Land Conservancy in Financial Trouble

By: ctvvi

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Uploaded on June 29, 2012 by ctvvi Powered by YouTube

http://www.ctvvancouverisland.ca http://www.facebook.com/ctvvi VICTORIA - An organization that protects green space and nature in British Columbia is getting buried in the cost of preservation. The Land Conservancy of B.C. is insolvent and has to come up with half a million dollars to keep operating. TLC says it has already cut staff and is looking to restructure its debt. But the society admits if it can't find the money, it may have to cut public access to some of the properties it worked so hard to save. The land around the Sooke Potholes is just one of a number of properties TLC has saved from development. It is now a CRD park. TLC raised money to purchase the potholes like so many of its properties, by taking on a mortgage and soliciting donations. But CTV News has learned after 15 years of acquisitions, The Land Conservancy is in serious financial trouble - in fact it is insolvent. "That's a matter of definition," Executive Director Bill Turner tells CTV News. "We have $50 million in assets and we have some debt - some that are really tight. We have money coming in each day and we are paying bills every day. There's a challenge, there's not enough money coming in these days and coming and all charities struggle." Though the organization is paying its bills, it is missing mortgage payments. "A few mortgages," Turner argues, "But we are in communication with those lenders and working with them to catch up on those payments shortly." The society will not confirm if another of its properties, Abkhazi Gardens, will be part of the solution to its money troubles. TLC is looking to restructure finances, converting short term debt into long term debit, essentially pulling available finances out of some of its properties. TLC is confident it will find money. And even in a worst case scenario, the society says it is not prepared to sell any of its properties to make up its financial shortfall. Follow Stephen Andrew on Twitter: http://www.twitter.com/CTVNewsStephen
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