$234,000.00 Race Banking Details

Paragraph 3 you state a minimum of 150 entrants and later it changes to 120. Is this a Canadian bank, a US bank or an international bank? Are currency exchanges an issue for deposit and refund?

Do the bank guards carry paintball guns or water balloons?

I bet they don't want water on anything! Maybe they use red balls to make it look real?

150 interested parties was stated
120 Actual entrants was stated
the two are different.
a credible bank of Canadian Nationality, the funds are in Canadian Dollars was stated.

Are currency exchanges an issue for deposit and refund?good point here I will also inclue this, currency exchange rates will be that of the current bank of canada exchange rate.

Isnt this a monohull event?

I vote to boycott sail2007 threads. If we dont respond, he'll go away.

Why wouldn't catamaran sailors be as interested as monohull sailors in doing a race of this kind? Good cat sailors can sail anything. <img src=

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I have spoken briefly with Sail2000 about this event, he seems as if he has a genuine interest in putting it on.

I have no idea who he is, no idea if he could actually pull it off, but I hope he does.

Actually I hope anyone with a crazy idea that promotes sailing can pull it off. I like crazy ideas. The Worrell was a crazy idea.

There are so many threads on just about every sailing forum, on every sailing newsletter, and on just about every sailing website at one time or another that talks about how to increase participation. Then some guy steps up to try and do something about it, and so many feel the need to trash him.

Personally, I dont think your going to get 120 sailors, but I hope Im wrong. And if Im right, Ill still buy you a beer for having the balls to try.

No one bashed him because of his

crazy

idea. He was bashed because his process for getting funding, how the funds would be controlled and the vague process of getting boats didn't pass the smell test. He may be a stand up guy but he needs to learn how to set up an event that will have no questionable issues.

Thank you Brian for your comments here, I will see your beer, and raise you a second at my expense. And if It does happen, and will if those numbers are there, then I will pay for the whole bar tab,that we run up.

If I recall, the original intent was to solicit feedback on how to structure a cash prize race, not to get multihull sailors to enter (although I guess that would be a side benefit).

I'll say it's nice to see someone try to grow the sport, even if I may not agree with the method.

As most indicate, caution is necesary to ensure something like this doesn't end up as a black eye to the sailing community.

Save the big cash prize for next season (using the profits from this season). Have someone donate a new car to give to the winner this year instead.

Sail 2007

In place of using a bank, why not use Business Escrow Company, there are plenty of them out there that do transactions like this between the US and Canadian companies. With this, there would need to be a designated agent for the payee on both sides of the transaction and would require you and those that enter the race to establish a spending committee. Please note I commend what you are doing with trying to promote racing and get something going, but with all the scams out there people a very leery about send hard earned money off with not recourse.

Thanks great input here.

My Knowledge on Business Escrow Companies is very limited I admit here. My thoughts are that maybe this is common place in the United States. Do people trust a business escrow, over that of a Bank holding in trust, managing and administering under strict legal guidelines of use of these funds? In Canada its not all that common on escrows.

I am shying away from the whole escrow thing as I would like to stick with the knowledge I both know and trust, I have had in my past many courses on investment, as at one time this was my carrier, but honestly none of those courses or licences held had anything to do with escrows.

Also I have read that Mr. Worrell in his million dollar event, used this method, I am not sure what contributing problems he had with this, but one thing is certain people lost their money.

The funds as stated at my first thread here, are safe as the Bank itself handles the money, through contract following those exact guidelines above. I will upon my contact with the bank in drawing up those papers, ask the bank on the whole escrow thing, the laws in Canada could be different, or maybe this is the manner the bank will establish. I will post their response on it all.

Ok Guy's and Gal's

Its break time, I have been working 8hrs a day on my regular job, and up to another 8hrs on this, so my web guy sent me a stress relief in my email, I hope you find it as funny as I click below. you need sound.

chowmein joke

One of the series is reserved for Corporate Challenges, here is the details, feedback is welcome!

“Corporate Challenge Series”

Corporations are encouraged to take part in this event, posting a notice in their local offices. As to find staff experienced in sailing to sail on the corporations behalf. We suggest this done by posting a sign up sheet at your various offices. The event gains great exposure has an environmentally clean image to associate your business with, and builds good positive team effort to achieve an ultimate goal.

We further suggest any corporation participating in this challenge to send a written invitational from top level to their rival competitor, by way of friendly healthy good sport, to likewise participate. In thus the end result will motivate not only your chosen crews on the water, but as well within your corporate structure.

• Corporations must when registering for the event, elect the event series date of June 27th 2007 running to July 06th 2007, as these dates have been reserved exclusively for all corporate challenges.
• A Corporation, Business or Enterprise may only register one boat team in this event, the Boat will be supplied.
• Required are: One team Captain
Two Crew members
One Auxiliary Crew replacement
• The Corporation is required to pay the entrance fee for their Team; the fee is $2,800.00 CDN. Currency
• Each Corporation entering limited to 12 total, shall as means of sport event sponsorship be required to cover the costs of a spinnaker, this will be used on their boat and will display their corporate Logo. This spinnaker will be used throughout all the race series running summer long. The spinnaker will be supplied by the race commission as to keep within approved “one design” specifications.
• A Corporation may for their own purposes promote as they see fit in relationship to their company, e.g. calendars, photos, media exposure etc.

Prize Awards

Any Corporation upon entering this event must declare where it pertains to prize money, where if any winning are to be used, a Corporation may not however use winning for capital needs.

