Its provisions are the final authority. To be classified as a fund-raising activity, it must be clearly evident that the main purpose of the activity is to make a profit for the sponsoring organizations. The CFO must receive and deposit in the bank account on record with the Commission the proceeds from all ticket sales and any other revenues. The CFO must make all payments, issue tax credit receipts for the contribution portion of all tickets sold and report the full details of each fund-raising activity to the Commission in the annual or campaign return. All expenses incurred in holding a genuine fund-raising activity during a campaign period are excluded from the total expense limit for that candidate.
Accurate accounting is essential.
It facilitates the issue of subsidy cheques, reduces forfeitures of untraceable funds and reduces the risk of inadvertent contraventions of the Act. The CFO is the person responsible for verifying that the duties of the organizers and ticket sellers, as detailed on the following pages, are carried out. All direct expenses related to the fund-raising event, calculated on a per person basis, must be deducted from the amount charged for the event to arrive at the net contribution for which a tax credit receipt must be issued. Whatever allocation is used for an activity, it should be applied consistently for that activity. Examples of ticket price allocation are given at the end of this pamphlet.