Approved by the Board
31, 2024
Capital
Capital recorded acquisition cost. Amortization recorded the accounts intended write off the of the over their estimated useful life. the of acquisition, capital amortized one—half of the rate. Methods and used are:
Computer equipment
Straight-Iine over
Other equipment
Straight-line over 5 years
Furniture and fixtures
Straight-line over
Revenue recognition
Restricted revenues
Restricted revenues include grants and donations received for specific purposes and projects, recognized revenue the period which the related expenditures incurred. Grants received for capital expenditures deferred and recognized revenue over the useful life of the capital acquired.
Unrestricted donations
Unrestricted revenues include program fees, donations, events, fundraising and sponsorships, and honoraria recognized revenue the period when received.
in-kind
in—kind recognized revenue when received fair market value that reasonably estimated. Volunteers contribute many hours each carrying out the Conservancy’s activities. difficult determine the fair value, services and contributed recognized the Statements. However, during the the Conservancy received $31,012 (2023 — $11,521) contributed for which the fair value was determined, and these donations have recognized the of Operations.
Investment and other revenue
Investment comprises $10,222 (2023 - $16,761) from cash held with financial institutions. Other revenue includes earned endowment funds controlled third parties. endowment funds controlled the Conservancy included these Statements. endowment funds currently controlled and managed by the Mississauga Foundation. Revenue recognized when received.
instruments value
The Conservancy initially measures financial and fair value, except for non-arm’s length transactions. The entity subsequently measures financial and financial except for investments equity instruments that quoted active market, which measured fair value.
Market risk
Market risk the risk that the fair value future cash flows of financial instrument will fluctuate because of changes underlying market factors. The Conservancy exposed risk and credit risk.
i) risk
risk the risk that the fair value future cash flows of financial instrument will fluctuate because of changes market rates.
portion of the Conservancy’s cash and cash equivalents variable rates. Consequently, there risk cash flow exposure. However, there risk of fair value this portion of the Conservancy‘s assets.
portion of the Conservancy's short-term investments fixed rates. Consequently, the cash flow risks significant. However, there risk of fair value this portion of the Conservancy's assets.
ii) Credit risk
Credit risk the risk that party financial instrument will cause for the other party by failing discharge obligation.
The Conservancy subject credit risk. mitigate this, the Conservancy actively manages and receivables and security where warranted. Bad debt experience has significant.
Liquidity risk
Liquidity risk the risk that the Conservancy demand for cash fund obligations they due. Unless otherwise noted, the Conservancy subject significant liquidity risk. The Conservancy manages liquidity risk by:
- Maintaining number of sources of funding which sufficient anticipated funding requirements.
- Investing liquid fixed securities and cash equivalents that, if necessary, sold generate cash flow.
Short-terminvestments
The short-term investments of Guaranteed Investment Certificates that mature February 2025, with of 5.10%.
5. Capital Accumulated amortization
Amortization recorded during the year amounted $6,534 (2023 - $9,454).
During the year, capital were acquired for cash of $4,478 (2023 - $1,965).
6. Deferred contributions — operating
Deferred contributionsoperating comprised ofamounts received advance, which have deferred recognized revenue the year which the related expenditures incurred. Changes during the year the deferred contributions — operating follows:
Balance, beginning of year Amount received the year Revenue recognized the year Balance, end of year 102,944 134,914 656,675 709,233 (696,117) (741,203) 63,502 102,944
7. Deferred contributions - capital
Deferred contributions — capital represent the unamortized amount of grants received for the purchase of capital assets. The amortization of deferred contributions — capital recorded revenue the of operations. Changes during the year the deferred contributions — capital follows:
8. Capital Reserve
The Capital Reserve for the purchase of capital and includes the accumulated amount purchased date, of grants received and accumulated amortization.
Other revenue
Other revenue includes earned endowment funds controlled by the Mississauga Foundation that reported of the Conservancy. the endowment was $135,620 (2023 — $115,827).
tax status
The Conservancy registered charity and therefore exempt from taxes under 149(1)(f) of the Tax Act.
12. Operating
a) Future minimum payments required under the photocopier and software operating that have excess of year
b) The existing agreements between the Conservancy and the City of Mississauga for the management, operating and use of the Chappell House and the MacEwan House both expired March with the option extend this agreement for three further of 5 years each, begin upon the expiration of the original term. The Conservancy exercised option renew both agreements for additional of 5 years by way of the City of Mississauga dated March 2013. While the City acknowledged receipt of the March formal confirmation of renewal has received. date, additional agreements have signed acknowledge further extension. The Conservancy continues manage, operate and use both properties under the assumption that the agreements will renewed.
The annual fees payable the City of Mississauga for the management and operating of the Chappell House $8,000 plus applicable taxes. The annual fees for the MacEwan House $2 plus applicable taxes.
13. Comparative figures
figures the have reclassified conform with the of presentation used 2024.