Susan, I notice that on the Charities Directorate website, the foundation states that it is not linked to any other charities in any way and that all directors deal at arms length. It seems that if the foundation was determined to be linked to the school district, the two trustees, who are remunerated by the school district, and who also serve as directors of the foundation would not be dealing at arms length. It is acceptable to be a non-arms length director of a charity or foundation, so I would expect that Ross and McVeigh would question how these items are reported to the CRA, in the interest of full disclosure.
There was about $750,000 deferred revenue reported for the June 06 fiscal year end. Do you know what this represents? Did it come into income in 2007? If so, the foundation may have a disbursement quota issue to deal with unless they spend it all in the next 18 months. I wonder where that windfall is headed?
Darlene | 11.17.07 - 10:21 pm | #

To the fundies obviously.I heard they want a bigger High School!
Wendy | 11.20.07 - 12:29 am | #

The windfall is probably going to the fundies.They want a bigger High School don't they.Maybe the Stafford building when the middle school fails after a year.
Wendy | 11.20.07 - 12:32 am | #