2018 Annual Report

Annual Report 2018 82 CHILLIWACK ECONOMIC PARTNERS CORPORATION Notes to Financial Statements (continued) Year ended December 31, 2018 1. Significant accounting policies (continued): (c) Revenue recognition: Revenues are recognized on the accrual basis according to the terms of the contractual agreements. (d) Investments: Investments are recorded at amortized cost plus accrued interest. If it is determined that there is a permanent impairment in the value of an investment, it is written down to net realizable value. (e) Budget figures: Budget figures represent the budget approved by the Board of Directors on December 13, 2017. (f) Use of estimates: The preparation of the financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the year. Actual results could differ from those estimates. 2. Bank operating line: The Corporation has an operating line of credit for a maximum of $1,000,000 (2017 - $1,000,000) that is due on demand, bears interest at prime plus 2.00% and is secured by a general security agreement. No funds were drawn on the line of credit at December 31, 2018. 6