Land Conservancy to pay tax debt
It appears that the unpaid taxes for three properties owned by The Land Conservancy will be paid. The Land Conservancy has outstanding tax bills payable to the District of Sooke in the amount of $58,287.06, as of July 31, 2012.
On Aug. 1, TLC prepared a media release which states, “We would like to reassure our members, donors, volunteers, partners and supporters TLC has every intention of paying off our debts. Currently, our Board of Directors and staff are working on a Sustainability Plan for the organization as we move forward and our property taxes are included in this plan. For a brief outline of our plan, please visit our message to TLC Members and Donors. A more detailed version will be presented at our Annual General Meeting on Sept 15, 2012.”
The audited financial statements for The Land Conservancy state there is “the existence of a material uncertainty that may cast significant doubt about the Society’s ability to continue as a going concern.”
The society has a significant working capital deficiency of $3,531,262, an unrestricted deficit of $2,926,520 and a decrease in net cash flows of $172,515 for the year ended April 30, 2011, according to the Consolidated Financial Statements for TLC The Land Conservancy of British Columbia, dated April 30, 2011.
TLC is a non-profit that protects important habitat for plants, animals and natural communities as well as properties with historical, cultural, scientific, scenic or compatible recreational value.
Dave Gawley, the District of Sooke’s Acting Director of Finance, said that in cases of non-payment of taxes (delinquent), properties can go to a tax sale, but there is a one year grace period before the property is actually eligible to be sold. TLC currently owes the District of Sooke $4,102.54 in delinquent taxes plus interest, arrears including interest at $27,899.40; penalties on current at $2,389.55 and current at $23,895.57 for the grand total of $58,287.06. TLC only has to pay the $4.102.54 to prevent the property from going to a tax sale.
According to Alastair Craighead, TLC board chariman, the non-profit will be paying the District of Sooke $4,102.54 by deadline.
“For this year, we have to pay about $4,000 to avoid any difficulties,” he said. “We’ll be paying the taxes before the 24th of September.”
If the property were to go to a tax sale then TLC would be obligated to pay the total amount within the one year grace period, Sept. 24, 2012 to Sept. 23, 2013. Any payments made will go to the interest owing first then to the delinquent tax itself.