Glossary: F

A fiscal period is the 12 months (or, for incorporated charities, a period of up to 53 weeks) covered by the charity's financial statements. Many registered charities have a fiscal period that is the same as the calendar year (that is, their fiscal period is from January 1 to December 31); others have a different fiscal period (for example, ending August 31 or March 31).

The fiscal period end is always stated as month and day only (for example, March 31). The year is not included because, unless formally changed, the fiscal period stays the same year after year. The phrase "fiscal period ending" does include the year because it identifies one specific fiscal period that ends in that year.

(CRA : Charities Glossary)

A community foundation is an organization established to manage a community endowment fund, the income from which is distributed to registered charities within a community. A community foundation can qualify for registration as a charity.

(CRA : Charities Glossary)

• is established as a corporation or a trust;
• has exclusively charitable purposes;
• carries on its own charitable activities and/or funds other qualified donees, (e.g., registered charities);
• may have 50% or more of its governing officials not at arm's lengthwith each other;
• generally receives the majority of its funding from a donor or a group of donors that are not at arm's length; and
• its income cannot be used for the personal benefit of any of its members, shareholders, or governing officials.

(CRA : Charities Glossary)

• is established as a corporation or a trust;
• has exclusively charitable purposes;
• generally gives more than 50% of its income annually to other qualified donees, (e.g., registered charities), but it may carry out some of its own charitable activities;
• more than 50% of its governing officials must be at arm's length with each other;
• generally receives its funding from a variety of arm's length donors; and
• its income cannot be used for the personal benefit of any of its members, shareholders, or governing officials.

(CRA : Charities Glossary)