2011-2012 Annual Report - Dr. Stirling McDowell Foundation for ...

DR. STIRLING MCDOWELL FOUNDATION FOR RESEARCH INTO TEACHING INC.
NOTES TO THE FINANCIAL STATEMENTS
year ended June 30, 2012
1. DESCRIPTION OF OPERATIONS
Dr. Stirling McDowell Foundation for Research Into Teaching Inc. (the “Foundation”)
is incorporated under The Non-profit Corporations Act, 1995 of Saskatchewan and is
registered as a charity with Canada Revenue Agency.
The Foundation is established to support research and dissemination to the public of
information focusing on instruction (both teaching and learning) in the context of the
public elementary and secondary education system.
As per The Teachers’ Federation Act, 2006, the Saskatchewan Teachers’ Federation is
the trustee for the assets of the Foundation. The Saskatchewan Teachers’ Federation
provincial Executive appoints an administrative board and has delegated the
management of the Foundation to the Board of Directors.
2. FUTURE ACCOUNTING POLICY CHANGE
Not-for-Profit Organizations
The Accounting Standards Board (“AcSB”) has finalized and issued Part III of the
Canadian Institute of Chartered Accountants (“CICA”) Handbook as accounting
standards for not-for-profit organizations in the private sector. These standards are
effective for fiscal years beginning on or after January 1, 2012. Not-for-profit
organizations will be required to apply either Part I of the CICA Handbook which
consist of International Financial Reporting Standards (“IFRS”) or Part III of the CICA
Handbook. The Foundation has chosen to apply Part III of the CICA Handbook and
does not anticipate that these standards will have a significant impact on the financial
statements in future periods.
3. SIGNIFICANT ACCOUNTING POLICIES
The financial statements of the Foundation have been prepared in accordance with
Canadian generally accepted accounting principles (“GAAP”) and reflect the following
significant policies:
pAge 24 AnnuAl RepoRt 2011-12