Glossary: F

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.

Financial information includes:

• annual financial statements,
• copies of official donation receipts,
• copies of annual information returns (Form T3010, Registered Charity Information Return),
• general ledgers,
• bank statements,
• revenue and expense account details,
• documents supporting GST/HST/QST filings,
• investment agreements and monthly reports,
• all records concerning 10-year gifts,
• accountant's working papers,
• payroll records,
• annual reports, and
• fundraising materials.

For more information on financial documents, see Keeping financial records.

At a minimum, financial statements consist of a statement of assets and liabilities and a statement of revenue and expenditures for the fiscal period. They should show the different sources of a registered charity's revenue and how it spent its money.

(CRA : Charities Glossary)

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)