2206 Raising the RoofFS-T11.cvw

In our opinion, except for the possible effect of the matter described in the Basis for Qualified Opinion paragraph, the accompanying financial statements present fairly, in all material respects, the financial position of the organization as at June 30, 2022, and its financial performance and its cash flows for the year then ended in accordance with Canadian accounting standards for not-for-profi. [...] The previously recognized impairment loss may be reversed to the extent of the improvement, directly or by adjusting the allowance account, provided it is no greater than the amount that would have been reported at the date of the reversal had the impairment not been recognized previously. [...] (j) Estimates and Measurement Uncertainty The preparation of financial statements in conformity with Canadian accounting standards for not-for-profit organizations requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts o. [...] If the property ceases to be used as described, the organization must repay the market value of the property at the time of default to the donor, a federal government agency. [...] It is not possible to reliably estimate the length and severity of these developments and the impact on the financial results and condition of the organization in future periods.