November 27, 2018
During the 2018 Annual General Meeting a recommendation from the Zone and Division Presidents was forwarded to the Board of Directors requesting the board provide a report to the zone and division presidents regarding how the CSP will safeguard the proceeds of a potential sale of the building housing the CSP Head Office at 4531 Southclark Place in Ottawa, Ontario.
The Board of Directors reviewed this request during its meeting in October 2018 and directed the Financial Oversight Committee (FOC) to provide to the Board of Directors a report and recommendations on how the cash proceeds from a sale of the Ottawa office would be used by the CSP.
The FOC was given guidelines to conduct this review and make recommendations on:
- Specifically replenishing contingency funds in accordance with the motion of the board of directors of November 2015;
- Providing an accurate assessment of the amount required to restore the contingency fund(s) to the level as recorded in the 2011 national budget of the Canadian Ski Patrol, and
- Preparing recommendations for consideration by the board of directors with respect to:
- preservation of the net amount of proceeds after implementation of #1 and #2 above;
- ensure financial capacity to respond to opportunities for strategic investment in purposes, stability and future of the Canadian Ski Patrol;
- protect from “Black Swan* events” risk events, and
- with consideration to shelter from risk attributable to legal actions.
*Black Swan event: (def): An event/occurrence that deviates beyond what is normally expected of a situation and is extremely difficult to predict; typically random and unexpected.
The FOC is to provide a report and recommendations to the Board of Directors no later than March 31, 2019. The Board of Directors will determine how the proceeds from the sale of the Ottawa building will be allocated after considering the FOC report and recommendations. The Board’s decisions will be shared with the Zone and Division Presidents.
The Board of Directors has directed the President and CEO to place 4531 Southclark Place in Ottawa on the market, retaining a commercial realtor, and creating a listing. Reports that we have received from two separate real estate agents lead us to believe that the sale most likely will take at least 12 to 18 months.
Updates on the current status of the sale and the report regarding the proceeds will be forthcoming.
Please direct any questions to Bruce Robinson, President and CEO (bruce.robinson@skipatrol.ca).
Best Regards,
Anne Haley-Callaghan
Chairperson, Board of Directors
(anne.haley-callaghan@skipatrol.ca)
This post is also available in: French