Notes to Consolidated Financial Statements


1.Nature of Operations
2.Summary of Significant Accounting Policies
3.Inventory
4.Capital Assets
5.Investments
6.Intangible Assets and Goodwill
7.Loan Payable
8.Consolidated Statement of Cash Flows
9.Contingencies
10.Retirement Benefit Plans
11.Commitments
12.Financial Instruments and Risk Management



7. LOAN PAYABLE

The Association has a loan from one of its landlords. The loan bears interest at 8.5% per annum and is repayable in equal monthly principal payments of $5 plus interest and is due in May 2015. The Association has issued a letter of credit in the amount of $400 as security. The letter of credit will decline by predetermined amounts over the next four years upon satisfaction of certain conditions.


© Copyright 2007 Canadian Standards Association. All rights reserved.