CANADIAN ASSOCIATION OF RETIRED PERSONS
NOTES TO SUMMARY FINANCIAL STATEMENTS FOR THE SIXTEEN-MONTH PERIOD ENDED AUGUST 31, 2018
Canadian Association of Retired Persons (the “Organization”) was organized in 1976 under letters patent as a not-for-profit organization. The Organization is a national, non-partisan, non-profit organization committed to a ‘New Vision of Aging for Canada’ promoting social change that will bring financial security, equitable access to health care and freedom from discrimination. Our mandate is to promote and protect the interests, rights and quality of life for Canadians as we age. The Organization qualifies as a not-for-profit organization that is exempt from income taxes under the Income Tax Act.
FISCAL YEAR
Beginning with the 2017-2018 fiscal year, the organization changed its fiscal year end from April 30th to August 31st. Accordingly, the 2017-2018 financial year began on May 1st, 2017 (the day after the end of the 2016-2017 financial year) and ended on August 31st, 2018, containing sixteen months. Due to the difference in the length of the fiscal periods, in certain instances the comparative amounts may not provide meaningful information. Going forward in 2018-2019, the financial year will begin on September 1st and end August 31st.
1. Summary Financial Statements:
The summary financial statements are derived from the complete audited financial statements, prepared in accordance with Canadian accounting standards for not-for-profit organizations, as at and for the sixteen months period ended August 31, 2018. The preparation of these summary financial statements requires management to determine the information that needs to be reflected in the summary financial statements so that they are consistent, in all material respects, with or represent a fair summary of the audited financial statements. These summarized financial statements have been prepared by management using the following criteria: a) Whether information in the summary financial statements is in agreement with the related information in the complete audited financial statements; and b) Whether, in all material respects, the summary financial statements contain the information necessary to avoid distorting or obscuring matters disclosed in the related complete audited financial statements, including the notes thereto. Management determined that the statements of deficit and cash flows do not provide additional useful information and as such has not included them as part of the summary financial statements. The complete audited financial statements of Canadian Association of Retired Persons are available upon request by contacting the Organization.