The Culture, Health, Arts, Sports and Education Fund CHASE was incorporated on November 25, 2002 and began its operations in January 2003. It was registered under the Companies Act to receive, distribute, administer and manage the monetary contributions from the lottery companies pursuant to Section 59G of the betting Gaming and Lotteries Act, in connection with:
The company became a reality based on the concept of ‘taxes foregone’ that would have normally gone to the consolidated fund. The approach had as its precedent the establishment of the Sports Development Foundation (SDF) to receive a percentage of the proceeds earned by the first licencee permitted to conduct a lottery, the Jamaica Lottery Company.
Prior to the establishment of CHASE, the Sports Development Foundation (SDF), reported to the National Council on Sports and the Minister of Sports. This relationship continues though funds for the SDF are now routed through CHASE”.
A special Board of Directors was established to exercise general management and control of the funds made available for Early Childhood Education by the lottery companies. The Committee has representatives from the Ministry of Education, Jamaica Lottery Company, Supreme Ventures and three independent members.
A Trust Fund known as the Health Support Fund within the Ministry of Health was established to receive and administer the contributions made to health. Requests for equipment, etc. were submitted to the Board of Trustees and evaluated by a sub-committee of the Board. The Board of Trustee made the final decision as to which projects were to be funded.
The rationale for the establishment of the CHASE Fund hinges on the assumption of greater efficiencies to be realized from a central administration.
The funds of the CHASE Fund are to be allocated in the following proportions:
In relation to Sports Development, the Fund will disburse monetary contributions to the Sports Development Foundation (SDF) for the benefit of various sporting interventions.
The CHASE Fund is Managed by an twelve (12) member Board supported by a Chief Executive Officer and staff.