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U.K. plans to raid charity lottery for London Olympics funding. (General).


U.K. lottery money for Olympics London, UK -- The British government intends to dip into dip into
Verb

1. to draw upon: he dipped into his savings

2. to read passages at random from (a book or journal)

Verb 1.
 lottery monies normally granted to charities in order to fund the London Olympics There have been two London Olympics (London hosting the Olympic Games), in 1908 and 1948, with a third scheduled for 2012. The planned 2012 Olympics will make London the first city to have hosted the modern Games of three Olympiads.  to the tune of about 410 million [pounds sterling], says a recent report in The Guardian.

This directly contradicts a statement made by the culture secretary, Tessa Jowell, who said in parliament that "contributions from existing sports lottery and a new Olympic (lottery) game would raise an estimated 1.5 billion [pounds sterling]" towards the Olympics. She made no mention of the government's intention to skim monies off the top of the lottery before any funds are distributed to charities.

The Department of Culture, Media and Sport recently confirmed that this 410 million [pounds sterling] will be top sliced from the national lottery National Lottery nLotto nt  distribution fund before its income is divided between good cause funders, including the community fund and the new opportunities fund.

Although a DCSM DCSM Distributed Computer Systems Management
DCSM Dual Channel Stereo Mixer
 spokesperson initially said that the money would be taken from the NLDF NLDF Non-Local Density Functional
NLDF National Language Dependent Function
 over eight years, he later amended this saying the money will be taken "after 2009, which is after the current funding agreement Funding Agreement

Illiquid insurance contracts that provide guaranteed principal repayment and interest payments for a predetermined period of time.

Notes:
Funding agreements are marketed to mutual fund companies and municipal reinvestments.
 we have with the distributors has expired."

Echoing the sentiment of other voluntary sector organizations, Stuart Etherington, chief executive of the National Council for Voluntary Organizations said "the government must quickly state clearly how it will protect the funding of voluntary and community organizations doing vital work throughout the UK if we are to see the diversion of lottery revenue to the Olympics."

"The lottery's existing commitment to good causes must be honoured and new lottery games must not be allowed to undermine income to the existing good causes," he said.
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Publication:Community Action
Date:Jun 16, 2003
Words:279
Previous Article:Trillium Foundation Ontario. (Funding).
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