Posted by Paul Leblanc on July 31, 2008, 15:56:25, in reply to "Re: Attention: Lynn Stringer"
Victoria BC

The Foundation was approached by the CFC several months ago for an emergency loan of $30,000. I spoke with the Treasurer, Bob Gillanders to determine if the need was genuine and formed a conclusion that the CFC could not continue to operate without the loan. The Foundation trustees discussed the request thoroughly and voted unanimously to advance the CFC a loan of $30,000. The loan is documented in the Foundation Annual Report tabled and accepted at the recent AGM. There was no condition that the building be sold although it was suggested that this is one of the ways the CFC might repay the loan. The only condition to the loan was that the Foundation's investment income, normally remitted to the CFC annually, would be retained by the Foundation pending re-payment of the loan. This in itself will repay the loan over several years. There has been no request for further support to the CFC from the Foundation. Personally, I would look for very strong support from the CFC governors to accompany any future requests. Hope this helps. Paul Leblanc Treasurer, Chess Foundation of Canada