Like many not-for-profit associations, TMAC has suffered financially in these difficult economic times, primarily at the National level. Both the annual conference and the education program have been significantly impacted, with considerably fewer registrations and less of the financial support critical to the viability of the Association. The significant declines in revenues required some difficult decisions to be made and, for this reason, we are announcing today that TMAC National is voluntarily winding up its operations and will soon be dissolved. The TMAC National Board of Directors as well as Chapter Presidents and representatives made the decision to dissolve the National part of the association subsequent to its Annual Conference and Trade Show held from September 27 – 29, 2009 in Niagara Falls.

As you can appreciate, the decision to wind up TMAC National was very difficult and not made without careful consideration of alternative ways of operating the Association that would have allowed us to continue as a going concern. TMAC National has used a business model that relied on a team of in-house staff to support the member services (conference, education program and TMAC publication). In recent years, TMAC National made a number of changes to its business model, revamping and outsourcing the Canadian Treasurer publication for example. While the changes were effective to a degree in improving the bottom line, they were not sufficient to offset the significant decline in revenues experienced in the conference and education program these past few years due to the economic downturn. Key sponsors and other stakeholders markedly reduced marketing, training and travel budgets which had a major impact on us financially.

As a result of the decision to wind-up the Association, TMAC’s National Office in Toronto will close as of October 30, 2009.

Individual Chapters have and will continue to provide value to their members by offering local networking with peers and presentations by industry leaders. You should contact your local Chapter for information about their ongoing operations. For contact details, visit tmac.ca.

The TMAC National Board of Directors would like to thank all TMAC members, stakeholders and sponsors for their dedication and support over the past 27 years.

Yours Sincerely,

The TMAC National Board of Directors