Quote:
Originally Posted by Strange Brew
The Flames foundation raised about $8 million in 2021, with over $7.5 million of that coming from the 50/50 raffles. A little over half of that was donated to charities, the rest sits in the bank. Now much of that lag can be explained by Covid and the slow pace of donations in 2020. But still the Foundation had $6.5 million in unrestricted cash waiting to be given away as of their most recent public set of financial statements. That is unnecessarily large and seems to be a recurring issue for them.
From what I can tell, CSEC donates very little to the Foundation as nothing is disclosed in the related party footnotes. And the Foundation reimburses the Flames for things like office space and employee payroll.
When the Flames foundation talk about their contributions to amateur sports, playgrounds, charities etc., it is really the fans money that is being donated.
I mean it's a good thing that the Foundation coordinates the 50/50 and everything. But I suspect many people believe the Flames owners are putting more forward than they are.
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Same thing with the Saddledome Foundation's annual donations to Hockey Canada, Winsport and the Parks Foundation. Nominally that's money that has been donated by the Flames.
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in lieu of rent.