• Accountability

    The responsibility of a foundation/organization to publicly disclose information on their activities, particularly justification for financial activities and the decisions surrounding them. (Philanthropic Foundations Canada)

  • Registered

    An organization has applied to the CRA and received approval as meeting the requirements for registration as a charity, and has been issued a charitable registration number. A registered charity is exempt from paying income tax and can issue official donation receipts for gifts it receives....

  • Eligible Director

    An individual is eligible to serve as a Director of a charity, unless the individual: has been found guilty of a relevant criminal offence for which the individual has not received a pardon;  has been found guilty of a relevant offence in the last five years;  was a director, trustee...

  • Associated charities

    Associated charities are two or more registered charities that have applied for and received this designation from us. Associated charities can pass funds among themselves without being affected by the usual limitation placed on gift making by charitable organizations. The Income Tax Act...

  • Revoked

    Registration as a charity or Canadian amateur athletic association has been cancelled and the privileges that go with it have been taken away. The organization can no longer issue official donation receipts and is no longer eligible to receive gifts from registered charities. Registration as a...

  • Fair market value

    Fair market value is usually the highest dollar value that can be obtained for a property in an open and unrestricted market and between a willing buyer and a willing seller, both of whom are knowledgeable, informed, and acting independently of each other.

  • Bequests

    A bequest is property a registered charity receives from the will of a deceased person. (CRA : Charities Glossary)

  • Minutes

    Minutes are a written record of the matters discussed, and decisions made at a meeting. They are based on notes taken - usually by the individual designated as Secretary - and are generally presented to a subsequent meeting of the same group for approval. Once approved, a copy of the minutes is...

  • General ledger

    The general ledger is the main financial record for summarizing all of an organization’s financial transactions, and is the basis for preparing all of its finanical statements and reports.

  • Charitable organization

    is established as a corporation, a trust, or under a constitution; has exclusively charitable purposes; primarily carries on its own charitable activities, but may also gift funds to other qualified donees, (e.g., registered charities); more than 50% of its governing officials must be at...


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