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03-29-2011, 06:30 PM | #11 | |
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Re: $100,000 Gift To MAAC
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Maybe you are forgetting the some $60.000 deficit budget for 2010. And, have you closely scrutinized the proposed budget for 2011 on page 22 of the March Model Aviation Canada. This 2011 proposed budget shows a net loss ( deficit ) of $74,527. This is not a great legacy for the current Executive which has remained unchanged for the last four years.
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03-29-2011, 07:00 PM | #12 |
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Re: $100,000 Gift To MAAC
I think at least 25% should go to wards some type of Memorial
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03-29-2011, 07:18 PM | #14 | |
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Re: $100,000 Gift To MAAC
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What I notice or not has no bearing when throwing out food-for-thought and comment. |
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03-30-2011, 11:10 AM | #15 |
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Re: $100,000 Gift To MAAC
I believe the suggestion at our AZM was to invest it in a high interest "safe" fund and use the "interest" to introduce new members in the hobby in the McGivlary name... the principal would last a LONG time.
Putting it in the general coffers to get lost in a slow financial death would not be in Jack's wishes I'm sure.
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03-31-2011, 06:16 PM | #16 | |
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Re: $100,000 Gift To MAAC
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Not quite right on that one Bob. There is a typo in the proposed budget but the columns are still fairly clear. The net loss of $74527 is the actual from 2010, not the budgeted deficit for 2011. The proposed 2011 budget plans for a $3,371 deficit, which is within easy reach of balancing when you consider committees usually spend less than half of their budgeted $11,600. Comparing Budget to actual ... the association was down ~$90,000 in membership revenue. All but a few lines in the actuals came in under budget... When it comes to Jack's legacy donation, I don't think anyone would disagree with the idea of setting up a long term fund of some description. High-return but safe investments would create a sustainable fund that could do a lot of things... from offsetting some of the ACC fees to supporting FIA team travel costs to higher education bursaries to... The last thing that needs to happen with the fund would be to roll it into the operating budget either as a lump sum or as an annuity.
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03-31-2011, 08:54 PM | #17 |
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Re: $100,000 Gift To MAAC
ACC fees? Travel fund offset?
............ not much different than putting it into general revenue as those have been regular line items forever? Unless those applications were specified with the donation, lets hope they do better than helping a couple dozen members. Last edited by Sharpy01; 03-31-2011 at 09:00 PM. |
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04-01-2011, 06:36 AM | #18 | |
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Re: $100,000 Gift To MAAC
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My guess would be a big part going in the bank, some going towards infrastucture, and a very lesser part towards some kind of memory thing. Not sure about helping even a couple dozen members. |
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04-01-2011, 07:28 AM | #19 |
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Re: $100,000 Gift To MAAC
travel funds turn into slush funds, absolute no no.
Put the money into some sort of interest bearing account and create some sort of student bursary with the interest so student members have something to study post secondary aeronautics. That's what a legacy is.
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04-01-2011, 02:09 PM | #20 |
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Re: $100,000 Gift To MAAC
The LEAST that should be done is an EXTREMELY nice plaque made acknowledging this EXTREMELY large donation to MAAC and Jack's contributions to the hobby.
The plaque would hang in the MAAC museum I'm guessing. |
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