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Morgan:News:2010 |Moguls| #381
FURLONG TO CARRY ATHENS TORCH; COLLECTOR TO ATTEND FIRST GAMES IN 2010
Some moguls we've bumped into today...
Originally published to Morgan:News:2010:Gold subscribers on June 14, 2004
Morgan:News:2010 |Government| #380
NEW WESTMINSTER TO HOLD PUBLIC FORUM IN FALL ON DRAFT 2010 STRATEGY
New Westminster City Council's 2010 Olympic Committee at a meeting today is expected to approve a draft strategy to "revitalize" the city and entice visitors to come to it during the 2010 Winter Games. And it's also expected to set up a public forum in September for comments on the strategy.
The detailed strategy, prepared by city administrator Paul Daminato after several meetings with the mayor and the six councillors who comprise the committee during the past few months, is expected to run under the theme of "New Westminster: Together in 2010" and runs for several pages. Also involved in the strategy's development was the city's Spirit of 2010 Committee of business and community leaders.
The strategy comes under four headings:
1. "Remind ourselves that we are the original 'City of Champions' and championships":
The section urges the City "revitalize and renew our aging [sports] facilities so they are in first-class shape as training venues during the Olympics and for future generations of our athletes." It also wants to entice the B.C. Sports Hall of Fame to locate in New Westminster, become a "permanent home for B.C. Olympians," host as many "significant" sports events as possible between adoption of the strategy and 2010, including wheelchair curling, which is to be adopted during the 2010 Winter Paralympics, start a search for "future Olympians" and support City athletes who have a chance to compete in the 2010 Winter Games.
2. "Promote a 2010-For-All approach":
This section is aimed at encouraging New Westminster citizens to be involved in sports and fitness activities and to develop a "populist 2010 Olympic Training Program" through "schools, community clubs and city-wide challenges" such as "waterfront walks." The section also deals with encouraging development of city-based Paralympic teams and using the Paralympics as a rationale for improving access for the disabled in New Westminster. It also suggests creating an annual "Together for 2010" winter festival, beginning as early as 2005, to offer family-based winter sports activities with Olympic themes that may need to involve "trucked-in snow." The 2010 version of the festival, it suggests, "would be a giant countdown celebration every weekend during the Olympics, where the entire community can celebrate, meet athletes, cheer on their favourites "on big-screen TVs". The strategy also suggests and offering New Westminster facilities to an "adopted country" -- Great Britain, which is expected to send about 50 athletes and coaches for every event except hockey, was suggested during discussion of the strategy -- before and during the Olympics for training.
3. "Revitalize the City for a 2010 Showcase Opportunity":
This portion of the strategy voices long-discussed concepts for using existing and proposed residential and commercial developments to improve the look and foot-traffic flow in and around the downtown core and waterfront, and is set in the context of several large developments proposed for the City. It suggests the city council also be involved in helping this along, but it may only influence the development permit process rather than see the City put actual funds toward such schemes.
4. "Prepare to host the world Olympics style":
This section is aimed at encouraging New Westminster residents to "open their homes... during the Olympics and pre-Olympic events" to visitors, and to encourage development of centralized marketing programs and booking arrangements, coupled with "short-term bylaws" to facilitate things so that putting up families won't violate city residential-use laws. The strategy would also encourage city residents to entice friends, relatives and previous residents -- particularly those from other countries -- to come or return to New Westminster while the Olympics are on. This section also includes the 'adopt-a-country' approach by suggesting that New Westminster set up the ability to billet teams and their supporters in the Royal City during training and, perhaps, during the Games, although the official athletes villages would be open during that time. Also suggested: "a tug parade" along the Fraser River "to put our city on the world map."
Daminato says the next step in the process would be to develop a plan to marshal the resources necessary for implementing it once the public has had a chance to discuss it, and then "develop an action plan."