• A Corporation may distribute or disperse winnings in one or a combination of the following: Designated by percentages totaling 100 percent
• Donate winnings to a charitable organization of their choice.
• Recoup Costs associated with participating in this event, receipts required.
• Use winnings towards designated employee benefit gains. E.g. gym, outings, etc.
• Award the Corporate team a monetary prize.

You asked for feedback. Okay, I can't understand how you can tell someone, whether it is an individual or a corporation, what they can or cannot do with their prize money. <img src=

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The answer to this Mary is quite simple, an individual using their own funds to enter may upon winning, do with the prize money what they please. that's their choice.

A Corporation on the other hand, must follow in one form or another as prescribed above, or a combination thereof. In the form of Corporate Image they will be better off, so well the everyday employee of that company. I feel this to be fair. My Race, My rules, great feedback thanks.

Mark,
I was not being critical of your rules -- I meant my question very literally.

You might as well say,

My ball and I'm going home.

There are many other balls available.

Seriously now - I really don't want to talk down to someone who wants to further the sport but I'm having a really difficult time reading the intentions of this event. The

My race, my rules

comment is brash and bordering on juvenile. It makes me wonder of what maturity the person is that is trying to put this race together and why...but I'll try to be constructive.

To better understand what you are trying to accomplish - WHY are you trying to put this event together?

A couple more comments:

+I think competing in a cash event and organizing it are 100% in conflict

+The suggestion to have an escrow company handle the funds is a good one. Do so with a defined committee and bylaws is the only way to handle people's money and ensure a degree of fairness to those people. The escrow company basically handles the issuing of funds based on a set of rules and requirements that both parties agree on (a contract). If one person in the contract fails to meet their obligations usually an alternate resolution would likely be predefined. You can draw up a contract that says the organizing body gets 10% of the race funds or a set figure or whatever...you can also guarantee that if a certain number of entrants aren't received by a certain date that the entire entry fee will be returned in full or in a certain percentage. The escrow company actually handles the funds and acts as an unconflicted 3rd party.

My race, my rules

is a great way to ensure that you are racing alone.

Yes I know that was my reason for explaining it, If big business enters that series, they can recoup their investment, help a charitable organization, or give back to the employees at ground level, who work so hard to make that Corporation a success. In the end everyone is to benefit from it. I think this to be a good rule.

Mark,
How much is a spinnaker going to cost for the corporate entrants?

Are you going to require all 12 to be made by the same loft? Do you know what loft you are going to use?

And at the end of the season, does the corporate sponsor of the spinnaker get the spinnaker back, or does the owner of the Ultimate 20 that it was used on get to keep the spinnaker -- part of the payback for use of his boat?

Or do you keep the spinnakers for use in the next regatta?

Yes, you already explained the WHY of that rule. What I still don't understand is the HOW of it. How do you enforce a rule like that? <img src=

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I understand what is being said here on the escrow method of setup, everything stated as to a secure safe third party, I agree, as that based on everyone's feedback here is exactly what will be done, as stated already in the method I proposed in my first post above. The only difference is the unconflicted 3rd party is a Bank not a Business. complete with the contract that you speak of, in the same manner you speak of. The Bank will be that 3rd disinterested party.

My race, my rules

I need to explain this as you are right here, and it has been taken the wrong way,it was not directed towards the person I was responding to in the posts. My meaning on it was that if a Corporation decides to enter they will have to follow the prescribed rules in that manner, that when entering they will not be doing so for a means of direct company profit from any winnings.

By doing so their gains of profit, will come indirectly from advertising,any media coverage, Corporate image, and that a happy employee is a more productive one, which in the end results in the sought after increased business profits.

My Race My Rules, was directed at the Corporations, its a good rule.

Yeah, but as I keep asking, HOW do you enforce a rule like that? Are you not going to give them the prize money until you know exactly where it is going and have some way of making sure it goes there? <img src=

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Sorry Mary, I didn't get the how part of the question.

Upon a corporations entering the event on filing their documents, paperwork etc. They will need to also fill out the manner or where the cheques will go in the event they win prize money, in the form of a percentage.

Example:

Corporate series winnings: 100% allocated to recoup costs 1st,2cnd or 3rd place. In this the Bank holding in trust these funds would release to the Named corporation the applicable amount.

Challenger & Defender winnings:
20% Recoup Reciepts supplied
40% Team
40% heart & Lung Foundation
The Bank Trustee awards to the designated recipients these amounts on behalf of the corporation.

Challenger Vs. Defender winnings:
10% team
50% Brest Cancer Society
40% New Employee Fitness Center
Again the trustee of fund for the Bank will release to the designated parties these amounts, on behalf of the Corporation.

There must have been an amendment to Sarbaines-Oxley that extends it to regatta accounting. Can FASB be far behind? <img src=

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All great questions here Mary, I would love to pull out that page for you on it, and post those numbers on costs for you, but I do not currently have this information on hand, I am still awaiting these costs.

I will however answer as much on this as I can excluding those amounts.

The sails all have to follow the class rules and specifications, for this someone else specific to this will handle when that time comes. They will all be ordered from the same place.

The sponsor does not get the sail, they are stored for future events.

part of the payback for use of his boat? I cannot go into these details on this, I will when I can. I know inquiry minds wish to know, and I know I am opening myself here up to attack. But its facts you want, and fact that I wish to give. Allow me that time to attain these facts.

I just don't get it. I guess my brest of knowledge is just not big eough. Best of luck anyway.

Thank you for wishing me luck, your brest of knowledge is good, I just need to fully understand what it is that you are asking, when you ask <img src=

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