RLB Blog

In Part 1 we reviewed the 3 types of contributions and how each is recognized using both the deferral method and restricted fund method. Here we discuss the net asset treatment under both the deferral method and restricted fund method. RLB’s Not-For-Profit team presented on this topic along with Contributions at their December 2020 Coffee Talk webinar presented by Colleen Gallagher or Michelle Steele.

Charity vs Not-for-profit organization Often the term “registered charity” is used interchangeably with “not-for-profit organizations (NPOs)”. While both terms fall under the larger description of the voluntary, not-for-profit or community benefit sector. However, while both organizations operate on a not-for-profit basis, they are defined differently under the Income Tax Act (ITA). If an organization meets the definition of a “charity,” it cannot be considered a not-for-profit organization under the ITA.

Some people may find it surprising that RLB offers Human Resources Consulting. We know you’re working towards creating the best organization you can, and RLB is there to help every step of the way.   

The new year is synonymous with resolutions. The early days of a shiny new year are filled with positivity and declared change. While some may balk at the concept, creating healthy habits may just be the thing your team needs to excel in 2021.