BACKGROUND =
Here are the people at New Westminster City Hall involved in the 2010 Olympic Committee:
ELECTED:
Mayor Wayne Wright, Chair
Councillor Casey Cook
Councillor Jerry Dobrovolny
Councillor Calvin Donnelly
Councillor Bob Osterman
Councillor Chuck Puchmayr
Councillor Lorrie Williams
STAFF:
Paul Daminato - City Administrator
Tanalee Hesse - Acting City Clerk
Pat Connolly - Director of Engineering
Gary Holowatiuk - Director of Finance
Carl Nepstad - Director of Fire and Rescue
Dean Gibson - Director of Parks and Recreation
Leslie Gilbert - Acting Director of Planning
Michael McAllister - Solicitor
Lisa Spitale - Director of Strategic Services
City of New Westminster
511 Royal Avenue
New Westminster, B.C. V3L 1H9
Telephone: 604.521.3711
Fax: 604.521.3895
RESOURCES
The detailed New Westminster draft 2010 strategy plan in PDF format:
http://www.morgan-news.com/2010/SupportFiles/2004-06/NewWestDraftStrategy.pdf
Originally published to Morgan:News:2010:Gold subscribers on June 14, 2004
Morgan:News:2010 |VANOC, Business| #379
(FEATURE) AUDIT, TAX ADVICE FIRMS SOUGHT AS FIRST FISCAL YEAR WINDS UP
The Vancouver Olympic Organizing Committee is offering two of the most prestigious assignments for accountants in the world, and it's not limiting the search to Canadians or Canadian firms.
VANOC's vice-president of Finance, John McLaughlin, is looking for proposals from accounting firms to audit the organization for at least the next two years starting with the organization's fiscal year that ends this coming July 31.
And in a separate search, it's looking for an accounting firm to provide it with a wide range of local, national and international tax advice for the next three years, starting in August.
Why just the first two or three years? Because, depending on which firms respond and what they suggest, VANOC's financial flows and tax complexities during that time will be relatively light. But by 2006 or 2007, spending will ramp up exponentially as venue construction gets underway, and eventually money starts flowing back to the organization. It may well need much larger accounting firms to do the work in the last four or five years of its mandate.
Although the firms need not be Canadian, the audit has to be conducted to generally accepted Canadian auditing standards, and there are a wide range of sometimes-intricate work dealing with the tax treatments of a wide range of Canadian governmental and other institutions, as well as supplier tax flows. Not only that, but the audited financial statements will be one of the most scrutinized documents published by VANOC, given the highly charged political environment in which it operates.
VANOC's board of directors has two separate Audit and Finance committees. The Audit Committee is made up of five members and meets about half a dozen times a year. It's responsible for reviewing the annual statements from the auditor and approving them before they go to the full Board for approval. The Finance committee has eight members, including two chairs, and meets monthly to monitor the operational finances of the organization.
CEO John Furlong has prepared an organizational outline in the past few months, and it looks like there will be more than 50 functional sections to VANOC, some of which are operational now, and others will be fleshed out as it grows. [For a list of which director is a member of which committee, and some of the main function areas, see our BACKGROUND section, below].
In addition to its operations -- in its Bid book it projected cash flows of more than C$1.5 billion, in 2002 dollars, from start to finish -- VANOC will also be managing a venue development and legacy program worth more than C$600 million.
Any auditor or tax adviser interested in the work needs to be ready to move quickly. Companies interested in offering their services have to get their proposals and resumes in to VANOC's Counsel and Corporate Secretary, Dorothy Byrne, by the end of June. The firm selected to do the audit, to be chosen by August 6, or the tax planning, to be chosen by August 12, won't be resting on its laurels or taking summer holidays. VANOC wants the year-end audit work completed by September 15, finalized a week later, sent to the audit committee by the end of September, so it can meet with the committee on October 7.
As for the tax-advisory services, there are going to be quite a few complexities to the job, mostly to aggressively ensure VANOC doesn't end up paying tax.
By international tradition, any organization officially connected to putting on the 2010 Winter Games -- and that includes accredited media, sponsors and suppliers -- will be except from customs duties, excises taxes and GST on goods imported into Canada, such as personal effects, gifts, awards, display goods and equipment. The International Olympic Committee is also exempt from Canadian federal income tax, and Canada's 7% Goods and Services Tax (GST) paid by the IOC in its commercial activities is fully recoverable through input tax credits. VANOC, legally a non-profit organization, isn't subject to federal income tax, nor federal or provincial capital taxes. Not only that, but it can get a full recovery of all GST it pays on real property construction costs under most conditions, and even in the cases where it incurs the tax, it gets a 50% rebate because of its non-profit status.
