GOVERNMENT HAS announced the ap-pointment of the full 11-member Board that will monitor the CHASE Fund that has been established with the proceeds of the two lottery companies.
Proceeds of the Fund will go towards the development of culture, health, arts, sports and early childhood education (CHASE).
The names of the Board members are contained in Ministry Paper 82 which was recently tabled in the House of Representatives.
Last month, Dr. Carlton Davis, Cabinet Secretary, was named as Chairman of the Board. Patricia Ramsay of the University of Technology was also named at that time.
The other Board members are: Raymond Brooks, retired civil servant and Chairman of the Health Sector Committee; Howard Aris, Chairman _ Sports Development Founda-tion; Audrey Chin, business executive, Chairman Early Childhood Education Sector Committee; Carol Lawes, Chairman, Arts & Culture Sector Committee; Alston Stewart, business executive; Phillip Henriques, businessman (nominee of Opposition Leader, Edward Seaga); Tasha Manley, law student; Dr. Aggrey Irons, Psychiatrist (named by Supreme Ventures Limited); and Danny Morrison, accountant (named by Jamaica Lottery Company).
Below is an overview of the Fund as contained in Ministry Paper 82.
BACKGROUND
1) There are currently two companies, the Jamaica Lot-tery Company and Supreme Ventures Limited which have been operating under licences from the Betting, Gaming and Lotteries Commission to conduct a lottery and other lottery type games. One other company has been licensed but has not begun operations.
2) As part of the terms and conditions of these licences, the companies were required to make monetary contributions (a percentage of their income) to good causes in the areas of sports, health and early childhood education through the Sports Development Foundation and the Ministries of Health and Education.
3) The expenditure on gambling has grown rapidly and consequently the amount available for allocation to the good causes has seen a corresponding increase.
4) In an effort to formalise and streamline the flow of these funds, the Culture, Health, Arts, Sports and Education Fund Limited (CHASE) has been formed in order to receive and distribute the monetary contributions paid by the lottery operators. The rationale for the establishment of CHASE is based on the assumption of greater efficiencies to be realised from a central administration, which will result in reduced costs and greater synergies derived from knowledge of linkages between activities across subject areas.
5) The number of sectors which will benefit has been extended to include the areas of arts and culture which are in urgent need of financing.
OPERATIONS OF CHASE
6) CHASE will receive, distribute, administer and manage the monetary contributions from the lottery companies.
7) CHASE will be directed by an 11-member Board to be named by the Minister of Finance and Planning. Each member of the Board will serve for a three-year term in the first instance. Thereafter, two persons shall retire each year and may be reappointed by the Minister for a further three years. No Member shall serve for more than three terms consecutively. The Board will meet once per month or otherwise determined by the members.
8) The Fund will ensure that the monetary contributions from the licensees of the Betting, Gaming and Lotteries Commis-sion are utilised according to the provisions of the BG&L Act.
9) The allocations to the various areas will be as follows:
Sports 40%
Health 25%
Education 20%
Arts and Culture 15%
10) The allocation for sports will be passed directly to the Sports Development Foundation.
11) CHASE will administer and manage the allocations in respect of the other beneficiary groups.
12) Proposals for support will be invited from as many groups working in the particular subject area.
13) CHASE will have a staff headed by a managing director. The staff will possess skills in projects, financing and accounts.
14) The staff of CHASE will evaluate the applications.
15) There will be Advisory Councils for each beneficiary subject with the responsibility to review the evaluated applications and reject those not to be recommended to the Board for approval and support. The Advisory Councils will be appointed by the relevant sector minister.
16) Periodic monitoring of funded projects/programmes will be carried out by CHASE staff and there will also be a report at the end of each project.
ACCOUNTS AND AUDIT
17) The CHASE Board is required by law to keep proper accounts of the Fund and prepare annually, a statement of account in a form satisfactory to the Betting, Gaming & Lotteries Commission and the Ministry of Finance and conforming to established accounting principles.
18) The accounts of the Fund are to be audited annually by an auditor appointed by the BG&LC with the approval of the Minister of Finance.
19) The Auditor-General is entitled at all times to examine the accounts of the Fund.
