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CCA Q3 Quarterly Report

February 1, 2006 – This quarterly report summarizes Canadian Cycling Association operational activity during October-December, 2005 and includes a Performance Management Scorecard that measures our progress against the strategic objectives set last May. The scorecard will show that targets in support of our organizational strategies are generally being met, with most major initiatives proceeding on schedule.

FINANCIAL POSITION
Our current budget variance report for 2005 forecasts a small deficit of $12,000 on projected revenues of $2,909,000 and expenses of $2,921,000. This means that we will, barring any major surprises, end the year with a balanced budget. We’re also pleased to announce that cash-to-cash cycle improvements were made last quarter as well. An 81% reduction in our Accounts Receivable and a similar 89% reduction in our Accounts Payable leave us with Trade Receivables that are now, for lack of a better term, “good receivables” at 90 days or less. This means that we are moving away from the negative cash-to-cash cycles that have characterized much of 2005. Credit for this improvement should go to our provincial counterparts, who have been extremely helpful and patient throughout the past year, and to the outstanding work of our Director of Finance whose persistence and hard work ultimately made this possible. And with this strengthened financial position Sport Canada will now allow us to apply for three-year funding in February. This is a major breakthrough for the CCA, as it is the first time in recent memory that we have been granted this option. The important thing is that multi-year funding will facilitate long-term planning for our High Performance and Domestic Program Development areas and give us some wiggle room to generate new sources of revenue in 2006 and 2007.

REFLECTIONS ON LAST QUARTER

On the High Performance side, our High Performance Director continued to strengthen our National Team Coaching structure by hiring former World Champion Tanya Dubnicoff as our National BMX Coach and Houshang Amiri as our National Cycling Centres’ Head Coach. With Tanya and Houshang on board with Eric Van den Enyde (National Road and Track), Michel Leblanc (Mountain Bike), Vincent Jourdain (Assistant Road and Track), Stephen Burke (Paralympic), and Jacky Hardy (Euro Base Head Coach), the association believes it has an exceptionally strong and committed coaching staff that will take our program to great heights in the decade ahead. On the operational side, a provincial partner summit was held in late October to discuss areas of concern for the provinces, namely: rising insurance costs, coaching development, grassroots’ cycling initiatives, and the national events’ calendar. Suggestions were made and direction set. It was an excellent two-day session and when combined with a good Inter-Provincial Council (IPC) meeting and the election of Dr. Pierre Blanchard as our new President, the return of Lesley Tomlinson, Aaron Hershoff and Bill Kinash (in his new capacity of Past President) to our Board of Directors, we begin 2006 in a much stronger position than we did 2005.

CCA OBJECTIVES & PERFORMANCE MANAGEMENT SCORECARD


As mentioned previously, the last quarterly report measured our year-to-date performance against the objectives set in May 2005.

Strategic Imperative # 1: Invest in Capacity Building and Organizational Renewal

– Initiative * Organize operations around functional business lines
– Target * Implement new structure by end of Q2
– Performance Against Target * Initiative achieved.

– Initiative * Hire senior level managers in Finance, Marketing, High Performance and Domestic Program Development
– Target * Complete capacity-building by July 2005
– Performance Against Target * Initiative achieved.

– Initiative * Redesign web site to improve image and communication with public.
– Target * Complete by July 2005 year
– Performance Against Target * A firm was hired to build the new site, but the project has since been cancelled. A new time frame will be established in Q4.revenues in 2005.

Strategic Imperative #2: Enhance Financial Performance and Establish Internal Controls

– Initiative “¢ Improve financial reporting practices
– Target “¢ Complete 2004/05 audit by July 2005
– Performance Against Target “¢ Initiative achieved.

– Initiative “¢ Implement sound internal controls in Finance Department
– Target “¢ Complete by July 2005
– Performance Against Target “¢ Initiative achieved.

– Initiative “¢ Launch limited merchandising program
– Target “¢ Sell 5,000 National Team jerseys in 2005 fiscal year
– Performance Against Target “¢ We will fall short of this objective this year.

