ࡱ> BDAq` rbjbjqPqP k(::{ttttttt$P,R#$TTTTT"""""""$v$h&"tX<@@XX"ttTT #XXtTtT"X"Vi!@tt-"TH IoX! ""#0R#!xx'x'-"x't-"<l.*""XR#XXXX$tttttt  CANADIAN AMATEUR DIVING FOUNDATION INC Report to Annual Meeting of Canadian Amateur Diving Association November, 2005 The CADA Foundation was incorporated as an independent corporate entity on April 29, 1991 under the Canada Corporations Act with the stated objective in its incorporating documents as follows: To foster, finance, assist, support and contribute to the art as well as the sport of diving in its national and international pursuits. The current directors of the Foundation are Vaughan Baird, George Plourde, David McCall, Eldon Godfrey, Bernie McCashin, Linda Cuthbert and Scott Sinclair. (Benoit Seguin will be added as a Director effective April 1, 2005) As a legacy of the 1988 Winter Olympic Games, CADA received a grant of monies, in an amount of $223,000, from the Canadian Olympic Endowment Program When the grant monies were received by CADA, the CADA Board of Directors wished to ensure that such monies would be used for the long term benefit of Canadian Diving and to assist in CADA achieving a measure of financial stability and independence. The grant monies were placed with the Foundation on the express understanding that the principal amount of the endowment funds would remain intact but that income earned on such principal would be available for distribution to CADA from time to time to financially support CADA programs. Since inception, in addition to the initial contribution of $223,000, CADA has contributed $55,000 to the Foundation and has received distributions from the Foundation of $182,807 resulting in a net benefit to CADA of $127,807. The current value of Foundation assets (as detailed below) is $369,231. Other than CADAs contributions to the Foundation, there have been no material contributions to the Foundation from other sources. The increase in value of Foundation assets is the result of investment decisions taken by the Foundation since inception. The current value of Foundation assets (as of September 30, 2005) is $369,230.68 consisting of the following: Fixed Income Investments $304,412.96 Trimark Interest Fund $ 7,990.74 China Dragon Notes*** $ 49,795.00 Cash $ 7,031.98 -------------- $369,230.68 All Foundation investments are denominated in Canadian dollars. *** The China Dragon Notes are China Dragon Index Active Protection Notes. The Notes are principal protected (so long as held to maturity) non-interest bearing promissory notes issued by the Business Development Bank of Canada linked to the Merrill Lynch China Dragon Active Protection Canadian Index II. The reference index is intended as a proxy for the Chinese economy and therefore, return on the investment is linked to performance of the Chinese economy. The investment was made on the understanding that it would be held to maturity (approximately 7 years). In February of 2004 the Foundation made a distribution to CADA of $15,000. It is anticipated that a further distribution of $15,000 will be made to CADA prior to the end of calendar 2005. Foundation assets are all held in an investment account with CIBC Wood Gundy at 2500 1055 Dunsmuir Street, Vancouver, B.C., Investment Advisor: Randy Clowes. The Investment Committee of the Foundation consists of Mr. Baird, Mr. Godfrey, Mr. Sinclair and Mr. McCashin. The Investment Committee communicates by conference call on a periodic basis with the Foundations Investment Advisor in reviewing and selecting investments for the Foundation. No amounts are paid by way of compensation to Board members, nor is there any current intent to do so. As stated above, since inception the Foundation has received contributions from CADA (in addition to the initial contribution of $223,000) in an aggregate amount of $55,000 and private contributions of $1800. Since inception, the Foundation has made distributions exclusively to CADA in an aggregate amount of $182,807. Annual Financial Statements of the Foundation are prepared by Kathy Stewart (in CADAs Ottawa office) and are available for review at CADAs offices in Ottawa. Collins Barrow is conducting an audit of the Foundation for the financial year ending March 31, 2005 and it is anticipated they will do so on an on-going basis thereafter. Submitted at Calgary, Alberta, October 22, 2005 By Bernie McCashin, President     AGM 2005 AGA November 18-20 Novembre Report/Rapport AGM 2005 AGA November 18-20 Novembre Report/Rapport  ()*+Vv|}> ? 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