9 September 2023
Memorandum To: Member Chambers of Commerce and Boards of Trade From: Victor Pang, Treasurer of the Board of Directors Date: August 15, 2023 Re: Mid-year Financial Results for 2023 As Treasurer, it is my pleasure to provide you with this summary report of the financial results at the mid-year point in 2023. [...] Year-to-date work is well underway with the Canadian Future of Business Centre, which is a key part of the Chamber 2025 pillar on being the first mover in thought-leadership. [...] Chamber.ca @CdnChamberofCom A renewed strategy is being developed for the Gateway to the World with some activity in Q3 and Q4 with aim to launching the full Gateway to the World pillar in 2024. [...] The decrease in cash year over year is partially due to the ending of the program for the Rapid Testing Initiative with Health Canada and lower balances in the security deposits for Carnet. [...] The security deposits held for Carnet holders of just over $1.6M are the second largest liability of the Canadian Chamber and they are fully secured by an equivalent amount of restricted investments.