Interestingly, though, VANOC is subject to British Columbia's 7.5% social services tax, also known as the PST. It also has to withhold taxes on payments to people outside of Canada in certain cases, depending on how tax treaties work for various countries. These payments typically would include interest, rents, royalties and some management and administrative fees.
Funds that VANOC received from third-party organizations inside Canada aren't subject to income tax, either, although if they are taxable goods and services, VANOC pays GST or PST.
Both the federal and provincial governments have assured VANOC and the IOC that no withholding or income taxes will apply on shared revenues or surplus that flows from VANOC to the IOC. Shared revenues received by VANOC from the IOC are not subject to taxation, either.
While it may be prestigious work, the successful firm may find it difficult to tell anybody that it's got the assignment. The firm will not be allowed to promote itself as working with Vancouver 2010 or connect itself to the Olympics in any way unless it's got an agreement to that effect from VANOC, nor can it use the idea that it's a supplier to VANOC in any of its advertising or marketing. It's not even allowed to mention the concept to the news media. And that's for the length of the assignment, not just during the selection process. In fact, the only person they can talk to at VANOC until they are selected is Byrne, after that, they'll have full access to VANOC financial staff and executives.
There's another group of people the firm can't talk to either. VANOC doesn't want any lobbying going on in an attempt to politically influence the audit selection process. That means the firm can't bend the ear of anybody at the City of Vancouver, Whistler, the federal government, the B.C. provincial government, the Canadian Olympic Committee, the International Paralympic Committee or the International Olympic Committee.
As expected, neither the firm selected for doing the auditing or the tax advice can be doing any other work for VANOC, in compliance with rulings the past few years where some auditing firms found themselves in tough positions because they were also providing management consulting services to their client, but the restriction also includes any other type of financial services. Thus the firm selected for doing either the audit or tax work can't also be involved in providing the other type of services.
BACKGROUND =
Some of the 50 main functional areas of VANOC:
Legal
Ticketing
The 'Look of the Games' department
Creative services;
Marketing & sales;
Procurement & logistics;
Technology;
Transportation
Venues
Sport
Games services
Games management
Games workforce
Host broadcasting and media services
Environment & sustainability
Finance
Culture & ceremonies
Communications
Accommodations
How busy is VANOC now, financially?
Staff (Full-time equivalents): 40
Cheques issued per month: 175
Invoices paid per month: 250
VANOC currently uses the software program, Simply Accounting, but says it will switch to "a more robust system" within the next year.
==
Here's a list of VANOC'S Board of Directors (and who they represent), and whether they sit on the Audit or Finance Committees:
Jack Poole, Chairman, Vancouver 2010 Board
Peter Dhillon, Government of Canada - Audit Committee - Chair
Marion Lay. City of Vancouver - Audit Committee
Michael Phelps. Canadian Olympic Committee - Audit Committee
Richard Pound. Canadian Olympic Committee - Audit Committee
Richard Turner. Province of British Columbia - Audit Committee
The Province has also appointed Annette Antoniak, who is the deputy minister of the Ministry of Small Business and Economic Development, which oversees VANOC, as co-chair of the Finance Committee with Dobell.
Ken Dobell, Province of British Columbia - Finance Committee - Co-Chair
Jim Godfrey. Resort Municipality of Whistler - Finance Committee
Gibby Jacob. Squamish and Lil’wat First Nations - Finance Committee
Patrick Jarvis. Canadian Paralympic Committee - Finance Committee
Judy Rogers. City of Vancouver - Finance Committee
Chris Rudge. Canadian Olympic Committee - Finance Committee
Tony Tennessy. Government of Canada - Finance Committee
Other Directors:
Michael Chambers, Canadian Olympic Committee
France Chrétien-Desmarais, Government of Canada
Charmaine Crooks, Canadian Olympic Committee
Barrett Fisher. Resort Municipality of Whistler
Rusty Goepel. Province of British Columbia
Paul Henderson. Canadian Olympic Committee
Catriona Le May Doan. Canadian Olympic Committee
VANOC Senior Management at the moment (hiring of executive vice-presidents in five areas is underway now, with some expected to be hired before the end of June):
John Furlong, Chief Executive Officer
John McLaughlin, Vice President, Finance
Terry Wright, Vice President of Development and Operations
Dorothy Byrne, Counsel and Corporate Secretary
Originally published to Morgan:News:2010:Gold subscribers on June 11, 2004
Morgan:News:2010 |Moguls| #381
FURLONG TO CARRY ATHENS TORCH; COLLECTOR TO ATTEND FIRST GAMES IN 2010
Some moguls we've bumped into today...
