ONFC Annual Report

FINANCIAL STATEMENTS For
NOTES TO THE FINANCIAL STATEMENTS
ODAWA NATIVE FRIENDSHIP CENTRE
YEAR ENDED - March 31, 2021
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED MARCH 31, 2021
1. NATURE OF ORGANIZATION
Odawa Native Friendship Centre is incorporated, without share capital by Letters Patent, under the
Corporations Act of Ontario as a not-for-profit organization. The Organization is a registered charity
under the Income Tax Act (Canada) and is exempt from income taxes.
The purpose of the Organization is to act as a cultural and resource centre, serving the Aboriginal
community in the Ottawa-Carleton Region of Eastern Ontario and surrounding communities.
The Organization is a member of the Ontario Federation of Indigenous Friendship Centres (OFIFC), a
provincial Aboriginal organization representing the collective interests of member Friendship Centres
located in towns and cities across the province. A significant portion of the Organization's funding is
received from OFIFC.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of accounting
The financial statements have been prepared in accordance with Canadian accounting standards for
not-for-profit organizations.
Use of estimates
The preparation of financial statements in conformity with Canadian accounting standards for not-forprofit
organizations requires management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the
financial statements and the reported amounts of revenues and expenses during the reporting period.
Actual results could differ from those estimates. These estimates are reviewed periodically and as
adjustments become necessary, they are recognized in the financial statements in the period they
become known.
Management makes accounting estimates in determining collectability of accounts receivable, in
establishing the useful lives and related amortization of capital assets as well as the related
amortization of deferred contributions related to capital assets, in estimating provisions for accrued
liabilities, and in estimating the portion of government grants and subsidies earned. By their nature,
these estimates are subject to uncertainty and the impact on the financial statements in the current
and future periods could be material.
Financial instruments
The Organization initially measures its financial assets and financial liabilities at fair value.
Subsequently the Organization measures its cash at fair value and all other financial assets and
financial liabilities at amortized cost at the date of the Statement of Financial Position.
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