I have para-phrased: (It was in French so my translation may not be totally accurate): This is an examination and not an audit. We did this according to Canadian regulations for non-profit organisations. We asked for information, analysis procedures and spoke with the organisation with regards to the information provided by them. We did not find anything abnormal with regards to the important aspects.
Signed by the accountant on July 12, 2012...hmmm...he forget to change the date on his template from 2012 to 2013....oh well :)
BTW, I honestly believe that the FQE books are in order. But I did find this funny :).
Larry
For my own amusement, I would like to share with you the comments from the accountant who prepared the report - which I have para-phrased: (It was in French so my translation may not be totally accurate): This is an examination and not an audit. We did this according to Canadian regulations for non-profit organisations. We asked for information, analysis procedures and spoke with the organisation with regards to the information provided by them. We did not find anything abnormal with regards to the important aspects.
Signed by the accountant on July 12, 2012...hmmm...he forget to change the date on his template from 2012 to 2013....oh well :)
BTW, I honestly believe that the FQE books are in order. But I did find this funny :).
Larry
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