This article was last updated on April 16, 2022
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In light of more than $100,000 in debt on the books, Capital Pride members announced their decision on Wednesday to declare bankruptcy. A meeting attended by almost 70 members on Wednesday night that recommended an interim board to seek bankruptcy by Dec. 31. Prior to the decision, the members decided in an earlier meeting in November that bankruptcy filing should be delayed while an interim board tried to determine what had gone wrong and find an alternative that would keep the organization going.
However, the members were informed on Wednesday that there was no alternative to bankruptcy for the 29-year-old organization. Board’s spokesman, Michael Wright, alleged that “the Capital Pride brand has been damaged beyond repair,” adding that the decision about bankruptcy “didn’t come lightly” for the board members. Ottawa police have announced to be investigating the alleged irregularities as the organization’s 2013-2014 financial statements said it suffered a loss of about $100,000.
During the two-hour meeting, Wright attributed the group’s financial woes to structural inadequacies as distinct from individual failures. A position paper drafted by the interim board for Wednesday’s meeting, which said that “Capital Pride had grown in size and stature as to be no longer manageable under the direction of ten volunteer board members. Bad management coupled with a lack of financial oversight resulted in the collapse of Capital Pride.” Wring stated that “the festival is too large and too complex to be managed by a volunteer team,” arguing that professional staff are needed to manage the festival, leaving governance and policy-making to volunteer board.
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