3:32 AM Mon 12 Oct 2009 GMT
Financial Results for year ended March 31, 2009 show a turnaround in the Canadian Yachting Association's (CYA's)finances.
From a deficit of $209,258 in '07/'08, the situation has dramatically improved to a surplus of $110,012 in '08/'09.
Commenting on the results, CYA President Gerry Giffin expressed his satisfaction that the tough decisions that the Board had made were paying dividends. 'CYA has undergone a significant transition over the last 18 months. We now have a new governance model with a smaller, more strategically focused Board that has faced up to the significant financial challenges' he said.
The CYA has suffered significant financial losses over the period from 2003 - 2008, in excess of $1 million. These losses caused a cash flow crisis for the organization, requiring immediate action to ensure the organization's solvency.
The Board felt that a restructuring of the CYA operations was necessary to prevent further losses.
Reductions have been made in the number of administrative staff and one senior leadership position has been eliminated. Coaching and athlete support resources have been maintained.
The CYA's mission is becoming more focused on its primary responsibility as the National Sport Governing body for sailing in Canada.
Giffin further noted; 'The CYA Board continue to implement the procedures necessary to guarantee the long term health of the Association, while, at the same time, providing excellent services to members, partners and other stakeholders. We gratefully acknowledge the contribution of the CYA staff under the guidance of outgoing Executive Director Peter Wood.
'We welcome his successor, Paddy Boyd, and look forward to stabilizing and strengthening the position of Canadian sailing as we focus on our core business, working in partnership with all our members and stakeholders.
by CYA Media
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Double Is Pt, QLD
