Posted by Editoress on 08/22/09
The recent freeze on payments of gaming grants to sports and community organizations has created cash flow challenges for many non-profit organizations throughout the province. This freeze on payments has now been lifted but uncertainty remains about the timing and amount of funds that will be issued to different organizations. In 2008, Cycling BC received a multi-year funding commitment from the Gaming Branch and is consequentially remaining cautiously optimistic about the size of grant we will receive. However, we remain unsure about when we will receive the grant and may need to take precautionary measures to ensure our organization is capable of meeting its financial commitments in September and October.
With this in mind, the Cycling BC Board of Directors has called a Special General Meeting to request membership approval to use a line of credit in the amount of $50,000. The line of credit requested is only to be used in the event that the gaming grant has not been received by the date of the special general meeting and approval for its use will only last until our gaming grant is received or the date of the Cycling BC Annual General Meeting, whichever is sooner.
The meeting is scheduled for:
Date: Thursday 3rd September, 2009
Time: 7:00 p.m.
Location: Park Inn - Vancouver Broadway: 898 West Broadway, Vancouver.
In the event that Cycling BC receives its gaming grant before September 3rd the meeting will be cancelled as Cycling BC will no longer need to access a line of credit. Notification of any cancellation will be sent via email and posted on www.cyclingbc.net. Please note a Special General Meeting can only be used for the specific reason it was called and no other form of association business can be conducted.
Please feel free to contact me directly via email or phone (604-737-3164) should you have questions regarding the meeting and or gaming grants.
Chief Executive Officer
Cycling British Columbia
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