On this date twenty-four years ago I was in England, working and living variously with a number of relatives and friends in the Midlands near Sherwood Forest, in Wimbledon, and down into Plymouth. The Plymouth connection arose because I was to meet a solo sailor who needed a crew to get her battered, Tilley Endurable sponsored forty-two foot sailboat from Plymouth down to the Canary Islands. After the Canaries she planned to pick up another crew, sail to the Americas and refit the boat to enter the BOC Challenge, a daunting solo round-the-world race. Good on her for trying, but after five days aboard the Endurable I feared the boat wouldn’t make it out of Plymouth Harbour so I jumped ship and headed for my cousin’s place in Wimbledon.
This month marks the two year anniversary of the coming into force of the Canada Not-for-profit Corporations Act. If your organization has not transitioned yet, you are not alone. Only 1,800 of the 19,000 federally incorporated not-for-profit corporations have transitioned to the new Act.
Corporations that do not make the transition by the October 17, 2014 deadline will be dissolved. It is very important to note that dissolution will affect the status of a registered charity and may result in a revocation tax equal to the full value of the corporation’s remaining assets.
The steps to transition are not overly complex but do take some time and planning. Organizations are required to revise their By-laws and prepare Articles of Continuance. The revised By-laws and the Articles must be approved by the Members prior to being filed with Corporations Canada. Most organizations have obtained the approval at their Annual General Meetings of Members. Given meeting notice requirements and the potential time involved with revising By-laws, the process should start no later than four months before the next Annual General Meeting. Read the rest of this entry »
This is an update on the story underlying my blog post of September 11, 2013, about the charity receiving a very generous, unexpected, and odd donation.
My friend just emailed me to follow up. After our lunch my friend told his finance department to alert the charity’s bank to the potential fraud. The bank reported back today that the cheque did not clear. The charity is relieved that it did not heed the instructions of the suspicious donor.
Interestingly, it turns out the cheque was actually a money order. As money orders can be obtained widely, they too can stand out as a fraud red flag. Widely obtainable money orders suggests they can be widely counterfeited too.
Now the charity is contacting the police. While we know the likelihood of catching the fraudster donor is small, alerting the police will start, or add to a trail, and also act as a heads up for other charitable organizations, as you can be sure that the fraudster will not target just one.
So, please think of this when you write your next non-fraudulent cheque to a charity of your choice, and perhaps add a little more. I hear they’re about 20,000 GBP down this month.
We recently came across an article announcing “Dell shareholders approve $25 billion buyout to go private”. This headline likely attracted readers interested in Dell and what this transaction means for the company. It is also likely to attract readers interested in the dollar figure included in the headline. What we realized, however, is that some readers may be unaware of what it means when a corporation is referred to as a “private” company.
I had lunch on this infamous date with a good friend who runs the charitable giving arm of a particular national disability organization in Toronto. The charity had received a donation cheque for 20,000 GBP in the mail the other day and they were quite pleased and surprised by it.