- The CEO of the Vancouver Winter Olympic Games, John Furlong, will be one of the official torch bearers as the Olympic Torch for the 2004 Athens Olympics moves through Montreal on June 20. The torch route doesn't include Vancouver this year, in part to ensure that the marketing message about the 2006 Winter Olympics being held in Italy isn't compromised. Furlong joins Charmaine Crooks and the Canadian Olympic Committee president, Michael Chambers, who are both VANOC directors, on the torch relay.
The Olympic Relay Committee is made up of representatives from the City of Montreal, the Canadian Olympic Committee, the Cite des arts du cirque, the Consulate-General of Greece, Coca-Cola and Samsung (the two official sponsors of the "Universal Olympic Torch Relay"), and the Athens 2004 Organizing Committee.
Here's the full list of Montreal runners, and a route map:
http://ville.montreal.qc.ca/asurveiller/flamme_en.shtm
- John Campbell, of Port Orchard, Washington State, just south of Vancouver Island, isn't an official torch bearer, but he owns one of the torches made for the 2004 Athens Summer Games. He has memorabilia from every Olympic Games going back to 1896, and the torch is the 17th that he owns. Campbell, who has been collecting items, including medals and participation certificates, since high school in the 1960s has been to Olympic museums around the world but has never attended an Olympic event. But that, he says, will change when he comes to the 2010 games in Vancouver.
- One of the major themes from various organizations around British Columbia in the time leading up to the 2010 Winter Games is to entice major events to the province, in part as a rehearsal for 2010. For example, Whistler Blackcomb will be the first North American resort to hold a FIS Snowboard World Championships in January 2005. Athletes from more than 40 countries will travel to Whistler to compete in the halfpipe, big air, snowboard cross, parallel giant slalom, and parallel slalom events. However, a number of these events are already locking themselves down in other parts of the world. Here are several major winter-sports contests that Whistler, for instance, won't be hosting:
- The International Ski Federation says the French ski resort of Val d'Isere will host the 2009 Alpine World Championships.
- The 2009 World Snowboard Championships will be held in South Korea's Gangwon Province, which narrowly lost the 2010 Winter Olympic Games.
- Other world championships already committed elsewhere:
- 2005
Alpine skiing - Bormio, Italy, Jan 29 to Feb 11
Freestyle skiing - Ruka, Finland, March 17-20
- 2007
Freestyle skiing- Madonna di Campiglio, Italy
Snowboard - Arosa, Switzerland
Alpine skiing- Are, Sweden
Nordic skiing- Sapporo, Japan
- 2009
Alpine skiing- Val d'Isere, France
Nordic skiing- Liberec, Czech Republic
Freestyle skiing- Inawashiro, Japan
- South Korea's eastern Gangwon province may have lost the 2010 bid for the Winter Olympics, but it's going ahead anyway with ambitious plans to build or expand winter sports venues to meet requirements for an Olympic Winter Games. The province will build a new ski jump center and expand the existing cross-country and biathlon venue in Peace Valley in PyeongChang by 2006. It ski jump center will house a tower, which will also be used as a lookout, and K125 and 98 competition jumps as well as three practice jumps. The cross-country course will be lengthened to 15 kilometers from the existing 7.5 kilometers and the biathlon course to 8 kilometers from the current 3.75 kilometers.
