ANNUAL REPORT 2014-2015

COMMUNITY RADIO FUND OF CANADA 1

TABLE OF CONTENTS

2 Message from the President 3 Message from the Acting Executive Director 4 About Us 5 Board of Directors and Staff 6 Campus and Community Radio Stations in Canada 10 Highlights of the Study on the Campus and Community Radio Sector 12 Our Funding Partners 14 Our Funding Programs 18 Our Recipients 27 Financial Statements MESSAGE FROM THE PRESIDENT

As I sign off my first annual report as President, radio sector in Canada. The results of this study I would like to thank all of the Fund’s board mem- are succinctly shown in this report. bers who have supported me in my duties. Some We have also prepared the groundwork for the members left their position over the course of creation of the Community Radio Foundation of the year, such as Christine Maki, Samantha Power, Canada, which will become an independent and Pierre-Louis Smith. Others will do so during faction of our organisation. With a charity regis- th our 8 Annual General Meeting, namely Anderson tration number, the Foundation will enable us to Rouse and Martin Théberge. I would like to thank plan various funding activities. We will find out in them for their unwavering commitment to advocat- the spring of 2016 if this project will reach ing the campus and community radio sector in fruition. Canada. I hope that this report brings to light the vitality New board members have joined us this year. of the local radio stations we support, deeply Heather Meek, Louise Poirier, and Peter Fleming rooted in the communities to which they contribute. are starting to serve their term with us, with all Radio is a media characterized by emotion, the diligence of their experience and knowledge proximity, presence, simplicity, but mostly, altruism. of the radio broadcasting sector. The 2014-2015 year was characterized by several initiatives. We’ve mandated a study on the economic and social impact of the campus and community

Roger Ouellette

2 COMMUNITY RADIO FUND OF CANADA MESSAGE FROM ACTING EXECUTIVE DIRECTOR

In 2014-2015, the CRFC has offered unmatched We also have a brand new logo! This is a first support to the campus and community radio step towards improving our communication tools sector, working to ensure the development and in order to position ourselves with an eye to the sustainability of our radios across the country. future. The CRFC is now a key player in the campus Through the Radiometres program, which is and community radio sector. Keeping in mind currently the cornerstone of our funding, we’ve that we are a major point of convergence, we increased the funding available per individual must find innovative ways to enhance the incredible project to $50,000 and partnership projects can work done by our stations, to share the successes now receive up to $250,000. of our recipients, and to put forward common resources for the sector. In addition to Radiometres, we’ve established a pilot program entitled Youth on Air! which offers It is thus with a solid foundation and a great deal youth aged 16 to 30 a unique radio experience of enthusiasm that the CRFC team foresees the through training grants. year 2015-2016. The CRFC has also put forward a project whose objective is to directly assist the three main community radio associations in Canada in their efforts to develop the capacity of their members and provide them with relevant and adequate Marie-Ève Laramée-Gauvreau training opportunities.

COMMUNITY RADIO FUND OF CANADA 3 ABOUT US

THE COMMUNITY RADIO FUND OF CANADA (CRFC) IS AN INDEPENDENT NOT-FOR-PROFIT FUNDING ORGANIZATION THAT HAS BEEN RECOGNIZED BY THE CANADIAN RADIO-TELEVISION AND TELECOMMUNICATIONS COMMISSION (CRTC).

Its mandate is to provide support to campus and community radio stations in Canada and to foster a well-resourced, dynamic, and accessible sector, WE ARE PUTTING which constitutes one of the three pillars in the Canadian radio broadcasting system. Thereby, CANADIANS BACK AT the CRFC’s mission is to build and improve campus and community radio for all Canadians through THE CENTRE OF THEIR funding and collaborations. COMMUNICATION SYSTEM The CRFC was founded on November 29th 2007 as the result of a three-year consultation among Community radio enables the public to access Canada’s largest community radio associations: the airwaves, not only as consumers, but also • The Alliance des radios communautaires du as citizens and creators. Canada (ARC du Canada) Since its creation in 2007, $7,333,974 were • The Association des radiodiffuseurs communau- distributed to 123 different radio stations taires du Québec (ARCQ) for the implementation of 376 projects in • The National Campus and Community Radio 9 provinces and 3 territories. Association (NCRA/ANREC)

4 COMMUNITY RADIO FUND OF CANADA CRFC STAFF

Marie-Ève Laramée-Gauvreau Aymone Agossou Josée Dallaire Acting Executive Director Program Officer Program Officer

Many thanks to those who have left the CRFC team: Christine Maki, Jean Malavoy, Samantha Power, and Pierre-Louis Smith.

