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Gaidhealtachd Sailing
‘RULES
FOR UNDERWRITING CLUB EVENTS'
Purpose of Underwriting
Clubs can be put off organizing events if there
is a financial risk based on the uncertainty of take-up. This uncertainty
results in ‘tentative’ events which unfortunately attract ‘tentative’ support.
GS can ‘underwrite’ agreed activities within the limits and rules described
below to reduce the financial risks to clubs and to allow clubs to make firm
plans. By ‘underwriting’ GS will make good a shortfall should the club’s event
not produce the intended income to cover costs; however, if the event is
financially successful, the club will not call on the GS funds. GS will charge a
premium for underwriting.
Limits to Underwriting
GS will underwrite training or sailing events to
a maximum of £300 or 50% of the cost of the event, which ever is lower. All such
events must be in line with GS’s mission to promote sailing in the Highlands and
open to GS clubs to participate. The GS Officer Bearers will limit the risk to
GS and therefore GS cannot guarantee to underwrite events even if they meet all
the criteria.
Premium
The premium for underwriting in financial year
06/07 has been set by the GS Committee at a flat rate of £25.
Process
Clubs seeking GS underwriting should submit a
written request to the Treasurer GS at least 2 months in advance of the event.
The submission should state the purpose of the event and a breakdown of
anticipated costs together with planned income. The GS underwriting is not
intended as a grant so the anticipated costs and planned income should balance.
The submission should also show how the club intends to promote their event. The
Treasurer GS will forward the request to the GS officer bearers with his
recommendations for a decision. The decision will then be communicated to the
club in writing by the Treasurer GS. At that point, the requesting club must pay
the premium for the underwriting to take effect. No more than 2 weeks after the
event, the club should submit its balance sheet to GS to call on the
underwriting fee (or part of the fee) should income not have matched agreed
anticipated expenditure. (doc
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