Cycling Widows trust

[Starvin' Marvin]

I watched super cycling for the first time in yonks last night.

 

Darryl Gove launched a new trust aimed at helping cyclist families to cope through the tough times of losing a loved one.

 

I think it"s a fantastic idea and one I will support.

 

What does the hub think?

[onetrackmind]

Is he taking subscription money? Has anybody got their SA/International cycle Sport magazine yet?

 

Just asking...

[Roer]

A very good idea.

[Starvin' Marvin]

He is one of the trustees.

Edited October 27, 2013 by Starvin' Marvin

[onetrackmind]

He is one of the trustees. According to the interview. What is the subscription/magazine thing about?

 

If so, I think we need to hand money over to another trustee. It would appear Mr Gove is a repeat offender. https://community.bikehub.co.za/topic/38515-new-mag-in-sa-cycle-sport/

[GrumpyOldGuy]

Did they say what the criteria was for receiving funds, or how, when and values that would be paid.? I think the idea is fine and I think in principle its a noble one, but these kinds of things have a propensity to become time bombs and are best left to professional insurance companies, who are (1) Generally beyond reproach fiscally and (2) Have the ability to grow the funds by investments which should lead to greater payouts.

Edited January 25, 2012 by GrumpyOldGuy

[Tumbleweed]

onetrackmind, let's err on the side of caution here. I have removed the last line of your first post. I agree that this could be a contentious issue, but you have gone past accusation to assertion.

[scotty]

Did they say what the criteria was for receiving funds, or how, when and values that would be paid.? I think the idea is fine and I think in principle its a noble one, but these kinds of things have a propensity to become time bombs and are best left to professional insurance companies, who are (1) Generally beyond reproach fiscally and (2) Have the ability to grow the funds by investments which should lead to greater payouts.

Each case will be on merit, the only requirement is you have to belong to a cycle club but not necessarily CSA.

[gummibear]

This sounds like a great idea but i just wonder if there will be a fixed payment for each family or who will decide on the payment?

 

Who knows it can happen to anyone tomorrow

[GrumpyOldGuy]

Each case will be on merit, the only requirement is you have to belong to a cycle club but not necessarily CSA.

 

.....but right there I see an issue Scotty,............. who decides the merits, are there a set of printed guidelines for investors so to speak, how long before a claim is paid, what happens if the funds are depleted - a trust cant generate funds, .........?

 

..........and why do you have to belong to a club.? Thats tantamount to a life insurance company saying you have to belong to a medical aid.

 

 

.....Edit, - I wonder how this will go down with the financial services board, I dont see that you can just set up a trust and start collecting money on the pretext that you will pay it out "on merit" - I would hope they subscribe to all the regulatory bodies and can prove this before they start collecting funds.

 

I dont doubt anyone's integrity, but as I said these type of activities can too easily lead to all kinds of legal and fiscal issues.

Edited January 25, 2012 by GrumpyOldGuy

[Jagermeister]

An excellent idea methinks, obviously I am concerned if the trust will be administered in a fair and transparent fashion. Otherwise something that will server a much-needed purpose in a time of need.

[scotty]

.....but right there I see an issue Scotty,............. who decides the merits, are there a set of printed guidelines for investors so to speak, how long before a claim is paid, what happens if the funds are depleted - a trust cant generate funds, .........?

 

..........and why do you have to belong to a club.? Thats tantamount to a life insurance company saying you have to belong to a medical aid.

 

 

.....Edit, - I wonder how this will go down with the financial services board, I dont see that you can just set up a trust and start collecting money on the pretext that you will pay it out "on merit" - I would hope they subscribe to all the regulatory bodies and can prove this before they start collecting funds.

 

I dont doubt anyone's integrity, but as I said these type of activities can too easily lead to all kinds of legal and fiscal issues.

Valid points, i don't have the answers.

[GrumpyOldGuy]

Valid points, i don't have the answers.

 

Yeah, I dont know,... as I said the idea is noble and he no doubt means well, but, I just feel its something best left to the professionals.

[dracs]

good sentiment, but I must say I also thought it all seemed a little off-the-cuff while listening to the interview...

[Azi]

Many cyclists are fairly well off, judging by the price of cycling gear (forget even the bicycle itself). I am sure that they can arrange for insurance etc to cover their families if anything happens to them. If this initiative involves giving families moral support and helping them through any trauma then I would support it fully. If it involves financial contributions then I would be hesitant - most of these organisations dont have any corporate governance structures or any documented policies for distibution of funds etc.

[Pornstar]

I found this piece of sh** 071 931 3242

 

He has screwed lots of people over last 10 years, he is a con artist... He still owes me personally too

 

41 Sahara Sands

25 Playfair Road

Durban

4000

 

Alternate number is: 043 742 0444

 

Don't let this snake get anybody again