BOARD OF DIRECTORS

Roger Ouellette Shelley Robinson Anderson Rouse Moncton Ottawa (Ontario) Toronto (Ontario) (New Brunswick) Vice President Treasurer President

Heather Meek Martin Théberge Louise Poirier Toronto (Ontario) Dartmouth Gatineau (Quebec) Secretary (Nova Scotia) Director Director

Peter Fleming Martin Bougie François Coté Demorestville Montreal (Quebec) Ottawa (Ontario) (Ontario) Representative, Association Representative, Alliance des radios Representative, Private des radiodiffuseurs commu- communautaires du Canada (ARC du Canada) Radio Broadcasters nautaires du Québec (ARCQ)

Barry Rooke Ottawa (Ontario) Representative, National Campus and Community Radio Association (NCRA/ANREC)

COMMUNITY RADIO FUND OF CANADA 5 CAMPUS AND COMMUNITY RADIO STATIONS IN CANADA

ALBERTA BRITISH COLUMBIA MACKENZIE – MacKenzie and Area Community Radio Society, CHMM CALGARY – The University of Calgary Student ABBOTSFORD – UFV Campus and Community NAKUSP – The Arrow/Nakusp Community Radio Society, CJSW Radio Society, CIVL Radio Society, CJHQ EDMONTON – The First Alberta Campus BURNABY – BCIT Radio Society, CFML NANAIMO – Radio Malaspina Society, CHLY Radio Association, CJSR BURNABY – Simon Fraser Campus Radio NELSON – Kootenay Cooperative Radio, CJLY FALHER/PEACE RIVER/NAMPA – ACFA Society, CJSF PENTICTON – Peach City Community Radio, régionale de Rivière-la-Paix, CKRP CHETWYND – Chetwynd Communications CFUZ FORT VERMILION – CIAM Media & Radio Society, CHET POWELL RIVER – Powell River Community Broadcasting Association, CIAM CORTES ISLAND – Cortes Community Radio Radio Society, CJMP LAC LA BICHE/PLAMONDON – Le Club de Society, CKTZ PRINCE GEORGE – CFUR Radio Society, CFUR la radio communautaire de Plamondon/ CRESTON – Creston Community Radio Lac La Biche, CHPL Society, CIDO PRINCE GEORGE – Prince George Community Radio Society, CFIS LETHBRIDGE – CKXU Radio Society, CKXU GABRIOLA ISLAND – Gabriola Radio Society, CKGI REVELSTOKE – Stoke FM Radio Society, STOKE HORNBY ISLAND – Hornby Community Radio ROSSLAND – Rossland Radio Cooperative, Society, CHFR CHLI (station is no longer operating) KAMLOOPS – Kamloops Campus/Community SALMO – Salmo FM Radio Society, CFAD Radio Society, CFBX SALMON ARM – Voice of the Shuswap LAKE COWICHAN – Cowichan Valley Broadcast Society, CKVS Community Radio Society, CICV SMITHERS – Smithers Community Radio LILLOOET – Lillooet Camelsfoot T.V. and Society, CICK Radio Association, CHLS

