CSCA FINANCIAL GUIDELINES
Adopted August 15, 1998
Purpose: Because the CSCA has a substantial treasury and flow of funds unprecedented in prior years, it is prudent to establish financial guidelines.
- All funds should be maintained in a checking account in the name of the Connecticut State Chess Association. In the absence of a tax identification number, this should be a non-interest-bearing account.
- All transactions should be on a "gross" basis, not on a "net" basis. Organizers should pay the CSCA full amounts due the CSCA, and the CSCA should pay organizers the full amounts due organizers. Debits and credits should not be offset against each other.
- The treasury should maintain a minimum balance of $400 for emergencies and special situations.
- No more than $200 should be allocated to any one organizer's proposal that is not CSCA business or a CSCA tournament.
- At present, primary sources of revenue are:
- Bidding for the CT Scholastic Championships
- USCF S.A.S.P. Funds (which must be spent on projects acceptable to the USCF);
- Profits from the CT Championship Tournament,
- Membership Dues, and
- Profits or bid fees from other CT Titled Events.
- With respect to CONNECTICUT TITLED EVENTS, the CSCA Board of Directors shall decide, for each event:
- Will the CSCA Tournament Coordinator run the event, subject to terms set by the Board of Directors?
- Will the CSCA put the event up for bid?
- Will the CSCA assign the event to a chess organizer with a predetermined profit/loss allocation?
- If the CSCA runs an event itself, considerations in choosing a tournament director should be given to:
- Prior experience for that type of event, and
- Amount of tournament director fees requested, and
- Rotation (to provide experience for all CT TDs).
- If the CSCA guarantees a contingent loss on a tournament, and a loss occurs, such guarantee should be reduced by the amount of any tournament directors' fees paid.
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March 10, 2014