Our House is Your House

Curl BC creates 125th Anniversary Legacy Fund

The Curl BC board has voted to establish a 125th Anniversary Legacy Fund which will be used to provide assistance to member facilities facing emergencies.

The Fund will function as an operating reserve which is an unrestricted fund set aside to stabilize a nonprofit’s finances by providing a cushion against unexpected events, losses of income, and large unbudgeted expenses.

The hope is that the 125th Anniversary Legacy Fund will become a reasonable source of community reserves that can be made available as a low interest loan to member facilities to address emergency conditions. This would help assure the ongoing financial health of Curl BC and its member facilities.

At its April meeting, the Curl BC board voted to increase the Curl BC affiliation fee by $3 per regular curler in order to establish the Legacy Fund. The new fee structure will be in place for the 2019-20 season.

This will mean that curlers will be paying $18 per regular curler for Curl BC affiliation fees for registrations starting in the fall of 2019. The Curling Canada fee of $2 will bring the total affiliation fees to $20 per year. This is also the first time in six years that the Curl BC portion of the affiliation fee has been increased.

The additional purposes of the Legacy Fund will be to provide a funding source for any identified “one time” non-recurring expenses that have the ability to build long term capacity, such as:

  • research and development, and
  • investment in infrastructure or programming assets.

Keith Switzer, Curl BC Governor and Chair of the Board’s finance committee, said that the Legacy Fund is not intended to address permanent loss of funds or ongoing budget deficits. Its creation is to serve a buffer to improve operational stability of both member facilities and Curl BC as a whole.

“This is a ‘best practice’ tool, for non profit organizations. Some member clubs have already adopted a similar reserve program and others are encouraged to do the same,” he said. He added that the Legacy Fund would be implemented in conjunction with other financial policies of Curl BC that are collectively designed to support the goals and strategies of the organization.

This 125th Anniversary Legacy Fund policy will be reviewed by the organization’s Finance Committee every three years at minimum.

Anyone with any questions should contact Scott Braley at sbraley@curlbc.ca.

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