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A bequest is property a registered charity receives from the will of a deceased person.
(CRA : Charities Glossary)
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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...
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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.
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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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Sponsorship occurs when a business makes a donation to a charity and in return receives advertising or promotion of its brand, products, or services.
Generally, tax receipts cannot be issued for sponsorships. However, the cost of the sponsorship to the business is generally considered a tax-...
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A gift in kind is a gift other than cash.
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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)
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Accrual accounting is the method of recording transactions, where revenues and expenses show in the results for the period in which they were earned and/or incurred, whether or not cash has changed hands for the transaction.
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A non-qualifying security is, generally, a security where the owner of the security (e.g. a shareholder) is not at arm's length with the issuer of the security (e.g. a private company). A charity can issue a tax receipt to the donor of a non-qualifying security in some circumstances. ...
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Compensation, for persons (employees) working full-time or part-time for a registered charity, includes salaries, wages, commissions, bonuses, fees, and honoraria, plus the value of taxable and non-taxable benefits.
(CRA : Charities Glossary)
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