Over the past year, Hockey Canada has had net funding reserves in the order of $143 million.
This is what the newspaper “The Globe and Mail” reported on Tuesday, specifying that this is the financial surplus of the non-profit organization. This non-taxable amount is significantly higher than the $21 million in 2003.
“These funds have been built up year after year thanks to the surplus generated. For a non-profit entity, it's really advantageous,” commented to this source Kate Bahen, executive director of Charity Intelligence Canada, an organization that analyzes data from organizations of this type in the country.
The media, which was able to get its hands on more than thirty financial audits under the Access to Information Act, found that the federation concerned had increased its assets by $125 million since 2003. the total amount of these is estimated at $153 million for the past year; of this total, $25 million was made up of cash. Investments were $118 million, up from $8.4 million 18 years ago.
Hockey Canada is experiencing turbulent times after reaching an out-of-court settlement with the alleged victim of a gang rape committed by junior players in June 2018. In the past few weeks, the board and general manager Scott Smith have submitted their resignations, following numerous pressures – including from the government federal – for immediate changes in senior management.
On the financial side, some contingency funds have been created by Hockey Canada for uninsured claims. Their discovery quickly aroused the ire of many stakeholders from the political and sporting worlds, in particular.
Katrine Johns has been a reporter on the news desk since 2013. Before that she wrote about young adolescence and family dynamics for Styles and was the legal affairs correspondent for the Metro desk. Before joining The Gal Post, Katrine Johns worked as a staff writer at the Village Voice and a freelancer for Newsday, The Wall Street Journal, GQ and Mirabella. To get in touch, contact me through my email@example.com 1-800-268-7128