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PEACE ARCH COMMUNITY SERVICES FOUNDATION
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2014
PURPOSE OF THE FOUNDATION
The purpose of Peace Arch Community Services Foundation ("the Foundation") is to provide for the
enrichment of the quality of life in the community, through Sources Community Resources Society ("the
Society"), by developing a permanent endowment, responding to the priorities of the Society, assessing and
responding to emerging and changing community needs, providing an avenue for donors with varied
interests and various levels of giving, and serving as a resource catalyst for charitable activities in the
community.
The Foundation is a registered charity under Canadian income tax legislation and, accordingly, is exempt
from income tax. The Foundation is incorporated under the Society Act of British Columbia.
1. SIGNIFICANT ACCOUNTING POLICIES
(a) Basis of Presentation
The financial statements were prepared in accordance with Canadian accounting standards for not-for-
profit organizations.
(b) Use of Estimates
The preparation of financial statements in conformity with Canadian accounting standards for not-for-
profit organizations requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the
financial statements and the reported amounts of revenue and expenditures during the reporting period.
These estimates are reviewed periodically, and, as adjustments become necessary, they are reported in
earnings in the period in which they become known. Actual results could differ from those estimates.
(c) Donated Services
Volunteers perform various services on behalf of the Foundation. Due to the difficulty of determining
the fair value of these services, the value is not recorded in the financial statements.
(d) Donations
The Foundation follows the deferral method of accounting for donations. Restricted donations are
recognized as income in the period in which the related expenses are incurred. Unrestricted donations
are recognized in the period in which they are received or become receivable, if the amount to be
received can be reasonably estimated and collection is reasonable assured.
(e) Cash and Cash Equivalents
Cash and cash equivalents consists of cash on hand, balances with banks, and in-kind donations.