Originally published to Morgan:News:2010:Gold subscribers on June 14, 2004
Morgan:News:2010 |Government| #380
NEW WESTMINSTER TO HOLD PUBLIC FORUM IN FALL ON DRAFT 2010 STRATEGY
New Westminster City Council's 2010 Olympic Committee at a meeting today is expected to approve a draft strategy to "revitalize" the city and entice visitors to come to it during the 2010 Winter Games. And it's also expected to set up a public forum in September for comments on the strategy.
The detailed strategy, prepared by city administrator Paul Daminato after several meetings with the mayor and the six councillors who comprise the committee during the past few months, is expected to run under the theme of "New Westminster: Together in 2010" and runs for several pages. Also involved in the strategy's development was the city's Spirit of 2010 Committee of business and community leaders.
The strategy comes under four headings:
1. "Remind ourselves that we are the original 'City of Champions' and championships":
The section urges the City "revitalize and renew our aging [sports] facilities so they are in first-class shape as training venues during the Olympics and for future generations of our athletes." It also wants to entice the B.C. Sports Hall of Fame to locate in New Westminster, become a "permanent home for B.C. Olympians," host as many "significant" sports events as possible between adoption of the strategy and 2010, including wheelchair curling, which is to be adopted during the 2010 Winter Paralympics, start a search for "future Olympians" and support City athletes who have a chance to compete in the 2010 Winter Games.
2. "Promote a 2010-For-All approach":
This section is aimed at encouraging New Westminster citizens to be involved in sports and fitness activities and to develop a "populist 2010 Olympic Training Program" through "schools, community clubs and city-wide challenges" such as "waterfront walks." The section also deals with encouraging development of city-based Paralympic teams and using the Paralympics as a rationale for improving access for the disabled in New Westminster. It also suggests creating an annual "Together for 2010" winter festival, beginning as early as 2005, to offer family-based winter sports activities with Olympic themes that may need to involve "trucked-in snow." The 2010 version of the festival, it suggests, "would be a giant countdown celebration every weekend during the Olympics, where the entire community can celebrate, meet athletes, cheer on their favourites "on big-screen TVs". The strategy also suggests and offering New Westminster facilities to an "adopted country" -- Great Britain, which is expected to send about 50 athletes and coaches for every event except hockey, was suggested during discussion of the strategy -- before and during the Olympics for training.
3. "Revitalize the City for a 2010 Showcase Opportunity":
This portion of the strategy voices long-discussed concepts for using existing and proposed residential and commercial developments to improve the look and foot-traffic flow in and around the downtown core and waterfront, and is set in the context of several large developments proposed for the City. It suggests the city council also be involved in helping this along, but it may only influence the development permit process rather than see the City put actual funds toward such schemes.
4. "Prepare to host the world Olympics style":
This section is aimed at encouraging New Westminster residents to "open their homes... during the Olympics and pre-Olympic events" to visitors, and to encourage development of centralized marketing programs and booking arrangements, coupled with "short-term bylaws" to facilitate things so that putting up families won't violate city residential-use laws. The strategy would also encourage city residents to entice friends, relatives and previous residents -- particularly those from other countries -- to come or return to New Westminster while the Olympics are on. This section also includes the 'adopt-a-country' approach by suggesting that New Westminster set up the ability to billet teams and their supporters in the Royal City during training and, perhaps, during the Games, although the official athletes villages would be open during that time. Also suggested: "a tug parade" along the Fraser River "to put our city on the world map."
Daminato says the next step in the process would be to develop a plan to marshal the resources necessary for implementing it once the public has had a chance to discuss it, and then "develop an action plan."
