The media is reporting that CRA has seized the bank accounts of The Land Conservancy. Apparently they will be allowed to money to pay staff. People know TLC is in trouble but TLC has nothing of any substance on their website to keep anyone up to date.
(added at 8:45 am September 1st - the Times Colonist is reporting this morning the freeze on the accounts has been lifted, there is still nothing on The Land Conservancy website about this latest crisis moment in their financial problems.)
Their bank accounts were seized because they owed GST on property transactions and they had not paid employer portions of what is owed to the Feds. Maybe the next campaign slogan could be "Help us raise money to protect the revenues of the government".
The fact that it got to the point of CRA seizing the bank accounts means TLC has had arrears for a long time and really does not speak well to them being able to set priorities or stay on top of crucial payments. The TLC board treasurer noted in the TC article that a $23,000 cheque to CRA was caught in this freeze. What I wonder about that is why they did not walk that cheque down to the CRA offices on Vancouver Street? I also have to wonder why they were not communicating enough with CRA to tell CRA a payment was being made?
At least one of the solutions I think has to be considered is being considered in part
Briony Penn, vicechairwoman of the TLC board, said the group is talking with other conservation organizations about the possibility of passing properties over to them.
"We have known for some time our options are very limited, so we are having conversations over the next month with some of these organizations," she said.
I am concerned the AGM has been postponed till November because I doubt the financial statements will be made public before the AGM. The financial statements will also only cover the books to the end of the fiscal year which is April 30th. By the time of the AGM the financial statements will be six months out of date. I hope they make some interim numbers available at the AGM to show what has happened since the end of April. I also hope they come forward with a clear five year plan.
This is a crisis for TLC, but there is nothing about this on their website. If it were not for media reports the public would not know the situation is graver than people think.