2016 AGM: Difference between revisions
→Budget 2016-7 (15 min)
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** Q. Charitable Status. How will this change the financial picture? Geoff: If approved, we will be able to take donations from other charities, eg. Rotary Club (charity) would be able to donate to us; we will be able to apply for grants which are exclusive to charities; we will be able to issue tax receipts for donations. Downside: additional accounting; comply with more rigurous accounting to complete. | ** Q. Charitable Status. How will this change the financial picture? Geoff: If approved, we will be able to take donations from other charities, eg. Rotary Club (charity) would be able to donate to us; we will be able to apply for grants which are exclusive to charities; we will be able to issue tax receipts for donations. Downside: additional accounting; comply with more rigurous accounting to complete. | ||
** Q. How does $25k capital cost differ from rent? Geoff: When we calculated our operational costs, we estimated $ | ** Q. How does $25k capital cost differ from rent? Geoff: When we calculated our operational costs, we estimated $5,000 p.a. Jon: We were looking at comparable size space which was below market value, but was still $21.5k per year, which is significantly more than $25k over three years. Also, Goodwill's mandate is a good match for EBC. As such, Goodwill can apply for grants which would double their capacity for matching funds if EBC is involved. | ||
** Q. Has board discussed restrictions of charities? Geoff: Yes, considerable discussions. Board has concluded that the percentage of our time and resources going to "advocacy | ** Q. Has board discussed restrictions of charities? Geoff: Yes, considerable discussions. Board has concluded that the percentage of our time and resources currently going to "advocacy" is well below the 10% limit prescribed by charities legislation | ||
** Q. In Canada, is there regulation for charity vs not-for-profit which can be put toward administration vs operations? Jon: No limitations with exception of political activity/advocacy which has max of 10% of revenues. Charities are required to file an annual report but at their discretion would determine if we are approved to continue as a charity, but there are not defined limits for administration or other areas (other than advocacy). Would have to continue delivering same programming that we stated during our application, and advise them of any changes in advance of changing, adding, removing of programs. | ** Q. In Canada, is there regulation for charity vs not-for-profit which can be put toward administration vs operations? Jon: No limitations with exception of political activity/advocacy which has max of 10% of revenues. Charities are required to file an annual report but at their discretion would determine if we are approved to continue as a charity, but there are not defined limits for administration or other areas (other than advocacy). Would have to continue delivering same programming that we stated during our application, and advise them of any changes in advance of changing, adding, removing of programs. | ||
** Q. If we're making bikes for kids, how does that affect our insurance? Chris: We disclose this to our insurance provider. We pay some additional theft insurance on some of our more expensive adapted bikes. | ** Q. If we're making bikes for kids, how does that affect our insurance? Chris: We disclose this to our insurance provider. We pay some additional theft insurance on some of our more expensive adapted bikes. | ||