6 COMMUNITY RADIO FUND OF CANADA VANCOUVER – The Student Radio Society NEWFOUNDLAND AND ONTARIO of UBC, CITR LABRADOR BELLEVILLE – Loyalist College Radio, CJLX VANCOUVER – Vancouver Co-operative Radio, CFRO BELL ISLAND – Radio Bell Island, CJBI CAMPBELLFORD – Campbellford Area Radio Association, CKOL VICTORIA – Société radio communautaire BURNT ISLANDS – Burnt Islands Economic Victoria, CILS Development Board, CHBI COCHRANE – Cochrane Polar Bear Radio Club, CFDY VICTORIA – The University of Victoria Student LABRADOR CITY – Radio communautaire du Radio Society, CFUV Labrador, CJRM CORNWALL – Radio communautaire Cornwall-Alexandria, CHOD WELLS – Wells Community Radio Association, NORRIS POINT – Voice of Bonne Bay CFRD Community Radio, CHBB CREEMORE – Clearview Community Radio, CKAW WILLIAMS LAKE – Sugar Cane Community ST. JOHN’S – Memorial University of Diversity Association, CJLJ Newfoundland Radio Society, CHMR ERIN – Erin Community Radio, CHES FERGUS – Centre Wellington Community MANITOBA NORTHWEST TERRITORIES Radio, CICW GUELPH – University of Guelph Radio-Radio BRANDON HAY RIVER – Hay River Broadcasting Society, – Assiniboine Campus-Community Gryphon, CFRU Radio Society, CJJJ CKHR HALIBURTON – Haliburton County Community SAINT-BONIFACE YELLOWKNIFE – Société Radio Taïga, CIVR – La radio communautaire Radio Association, CKHA du Manitoba, CKXL HAMILTON – CFMU Radio, CFMU WINNIPEG – Nostalgia Broadcasting NOVA SCOTIA HAMILTON Cooperative, CJNU – The Mohawk College Radio AMHERST – Tantramar Community Radio Corporation, CIOI WINNIPEG – UMFM Campus Radio, CJUM Society, CFTA HANOVER – Bluewater Community Radio, WINNIPEG – Winnipeg Campus Community ANTIGONISH – CFXU Radio, CFXU CFBW Radio Society, CKUW BEDFORD – Cobequid Radio Society, CIOE HEARST – Radio de l’Épinette Noire, CINN CHÉTICAMP NEW BRUNSWICK – La Coopérative Radio HUNTSVILLE – Hunters Bay Radio, CKAR Chéticamp, CKJM KAPUSKASING – Radio Communautaire BALMORAL – Coopérative Radio Restigouche, EASTERN PASSAGE – Seaside Broadcasting Kapnord, CKGN CIMS Organization, CFEP KENILWORTH/MOUNT FOREST – Saugeen BATHURST – Bathurst Radio, CJUJ GLACE BAY – Coastal Community Radio Community Radio, CIWN DIEPPE – Radio Beauséjour, CFBO Co-operative, CKOA KILLALOE – Homegrown Community Radio, EDMUNDSTON/GRAND-SAULT – HALIFAX – CKDU-FM Society, CKDU CHCR La Coopérative des montagnes – Radio HALIFAX – Coopérative Radio Halifax-Métro, KINGSTON – KCVI Educational Radio Station, communautaire, CFAI CKRH CKVI FREDERICTON – CHSR Broadcasting, CHSR HUBBARDS – Hubbards Radio Society, CKVE KINGSTON – Radio Queen’s University, CFRC FREDERICTON – Radio Frédéricton, CJPN LIVERPOOL – CJQC Radio Society, CJQC KITCHENER – Conestoga College MIRAMICHI – Radio MirAcadie, CKMA PARRSBORO – Parrsboro Radio Society, CICR Communications Corporation, CJIQ MONCTON – Les médias acadiens universi- PETIT-DE-GRAT – Coopérative Radio KITCHENER/WATERLOO – Wired World, taires, CKUM Richmond, CITU CKWR POKEMOUCHE – Radio Péninsule, CKRO SAULNIERVILLE/COMEAUVILLE/TUSKET – LITTLE CURRENT – Manitoulin Radio SACKVILLE – Attic Broadcasting, CHMA Radio Clare, CIFA Communication, CFRM SAINT JOHN – Campus Radio Saint John, SYDNEY – Caper Radio, CJBU LONDON – Radio Fanshawe, CIXX CFMH LONDON – Radio Western, CHRW SAINT JOHN – La Coopérative Radiophonique NUNAVUT NEWMARKET – Pickering College Campus La Brise de la Baie, CHQC CAMBRIDGE BAY – Cambridge Bay Radio, CHOP SAINT QUENTIN/KEDGWICK – La radio Communications Society, CFBI OTTAWA – Algonquin College Radio, CKDJ communautaire des Hauts-Plateaux, CFJU IQALUIT – Association des francophones du OTTAWA – La Radio de la communauté SHEDIAC/MEMRAMCOOK – Radio Beauséjour, Nunavut/Radio Iqaluit, CFRT francophone d’Ottawa, CJFO CJSE OTTAWA – Radio Carleton, CKCU OTTAWA – Radio Ottawa, CHUO PENETANGUISHENE – La Clé d’la Baie en Huronie, CFRH PETERBOROUGH – Trent Radio, CFFF PICTON – Prince Edward County Radio Corporation, CJPE PORT HOPE/COBOURG – Small Town Radio, CFWN

