CANADA REVENUE AGENCY LIFTS HOLD ON CONSERVATION ORGANIZATION’S BANK ACCOUNT
VICTORIA– Two and a half months after beginning a restructuring process, The Land Conservancy of BC has come to an agreement with the Canada Revenue Agency (CRA) regarding the repayment of monies owing to the Agency.
“CRA had frozen our accounts, making it impossible for us to operate,” said Briony Penn, Vice-Chair of TLC’s Board of Directors. “TLC’s continued cash flows from members, supporters, and income earning facilities has enabled us to pay down these arrears significantly. CRA understands that allowing us to operate is to our mutual benefit, and is critical to the success of the restructuring process.”
The arrangement with CRA comes with conditions, regarding payment of arrears with them and on an ongoing basis, but will allow TLC to continue to operate and pay staff and other costs related to the ongoing work of the organization. “It will also allow us to finalize our restructuring plans with employees, lenders, other creditors,” Penn said.
Penn emphasized that TLC’s restructuring will ultimately result in a financially stronger organization. A small piece of the restructuring is moving their head office to a donated office space. Also, while TLC is discussing possible partnerships with other conservation agencies and NGOs with respect to its properties, legally, TLC cannot jeopardize the protection of any of the conservation properties it has secured over the past 15 years.
TLC appreciates the continued support and patience from its members, donors, volunteers and supporters as it carries out the transition.
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For more information: Briony Penn 250-653-9996
