FAQ - Fundraising
How much will the move cost?
Our current estimate for furniture, fixtures, equipment and moving / installation costs is in the range of $500,000, the largest capital outlay in our Club's almost 100 year history.
How is the move financed?
The move is being financed through a combination of a loan, fundraising efforts and the Capital Development Fund. The Board of Directors are keen to limit the Club’s financial exposure. As such, the Club has sought professional assistance with corporate fundraising efforts and is the process of pursuing partners and sponsors for the new facility.
In addition, a variety of financial institutions were contacted in order to ensure the terms of any credit facilities were as competitive as possible before we signed a seven-year loan with VanCity Credit Union. It is important to note that fundraising efforts are not limited to this year only. The Board of Directors anticipates fundraising efforts will continue until any bank loan is repaid.
What is the 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 began in the 2009-2010 season with a $35 per member contribution to the Capital Development Fund (CDF). The $35 per member CDF contribution is used only 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.
During the 2009 / 2010 curling season the Club was also successful in generating special income of $15,400 from special events during the Olympic hiatus which as transferred to the CDF.
As noted above, 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.
Why are VCC members being asked for help in financing the move?
At present, the VCC operates in a Park Board Facility (our current building) and pays an annual nominal lease fee. The Hillcrest Olympic/Paralympic Legacy Facility is also owned by the Park Board. The Vancouver Curling Club did not contribute to the building construction costs. However, the Club is responsible for its own furniture, fixtures and equipment in the new building. This is similar to leasing space in an office building where the tenant purchases its own equipment and furniture.
How can I help?
VCC members can now contribute to our new home by making a tax-deductible donation (or gifts in kind or capital property such as stocks and bonds). All contributions will be used exclusively to pay for furniture, fixtures and equipment needed to make the transition to our new Club.
To learn more about the “Test Your Draw Weight” Charitable Campaign, please click here.
You can also help by approaching your company’s marketing department or owners to investigate if a partnership with our Club and the programs we support is consistent with your company’s objectives. The VCC is looking for corporate sponsors for the new facility so we are interested in speaking with any and all companies who want to be partners with the Club and help support our diverse membership.
The Club is also interested in speaking with businesses who can help support our move to the Olympic Legacy Facility in the summer of 2011. You and/or your business may have skills and services which could be usefully contributed to defray the costs of this move. In addition, your company may have new items that it wishes to donate to help furnish our new digs. Examples are furniture, office equipment, audio/visual equipment, telecommunications set-up, bar glasses, etc.
Please contact our Executive Director, Willa Thorpe, to see how you might help and how you and your company will be rewarded.