COMMUNITY RADIO FUND OF CANADA 7 RENFREW – Valley Heritage Radio, CJHR JONQUIÈRE – Radio communautaire du SAINT-RÉMI – Radio Communautaire ST. CATHARINES – Brock University Student Saguenay, CKAJ Intergénération Jardin du Québec, CHOC Radio, CFBU KNOWLTON – Radio Communautaire SENNETERRE – Radio communautaire M.F. STELLA – Amherst Island Radio Broadcasting, Missisquoi, CIDI de Senneterre, CIBO CJAI LAC-ETCHEMIN – Radio Bellechasse-Etchemins, SHAWINIGAN – Radio Shawinigan, CFUT STOUFFVILLE – Whistle Community Radio, CFIN SHERBROOKE – Comité de la radio étudiante CIWS LASALLE – La Radio communautaire de universitaire de Sherbrooke, CFAK SUDBURY – Laurentian Student and LaSalle, CKVL SHERBROOKE – Radio Bishop, CJMQ Community Radio Corporation, CKLU L’ÉTANG-DU-NORD – Diffusion communau- SHERBROOKE – Radio communautaire de THUNDER BAY – LU Campus Radio, CILU taire des Îles, CFIM l’Estrie, CFLX TORONTO – CHRY Community Radio LÉVIS – Radio communautaire de Lévis, CJMD TÊTE-À-LA-BALEINE – Radio Communautaire Incorporated, CHRY LONGUEUIL – Radio communautaire de la Tête-à-la-Baleine, CJTB TORONTO – Humber Communications Rive-sud, CHAA TROIS-RIVIÈRES – Groupe des médias Community Corporation, CKHC LOURDES-DE-BLANC-SABLON – Radio étudiants de l’Université du Québec à TORONTO – La Coopérative Radiophonique de Blanc-Sablon, CFBS Trois-Rivières, CFOU Toronto, CHOQ MANIWAKI – Radio communautaire F.M. de la VAL-DES-LACS – Radio Vallacquoise, CHVL TORONTO – Radio Ryerson, CJRU Haute-Gatineau, CHGA WINDSOR – Radio communautaire de TORONTO – Radio Voces Latina/San Lorenzo MATAGAMI – Radio Matagami, CHEF Windsor et région, CIAX Latin American Community Centre, CHHA MONTRÉAL – CKUT 90.3 FM, CKUT WÔLINAK – Coopérative de Solidarité Radio TORONTO – University of Toronto Community MONTRÉAL – Communication du Versant communautaire Nicolet-Yamaska/Bécancour, Radio, CIUT Nord, CISM CKBN WATERLOO – Radio Waterloo, CKMS MONTRÉAL – Concordia University Student WINDSOR – Student Media Corporation/ Radio, CJLO SASKATCHEWAN University of Windsor, CJAM MONTRÉAL – Radio Centre-Ville Saint-Louis, BALCARRES – O.K. Creek Radio Station, CHXL CINQ GRAVELBOURG – Association communautaire PRINCE EDWARD ISLAND MONTRÉAL – Radio communautaire fransaskoise de Gravelbourg, CFRG There is no campus and community radio francophone de Montréal, CIBL HUDSON BAY – HB Communications, CFMQ station in the province NATASHQUAN – La radio communautaire REGINA – Radius Communications, CJTR CKNA, CKNA SASKATOON – Community Radio Society of QUÉBEC PORT-MENIER – Radio Anticosti, CJBE Saskatoon, CFCR ACTON VALE – Radio-Acton, CFID QUÉBEC – CKRL MF 89,1, CKRL AMOS – Radio Boréale, CHOW QUÉBEC – Radio Basse-Ville, CKIA YUKON TERRITORY QUÉBEC – Corporation des médias étudiants CARLETON-SUR-MER – Diffusion DAWSON CITY – Dawson City Community de l’Université Laval, CHYZ Communautaire Baie-des-Chaleurs, CIEU Radio Society, CFYT RADISSON – Radio communautaire de CHÂTEAUGUAY – Radio communautaire de WHITEHORSE – Utilities Consumers’ Group Radisson, CIAU Chateauguay, CHAI Society, CJUC COATICOOK – Radio coopérative de RIMOUSKI – La radio communautaire du Coaticook-Coop de solidarité, CIGN comté, CKMN DOLBEAU/MISTASSINI – Société d’information RIVIÈRE SAINT-AUGUSTIN – La radio du Lac-Saint-Jean communautaire de Rivière Saint-Augustin, CJAS FERMONT – La radio communautaire de Fermont, CFMF SAINT-GABRIEL-DE-BRANDON – Radio Nord-Joli, CFNJ FORT-COULONGE – Radio communautaire de Pontiac, CHIP SAINT-HILARION – Radio MF Charlevoix, CIHO GASPÉ – Radio Gaspésie, CJRG SAINT-JÉRÔME – Ami-e du Quartier, CFND GATINEAU – Fondation radio enfant (du Canada), CJEU SAINT-LÉON-LE-GRAND – Coopérative de solidarité radio communautaire de la MRC HARRINGTON HARBOUR – Radio commu- de Maskinongé, CHHO nautaire de Harrington Harbour, CFTH HAVRE-SAINT-PIERRE – Radio Télévision Communautaire Havre-Saint-Pierre, CILE

