New Capital Development Fund
During the 2009 AGM, members voted in favour of a Board of Directors’ recommendation to establish a legacy fund for the purpose of fund-raising for the required furniture, fixtures and equipment (FF&E) that will be needed for the new facility.
The first step of fund-raising begins in the 2009-2010 season with a $35 per member contribution to the Capital Development Fund (CDF).
Since the 2005 season, club members have been paying a column levy that was established to cover the capital costs for column repairs inside the ice shed. The final payment on this column levy was made during the past season so the club has now completely repaid the loan.
The new $35 per member CDF contribution will only be used for the purchase of the furniture, fixture and equipment (FF&E) that will be needed when the club moves into our new facility for the 2011-2012 season.
Based on an estimate of 830 members, the members' CDF contrinutions will bring in just over $29,000 during the upcoming season.
This amount is most certainly not nearly enough to cover all of the FF&E purchases that will be required but, over a couple of seasons, the club will be able to show financial institutions that we can service debt on any future loans as well as show potential granting agencies that we have matching funds. The overall plan for fundraising for the new facility is part of the Business Plan Principles.