In the likely event that the Asper Campus January Jackpot Lottery incurs a loss, this loss will be absorbed by the Campus itself and not passed on to tenants in the building.
This is the case pursuant to a resolution passed by the Board of the Asper Campus at the time it decided to go forth will a lottery, which states as follows:
In the event that the lottery is not successful and results in a loss to the campus, then to the extent there is positive net income for the year ending August 31, 2012, such loss be applied to the 2011/2012 operating fund and that there after, any remaining loss from the lottery be applied against the campus’ capital fund.
Following a series of questions posed by the Winnipeg Jewsh Review, Barry Mcarton, president of the Asper Campus wrote last week:
The fixed expenses for the lottery include $100,000 in Prizes and $38,000 in cost related in Printing, Posters, Tickets Brochures, Advertising Distribution and Processing.
The First Call on Sales is $10 of each $100 ticket sold that will go to the licensee that sold the ticket. Total potential on sold out [is] $35,000.
The Second Call on Sales is to cover the Fixed Expenses.
The Third Call on Sales is up to $75,000 to defray increases in the license fees for the two largest agencies in the Gray Academy and the Rady JCC.
The Last Call on Sales would be used to pay down the Campus accumulated debt. On a sold out lottery this amount would be a maximum of $102,000.
There are 3,500 tickets available for sale for a total possible of $350,000."
McArton also wrote: "The Jewish Foundation and the Jewish Federation were both asked if they wished to participate (as were the tenant organizations) and both declined."
Additionally he wrote,"An audit as per lottery license guidelines will follow the final draw on January 18th.
Mcarton also provided the Winnipeg Jeiwsh Review with the resolution of the Baord approving the conducting of the lottery, which is as follows:
Moved by Richard Leipsic and seconded by Louis Trepel that the board approve the conducting of a lottery during the period November 2011 through January 2012 upon the terms referred to in the lottery proposal as tabled, including:
1) The campus retain Ron Bailey and associates as consultants to the campus and direct the campus management to begin the necessary steps to apply for and obtain the required lottery license through the Manitoba gaming commission;
2) The net revenues of the lottery (after paying all expenses and prizes) be applied as follows:
a) The first $75,000 of net revenues to the revenue line item “lottery revenue”, in a revised budget for the applicable fiscal year as determined by management, with the result that the two major licensees’ (Gray Academy and Randy JCC) respective license fees will be adjusted accordingly for the remaining portion of fiscal year,
b) Any remaining net proceeds be applied on account of the reduction of campus’ long term debt.
3) In the event that the lottery is not successful and results in a loss to the campus, then to the extent there is positive net income for the year ending August 31, 2012, such loss be applied to the 2011/2012 operating fund and that there after, any remaining loss from the lottery be applied against the campus’ capital fund.
In favour: Ben Cohen, Morley Hoffman, Richard Leipsic, Moe Levy, Barry McArton, Richard Morantz, Marshall Stitz, Louis Trepel.
Opposed: Harvey Sector
Motion Carries.
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