The Corporation is not required under present legislation to make contributions with respect to actuarial deficiencies of the Public Service Superannuation Account. The cost of these benefits is expended in the year in which they are earned by the employee. The Corporation follows the deferral method of accounting for contributions. Unrestricted contributions are recognized as revenue when received or receivable if the amount to be received can be reasonably estimated and collection is reasonably assured. Contributions externally restricted, and related investment income, are deferred and recognized as revenue in the year in which the related expenses are incurred.
Volunteers contribute a significant number of hours per year.
Because of the difficulty of determining their fair value, contributed services are not recognized in these financial statements. Interest income on investments arising from such contributions are recognized as revenue when earned. Prior to 1998, these amounts were recognized as revenue in the year in which the related expenses were incurred. This change in accounting policy has been applied retroactively and the financial statements of the prior year have been restated. The Corporation invests in the short-term money market.