8 COMMUNITY RADIO FUND OF CANADA The campus and community radio sector Distribution of Stations in Canada is by Province and Territory comprised of 182 stations.

50 Quebec 2 Nunavut 47 Ontario 14 Nova Scotia 6 Alberta 2 Northwest Territories 2 Yukon 5 Newfoundland and Labrador 5 Saskatchewan 14 New Brunswick 5 Manitoba 30 British Columbia

COMMUNITY RADIO FUND OF CANADA 9 CAMPUS AND COMMUNITY RADIO SECTOR STUDY

Trends, perspectives, impacts and contributions of the industry The Community Radio Fund of Canada mandated the firm Étude Économique Conseil to draw a portrait of the campus and community radio sector in Canada. To conduct this study, the firm asked all of the campus and community radio stations to complete a questionnaire that included more than 400 data points, and for a few of those stations, to take part in an individual interview. The combined response rate for both the survey and interviews was around 62%, or 108 radio stations, allowing us to accurately draw a general portrait of the industry from the responses received.

STUDY HIGHLIGHTS

The campus and community radio sector is • a majority of community radios with higher characterized by: revenue found in Quebec at almost 30%, • 178 stations: of which 75% are community followed by Ontario at 20% and Atlantic radios and 25% are campus radios (2014); provinces at 18%; • 178 stations located at 52% in areas of less • a total economic benefits on Canada’s GDP than 50,000 residents; at 38% in areas between totaling $218.2 million throughout 2012-2014, 50,000 and 1 million residents; and at 10% in of which $150.7 million are direct benefits and areas of more than 1 million residents; $67.5 million are indirect benefits; • a larger occurrence of community radios in • about 15,000 volunteers who make up more areas of less than 50,000 residents whereas than 90% of human resources; campus radios are mostly located in areas of • close to 600 full-time employees and 400 50,000 residents and more; part-time employees (a little less than 7% of • 53% of stations located in Ontario and Québec, human resources); 18% in British Columbia and Northern Territories, • close to 300 freelancers (2% of the total human and 18% in Atlantic provinces; resources); • an average revenue close to $290,000 (2012-2014); • an average of 350 training hours conducted • 28% in public funding and 72% in private per station annually; funding (on average in 2012-2014); • an average of 550 coaching hours per station • total revenues of $54 million in 2014; annually; • close to 1,700,000 listeners for community radios and 325,000 listeners for campus radios.

10 COMMUNITY RADIO FUND OF CANADA Building on Success to Advance Pickering College Community Radio “Our project has allowed us to enhance access to the station to a broad range of our JK – 12 student community, to allow more of our local (geographic) community to become engaged with the station, to increase our international appeal, and to increase and deepen volunteer involvement with CHOP, to name just a few critical success points. We are VERY grateful to the CRFC for their encouragement and support.”

