Funding Information
Royal Victoria Yacht Club maintains four Racing Funds:
a) Junior Development Fund
b) Intermediate Racing Fund
c) Olympic/Paralympic Fund
d) National/International Racing Fund (Discretionary fund via RFC)
The RVYC Annual outlines the administration, disbursement, and principles of the Racing Funds. It contains specific information about each fund and should be referenced by each applicant. The rules surrounding the funds are as outlined in the RVYC Annual, plus these instructions and guidelines outlined below.
The Racing Funds Committee also administers the Wall of Excellence; see the RVYC Annual for details.
Introduction
These Funds are in place to provide opportunities for RVYC members to attain their highest goals in the competitive sailing. The approval for disbursement of these funds must follow a set of rules to ensure fairness for all and respect for the generosity of the club and its members.
The purpose of these Funds is to promote participation by members of the Royal Victoria Yacht Club in National and International yachting events, or their qualifiers, and to financially assist such endeavours. The funds do not support local regattas such as most of the BC Circuit events and “local” events in neighbouring regions. To qualify the event must incorporate a spirit of higher performance or regional /national / international competition.
The Intermediate Fund is meant to assist “bridging the gap” between youth sailing and higher pursuits such as appropriate World Championships and International Games such as the Olympic Games.
Pursuits focused on a single event are better funded through the National / International Racing Fund. In this case, a team should submit a letter of application to the Chair of the Racing Funds Committee providing details of the event and the funds requested. This should be done as early as possible in the fiscal year. The process and forms described below are not used for the National / International Fund.
An important consideration for funding is how you represent your club. The expectation is that you will put forward your best effort to attain your goals. This includes being committed to pursuing sailing as an elite athlete, planning your events, training hard, planning your travel and accommodations appropriately and conducting yourself as an ambassador of the Royal Victoria Yacht Club. Failing to represent the club appropriately can result in the forfeiture of funding.
The Racing Funds Committee, as outlined in the Annual, administers all racing funds. This committee reviews the applications for funding and decide what level of funding will be awarded. The Racing Funds Committee meets twice a year, as a minimum. The Spring meeting is to meet applicants, review applications and determine budget estimates. The Fall meeting is to review applicants actual expenses, review results, and issue funding. The year for funding purposes runs October 1st – September 30th of the following year. This follows the club’s financial year and can be challenging if one or more events fall in the subsequent funding period.
Approved Expenses
1. Entry Fees - The committee considers the early entry fee as appropriate. It is expected that your planning will ensure that you do not incur late entry fees.
2. Travel - You are expected to choose the most cost effective means of travel. If you travel as a group or family, you must report only your portion of the expenses. If using points to travel, the committee will look at normal flight costs for that time as equivalent, so please provide an equivalent cost estimate. Business or First Class is not considered most cost effective unless proven as such.
3. Lodging - cost effectiveness is expected. Many events will have a host hotel that may offer a special rate. Billeting may be available. Sharing accommodations is encouraged. Only the individual athlete’s costs will be considered if travelling as a group or a family.
4. Food - As meals can be somewhat subjective, reimbursement will be on a “per diem” basis for all racing days. The current rate will be provided for you in the Funding Spreadsheet.
5. Towing expenses/shipping costs– if shared, should be each participant’s portion of transportation.
6. Club Expenses – The charges allotted by the club for team attended events. ( these are not broken down on club statements, however, the Sailing Office does supply the committee with breakdowns for analysis)
7. Boat Charters - may be the only solution and do qualify for funding.
8. Others reasonable costs are considered and may or may not be approved.
Process for Application for Funding
***Funding Spreadsheet is available from the Sailing Office. It should be used and submitted in an editable format for the committee to compile the data.
For the Spring
1. Use the provided funding spreadsheet and customize it to your event schedule.
2. Estimate your amounts of approved expenses. Use the Funding Spreadsheet. (Ensure name, member number, class and estimated costs for each event are filled out)
3. Write a cover letter giving an outline of your goals, training plan including fitness.
4. Submit the above documents to the Sailing Office one week before the Spring meeting, each year (Date announced each winter.)
5. Attend the spring meeting to introduce yourself and outline your plans.
For the Fall
1. Keep all receipts except for per diem expenses i.e. food as you attend events.
2. In September, complete Funding Spreadsheet with name and year and actual costs and submit electronically in a editable format. Attach/submit receipts physically or electronically (preferred).
3. Write a cover letter outlining your results during the season.
4. Submit the actual costs documents to the Sailing Office. Due September 15th annually.
Post Funding Received
1. Write a thank you letter to the Club, Attention: Chair of the Racing Funds Committee.
How much Funding can I expect?
1. RVYC will not fund all of your costs. The Funds provide a percentage of approved expenses based on the current available monies.
2. It is expected that the athlete will cover his or her costs up front and then be reimbursed by the Fund.
3. The Club endeavours to send reimbursement cheques by the end of the club's fiscal year, September 30th or as close to that date as possible.