BACKGROUND =
Here are the people at New Westminster City Hall involved in the 2010 Olympic Committee:
ELECTED:
Mayor Wayne Wright, Chair
Councillor Casey Cook
Councillor Jerry Dobrovolny
Councillor Calvin Donnelly
Councillor Bob Osterman
Councillor Chuck Puchmayr
Councillor Lorrie Williams
STAFF:
Paul Daminato - City Administrator
Tanalee Hesse - Acting City Clerk
Pat Connolly - Director of Engineering
Gary Holowatiuk - Director of Finance
Carl Nepstad - Director of Fire and Rescue
Dean Gibson - Director of Parks and Recreation
Leslie Gilbert - Acting Director of Planning
Michael McAllister - Solicitor
Lisa Spitale - Director of Strategic Services
City of New Westminster
511 Royal Avenue
New Westminster, B.C. V3L 1H9
Telephone: 604.521.3711
Fax: 604.521.3895
RESOURCES
The detailed New Westminster draft 2010 strategy plan in PDF format:
http://www.morgan-news.com/2010/SupportFiles/2004-06/NewWestDraftStrategy.pdf
Originally published to Morgan:News:2010:Gold subscribers on June 14, 2004
Morgan:News:2010 |VANOC, Business| #379
(FEATURE) AUDIT, TAX ADVICE FIRMS SOUGHT AS FIRST FISCAL YEAR WINDS UP
The Vancouver Olympic Organizing Committee is offering two of the most prestigious assignments for accountants in the world, and it's not limiting the search to Canadians or Canadian firms.
VANOC's vice-president of Finance, John McLaughlin, is looking for proposals from accounting firms to audit the organization for at least the next two years starting with the organization's fiscal year that ends this coming July 31.
And in a separate search, it's looking for an accounting firm to provide it with a wide range of local, national and international tax advice for the next three years, starting in August.
Why just the first two or three years? Because, depending on which firms respond and what they suggest, VANOC's financial flows and tax complexities during that time will be relatively light. But by 2006 or 2007, spending will ramp up exponentially as venue construction gets underway, and eventually money starts flowing back to the organization. It may well need much larger accounting firms to do the work in the last four or five years of its mandate.
Although the firms need not be Canadian, the audit has to be conducted to generally accepted Canadian auditing standards, and there are a wide range of sometimes-intricate work dealing with the tax treatments of a wide range of Canadian governmental and other institutions, as well as supplier tax flows. Not only that, but the audited financial statements will be one of the most scrutinized documents published by VANOC, given the highly charged political environment in which it operates.
VANOC's board of directors has two separate Audit and Finance committees. The Audit Committee is made up of five members and meets about half a dozen times a year. It's responsible for reviewing the annual statements from the auditor and approving them before they go to the full Board for approval. The Finance committee has eight members, including two chairs, and meets monthly to monitor the operational finances of the organization.
CEO John Furlong has prepared an organizational outline in the past few months, and it looks like there will be more than 50 functional sections to VANOC, some of which are operational now, and others will be fleshed out as it grows. [For a list of which director is a member of which committee, and some of the main function areas, see our BACKGROUND section, below].
In addition to its operations -- in its Bid book it projected cash flows of more than C$1.5 billion, in 2002 dollars, from start to finish -- VANOC will also be managing a venue development and legacy program worth more than C$600 million.
Any auditor or tax adviser interested in the work needs to be ready to move quickly. Companies interested in offering their services have to get their proposals and resumes in to VANOC's Counsel and Corporate Secretary, Dorothy Byrne, by the end of June. The firm selected to do the audit, to be chosen by August 6, or the tax planning, to be chosen by August 12, won't be resting on its laurels or taking summer holidays. VANOC wants the year-end audit work completed by September 15, finalized a week later, sent to the audit committee by the end of September, so it can meet with the committee on October 7.
As for the tax-advisory services, there are going to be quite a few complexities to the job, mostly to aggressively ensure VANOC doesn't end up paying tax.
By international tradition, any organization officially connected to putting on the 2010 Winter Games -- and that includes accredited media, sponsors and suppliers -- will be except from customs duties, excises taxes and GST on goods imported into Canada, such as personal effects, gifts, awards, display goods and equipment. The International Olympic Committee is also exempt from Canadian federal income tax, and Canada's 7% Goods and Services Tax (GST) paid by the IOC in its commercial activities is fully recoverable through input tax credits. VANOC, legally a non-profit organization, isn't subject to federal income tax, nor federal or provincial capital taxes. Not only that, but it can get a full recovery of all GST it pays on real property construction costs under most conditions, and even in the cases where it incurs the tax, it gets a 50% rebate because of its non-profit status.
Interestingly, though, VANOC is subject to British Columbia's 7.5% social services tax, also known as the PST. It also has to withhold taxes on payments to people outside of Canada in certain cases, depending on how tax treaties work for various countries. These payments typically would include interest, rents, royalties and some management and administrative fees.
