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CHILLIWACK ECONOMIC PARTNERS CORPORATION
Notes to Financial Statements (continued)
Year ended December 31, 2012
1. Significant accounting policies (continued):
(c) Revenue recognition:
Revenues are recognized on the accrual basis according to the terms of the contractual
agreements.
(d) Short-term investments:
Short-term investments are recorded at cost.
(e) Budget figures:
Budget figures are approved by the Board of Directors and are not audited.
(f) Use of estimates:
The preparation of the financial statements 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 revenue and expenses during the year. Actual results could differ from those
estimates.
2. Loan receivable:
Amount is receivable in quarterly instalments of $54,506 including interest at 5.00% and is
secured by real property.
3. Bank indebtedness:
The Corporation has an operating line of credit for a maximum of $3,000,000 (2011 - $3,000,000)
that is due on demand, bears interest at prime plus 0.35% and is secured by a general security
agreement.
cepco financial statements
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