– Initiative “¢ Grow revenues in 2005 fiscal year
– Target “¢ Achieve over $3.1m in annual revenues in 2005.
– Performance Against Target “¢ Adjusted forecast shows we will fall just short of that target with annual revenues of slightly more than $2.9m.

Strategic Imperative #3: Enhance Relationships with Key Stakeholders


– Initiative “¢ Improve relationships with PSOs
– Target “¢ Complete Memorandum of Understanding (MOU) by year-end
– Performance Against Target “¢ Agreement in principle was reached with the provinces at the PSO Summit and Inter-Provincial Council meeting.

– Initiative “¢ Reduce Insurance costs for our membership
– Target “¢ Complete Risk Management Plan by end of calendar year.
– Performance Against Target “¢ Initiative partially achieved. We negotiated a 6% decrease in our AD&D premiums and maintained liability rates at the same levels as those of 2005, but have not yet completed the Risk Management Plan.

– Initiative “¢ Reallocate budget dollars to ensure better support for our athletes, coaches and development
– Target “¢ Invest 75% of budget in High Performance and Athlete Development.
– Performance Against Target “¢ Slightly under the 75% target. Currently forecasting a figure of 66.3% for this fiscal year, down from the 68% projected last quarter.

Strategic Imperative #4: Improve CCA Marketing

– Initiative “¢ Invest more money and resources into marketing and communications
– Target “¢ Invest 20% of our administrative funds in marketing and communications-related activities
– Performance Against Target “¢ On schedule. 25% of our administrative funds will be spent in these areas in 2005/06.

– Initiative “¢ Sign a television contract to increase visibility in Canada
– Target “¢ Sign one property to a TV contract in 2005
– Performance Against Target “¢ Not met, but October meeting with a leading Sports Network yielded encouraging result, with one major CCA event currently being considered for national broadcast this summer.

– Initiative “¢ Develop fundraising strategy and plan
– Target “¢ Organize fundraisers in our major cities
– Performance Against Target “¢ Initiative achieved with the completion of the 5-city Epcor Road to Champions tour in November 2005.

Strategic Imperative #4: Improve Development Initiatives

– Initiative “¢ Complete Long-Term Athlete Development Model (LTAD)
– Target “¢ Ensure completion by late 2006 and explain how its success will be defined
– Performance Against Target “¢ On schedule. LTAD sessions were completed and results presented to the provinces at PSO Summit and AGM, as well as to the broader national sports community.

– Initiative “¢ Launch Sprockids’ National Introduction to Cycling Program
– Target “¢ Register 1,000 children in 2005/06
– Performance Against Target “¢ Not met, but we are developing a community-based advertising campaign that will focus on the communities of our 230+ existing instructors to significantly increase participation this summer.

OVERALL ASSESSMENT
There were some positive developments last quarter as the national team coaching structure was put in place, the Long-term Athlete Development Model continued to move forward, key partners were being re-signed, and the vision for our National Cycling Centre network took shape. There remains a lot of work, however, to make things better on all fronts. This quarter we need to focus on making bigger strides in marketing & communications, in providing technical support to our National Team athletes and coaches, with the new NCCP transition, the preparation for the 2007 BMX World Championships in Victoria, and with the development of a long-term strategy for our national events’ calendar.

NEXT STEPS
Therefore, in the next three months, focus will be placed on:
“¢ Providing top-class support to our Commonwealth Games athletes, coaches and support staff
“¢ Completing our strategic plan and hiring of a Communications Manager
“¢ Completing our multi-year funding application to Sport Canada
“¢ Clarifying our vision for our National Cycling Centre network
“¢ Implementing a National Ranking System for our different disciplines
“¢ Meeting with UCI officials to bring forward our continental agenda
We anticipate good things this quarter, all of which will be discussed in our next report in April 2006.


Yours in sport,
Steve Lacelle
Chief Operating Officer
CCA





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