Funds that VANOC received from third-party organizations inside Canada aren't subject to income tax, either, although if they are taxable goods and services, VANOC pays GST or PST.
Both the federal and provincial governments have assured VANOC and the IOC that no withholding or income taxes will apply on shared revenues or surplus that flows from VANOC to the IOC. Shared revenues received by VANOC from the IOC are not subject to taxation, either.
While it may be prestigious work, the successful firm may find it difficult to tell anybody that it's got the assignment. The firm will not be allowed to promote itself as working with Vancouver 2010 or connect itself to the Olympics in any way unless it's got an agreement to that effect from VANOC, nor can it use the idea that it's a supplier to VANOC in any of its advertising or marketing. It's not even allowed to mention the concept to the news media. And that's for the length of the assignment, not just during the selection process. In fact, the only person they can talk to at VANOC until they are selected is Byrne, after that, they'll have full access to VANOC financial staff and executives.
There's another group of people the firm can't talk to either. VANOC doesn't want any lobbying going on in an attempt to politically influence the audit selection process. That means the firm can't bend the ear of anybody at the City of Vancouver, Whistler, the federal government, the B.C. provincial government, the Canadian Olympic Committee, the International Paralympic Committee or the International Olympic Committee.
As expected, neither the firm selected for doing the auditing or the tax advice can be doing any other work for VANOC, in compliance with rulings the past few years where some auditing firms found themselves in tough positions because they were also providing management consulting services to their client, but the restriction also includes any other type of financial services. Thus the firm selected for doing either the audit or tax work can't also be involved in providing the other type of services.
BACKGROUND =
Some of the 50 main functional areas of VANOC:
Legal
Ticketing
The 'Look of the Games' department
Creative services;
Marketing & sales;
Procurement & logistics;
Technology;
Transportation
Venues
Sport
Games services
Games management
Games workforce
Host broadcasting and media services
Environment & sustainability
Finance
Culture & ceremonies
Communications
Accommodations
How busy is VANOC now, financially?
Staff (Full-time equivalents): 40
Cheques issued per month: 175
Invoices paid per month: 250
VANOC currently uses the software program, Simply Accounting, but says it will switch to "a more robust system" within the next year.
==
Here's a list of VANOC'S Board of Directors (and who they represent), and whether they sit on the Audit or Finance Committees:
Jack Poole, Chairman, Vancouver 2010 Board
Peter Dhillon, Government of Canada - Audit Committee - Chair
Marion Lay. City of Vancouver - Audit Committee
Michael Phelps. Canadian Olympic Committee - Audit Committee
Richard Pound. Canadian Olympic Committee - Audit Committee
Richard Turner. Province of British Columbia - Audit Committee
The Province has also appointed Annette Antoniak, who is the deputy minister of the Ministry of Small Business and Economic Development, which oversees VANOC, as co-chair of the Finance Committee with Dobell.
Ken Dobell, Province of British Columbia - Finance Committee - Co-Chair
Jim Godfrey. Resort Municipality of Whistler - Finance Committee
Gibby Jacob. Squamish and Lil’wat First Nations - Finance Committee
Patrick Jarvis. Canadian Paralympic Committee - Finance Committee
Judy Rogers. City of Vancouver - Finance Committee
Chris Rudge. Canadian Olympic Committee - Finance Committee
Tony Tennessy. Government of Canada - Finance Committee
Other Directors:
Michael Chambers, Canadian Olympic Committee
France Chrétien-Desmarais, Government of Canada
Charmaine Crooks, Canadian Olympic Committee
Barrett Fisher. Resort Municipality of Whistler
Rusty Goepel. Province of British Columbia
Paul Henderson. Canadian Olympic Committee
Catriona Le May Doan. Canadian Olympic Committee
VANOC Senior Management at the moment (hiring of executive vice-presidents in five areas is underway now, with some expected to be hired before the end of June):
John Furlong, Chief Executive Officer
John McLaughlin, Vice President, Finance
Terry Wright, Vice President of Development and Operations
Dorothy Byrne, Counsel and Corporate Secretary
Originally published to Morgan:News:2010:Gold subscribers on June 11, 2004