Recently there have been reports in the media relating to TLC’s financial situation. We would like to reassure our members, donors, volunteers, partners and supporters that TLC is working through these challenges and as of Friday afternoon, the CRA freeze on TLC’s accounts was lifted.

Currently, our Board of Directors and staff are working on a Sustainability Plan for the organization to enable it to continue the legacy of protecting B.C.’s special places.

The Board and staff of TLC are committed to building a sustainable future for TLC that combines best practices for our properties with strong financial and operational management.

On August 31, 2012 CBC published an article that contained some false information. It stated that TLC had taken out “second mortgages for operating costs and to finance more land purchases.” TLC has mortgages on 13 properties. These mortgages were taken out at the time the properties were purchased when donations fell short of the purchase price. TLC has not and cannot mortgage properties to cover operating costs or to purchase new properties.

It also stated that TLC “will have to sell its properties with no guarantee they will be preserved.” Legally, TLC cannot sell conservation properties. In a worst case scenario, TLC would transfer its conservation properties to other charitable organizations who have a similar mandate.

Q. Why did CRA put a hold on TLC’s accounts?

A. There have been some arrears owing however we do feel we have a solution in sight. CRA had already lifted the freeze somewhat so we were able to pay staff and as of Friday afternoon, the hold on the accounts was lifted. A $23,000 cheque to CRA was also caught in the freeze. The money owed is from Goods and Services Tax from a property transaction and the remainder is employee tax arrears.

source: http://blog.conservancy.bc.ca