Hockey Canada has a third reserve fund to help cover potential uninsured or underinsured liabilities such as sexual\u002Dassault lawsuits, interim conclusions from…
We apologize, but this video has failed to load.Cromwell cited numerous concerns with how these liability reserve funds were governed.
Among other top takeaways from Cromwell’s interim report is that the NEF — the “National Equity Fund” — indeed is not a slush fund, and its existence not only is not scandalous, but proper. “Many not-for-profit corporations create reserve funds as a risk management tool, to ensure they have sufficient resources to respond to risks, if and when they materialize,” the report said. “Hockey Canada’s must be understood and assessed in this context.
“The NEF and the IRS Fund are used for purposes that are not fully disclosed in the financial statements … Hockey Canada used the NEF to collect monies for annual insurance premiums from participants, pay those premiums, and transfer any surplus reserve funds to the IRS Fund from time to time. The latter two uses are not reflected in the description of the purpose of the NEF disclosed in the financial statements.
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