This statement serves to accompany our financial statements and provide you with a brief outline of our funding model.
At the Loeys-Dietz Syndrome Foundation Canada, our main source of revenue generation, thus far, is through donated life insurance policies. The Foundation takes out loans from a private fund to finance the insurance policy premiums and their administration. Due to the conservative nature of accounting, our financial statements reflect the liability of these loans but do not reflect the asset associated with the total face value of the life insurance policies. Subsequently, our T3010 filing will show the life insurance policies as receipted donations in the year received, which in the majority of cases, will not be the same year that the death benefit is received. When reviewing both the financial statements and the T3010 filing, it is important to understand the difference of how the life insurance donations are reflected within these documents.