The foundation's financial affairs will be conducted in a responsible manner, consistent with the ethical obligations of stewardship and the legal requirements of provincial, territorial and federal regulators.

All donations will support the Foundation's charitable purposes and will be used in accordance with any legally enforceable restrictions. If a restriction becomes impossible, impracticable or unlawful, the Foundation will seek appropriate legal advice and any donor, court or regulatory authorization required before varying, redirecting or returning the gift.

The Foundation prepares and issues Official Income Tax receipts for monetary gifts and gifts-in-kind in compliance with all regulatory requirements.

The annual financial statements will be prepared and approved by the Board, within 6 months of the fiscal year-end, using generally accepted accounting principles and standards established by the Chartered Professional Accountants of Canada, in all material respects.

The foundation discloses on our website details of the purpose and amount of payments for products or services to Board members or companies in which a Board member is an owner, partner or senior manager.

The annual report will disclose the total amount of donations and expenses including salaries, overhead, fundraising costs and identification of government grants and contributions separately from donations.

The Foundation will calculate, monitor and satisfy its disbursement quota under the Income Tax Act and Income Tax Regulations and will use disbursement excesses or seek CRA relief only where legally available and properly documented.

 Canadian Law and Regulatory Compliance

The Foundation will calculate and monitor its annual disbursement quota under the Income Tax Act and Income Tax Regulations. The current rate is generally 3.5% on the portion of relevant property not used directly in charitable activities or administration up to $1 million and 5% on the portion exceeding $1 million, calculated using the prescribed averaging method. The Foundation will apply any valid disbursement excess, reduction or other relief only as permitted by law and will update this policy when the statutory formula changes.

Expenditures and transfers will be classified accurately as charitable activities, administration, fundraising, gifts to qualified donees or grants to non-qualified donees for T3010 purposes. Restricted gifts will be used according to their legally enforceable terms. If a restriction becomes impossible, impracticable or unlawful, the Foundation will obtain legal advice and any required donor, court or regulatory approval rather than automatically returning or redirecting the gift.

Application note: This template must be read with the Foundation's articles, bylaws, gift terms and the federal, provincial or territorial laws that apply to its incorporation, activities and operating jurisdictions. Organization-specific facts and provincial requirements require lawyer confirmation before adoption.

Monitoring: This policy will be reviewed every three years.

Board Acceptance: This policy was approved/reaffirmed at the____________ Board meeting.