Donate

How We Manage Your Money

We cherish your donations, and strive to make each dollar count through careful, conservative and professional accounting practices.

Allocation of Education Access dollars

In 2007, 73 per cent of the money donated for Education Access went specifically toward assessment and tuition costs for students. We spent 24 per cent on managing program files, and three per cent developing and accounting for grant applications.

Any excess money raised for Education Access is carried forward to the next year to help a child. It does not get absorbed into general operations.

Restricted fund accounting

READ follows the restricted fund method of accounting for contributions. We have two externally restricted funds and a general fund:

• the general fund accounts for READ's program delivery and administrative activities; this fund reports unrestricted resources, internally restricted funds, and restricted operating grants
• the Education Access fund reports only restricted resources designated to provide tuition support to this program. Contributions restricted for tuition support are recognized as revenue of this fund
• the endowment fund accounts for contributions by donors who stipulate the money be maintained permanently as endowments. It also include funds which READ designates as permanent endowments.  Income from the endowment fund is used to fund tuition support, but the capital must be permanently maintained
• READ has deposited funds with the Victoria Foundation and the Vancouver Foundation to establish a perpetual endowment.  READ is entitled to the income from the deposits while in operation, but cannot withdraw the principal sum.  The funds are invested according to the investment policies established by each Foundation.  Should the READ Society cease operations, the funds will be allocated to other charitable organizations by the Foundations

Low risk investment of restricted funds

Investment income earned on endowment fund and Education Access resources are recognized as revenue in the Education Access fund.  Investment income on general fund resources will be recognized as unrestricted revenue in that fund when earned.

Money that is in excess of immediate cash-flow needs is placed in no-risk Guaranteed Investment Certificates.