Basic HTML Version
CHILLIWACK ECONOMIC PARTNERS CORPORATION
Notes to Financial Statements (continued)
Year ended December 31, 2012
9. Fair value of financial assets and financial liabilities:
For certain of the Corporation's financial instruments, including cash, short-term investments,
accounts receivable, loans receivable, accounts payable and accrued liabilities and unearned
revenue, the carrying amounts approximate their fair values due to the immediate or short-term
maturity of these financial instruments.
10. Income taxes:
The Corporation is exempt from income taxes under Section 149 of the Income Tax Act, Canada.
11. Commitments:
i) The Corporation has committed to lease premises until April 2014 for minimum annual lease
payments of $57,045.
ii) The Corporation has committed to fund $900,000 to the University of the Fraser Valley for
costs related to the renovation of the downtown building and the construction of the agricultural
building.
12. Segmented information:
The Corporation is a diversified other government organization that provides a wide range of
services, including:
Property sales
Property sales includes the proceeds and costs related to the development and sales of
commercial industrial or institutional buildings and lots in Chilliwack.
Rent
Rent includes all activities associated with the rental of buildings and land owned by the
Corporation.
Economic development
Economic development includes all activities associated with the economic development
activity in Chilliwack.
The following table outlines the Corporation's revenues and expenditures by operating segments:
10
cepco financial statements
71
www.chilliwack.com