Noeline Burk, Head of Arts, Pickering College

CHOP 102.7 FM – Newmarket, Ontario

COMMUNITY RADIO FUND OF CANADA 11 OUR FUNDING PARTNERS: COMMERCIAL RADIO BROADCASTERS

The following commercial radio broadcasters have contributed both voluntary and mandatory Canadian Content Development (CCD) contributions to the CRFC. First, the CRFC receives at least 0.5% of tangible benefits when there is a transfer of ownership or control of commercial radio undertakings.1 Second, the CRFC receives at least 15% of commercial radio licensees’ basic annual contributions to Canadian Content Development (CCD).2

These are the main financial contributions for 2014-2015:

Bell Media (BCE Inc.) $1,333,062

COGECO $192,410

CORUS $105,368

Newcap $194,779

The Jim Pattison Broadcast Group $165,069

Rogers Broadcasting $170,624

SiriusXM Canada (formerly Sirius Satellite Radio) $587,491

1 Broadcasting Regulatory Policy CRTC 2010-499, Campus and Community Radio Policy, 22 July 2010, paragraphs 106-110, www.crtc.gc.ca/eng/archive/2010/2010-499.htm. 2 CRTC 2010-499, paragraphs 93-99, www.crtc.gc.ca/eng/archive/2010/2010-499.htm; Broadcasting Regulatory Policy CRTC 2011-431, Community Radio Fund of Canada’s Structural and Operational Plan, 20 July 2011, www.crtc.gc.ca/eng/archive/2011/2011-431.htm.

12 COMMUNITY RADIO FUND OF CANADA The following commercial radio broadcasters have also contributed CCD contributions to the CRFC:

Acadia Broadcasting Limited MZ Media Inc. Attraction Radio Inc. Newfoundland Broadcasting Company Ltd. Bayshore Broadcasting Corporation Ottawa Media Inc. Blackburn Radio Inc. Peace River Broadcasting Corporation Byrnes Communications Inc. Perth FM Radio Ltd. Canadian Multicultural Radio Pineridge Broadcasting Inc. Central Ontario Broadcasting Quinte Broadcasting Corporation Inc. Dufferin Communications Inc. Radio Classique Montréal Inc. Durham Radio Inc. Radio Sept-Îles Inc. Evanov Radio Group Rawlco Radio Ltd. Fabmar Communications Ltd. Riding Mountain Broadcasting Ltd. Five Amigos Broadcasting Inc. RNC Media Inc. Golden West Broadcasting Saskatoon Media Group Harvard Broadcasting South of Faith Broadcasting Intercity Broadcasting Network Inc. South Asian Broadcasting Corporation Inc. Klondike Broadcasting Co. Ltd. Starboard Communications Ltd. L.A. Radio Group Stingray Digital Group Larche Communications Inc. Touch Canada Broadcasting Ltd. Leclerc Communications Inc. Transcontinental Saskatchewan Media Group Les productions du temps perdu Vista Broadcasting Group Maritime Broadcasting Systems Ltd. Wellport Broadcasting Ltd. My Broadcasting Corporation Z 103.5 FM Multicultural Broadcasting Company Ltd.

COMMUNITY RADIO FUND OF CANADA 13 OUR FUNDING PROGRAMS

RADIOMETRES YOUTH ON AIR! In 2012, the CRFC launched for the very first time Campus and community radio exists thanks to the Radiometres program. Since then, after only the commitment and participation of community 5 rounds of funding, the CRFC has distributed members. To emphasize this essential role and more than 6 million dollars to stations throughout highlight the importance of youth in this media, Canada for the implementation of hundreds of the CRFC has decided to put into effect a pilot different projects. program called Youth on Air! This program is a Radiometres was created to meet both the require- continuation of the first two programs previously ments of the CRTC and the needs of campus and offered by the CRFC: the Radio Talent Development community radio sector. In order to do so, the CRFC Program and the Youth Internship Program. established an outcomes-based approach program. For the first round of funding, the CRFC has This approach is flexible enough to fund a variety awarded more than $216,000 to 23 campus and of activities undertaken by different stations as long community radio stations. as the project meets at least one of the three Youth on Air! offers youth aged 16 to 30 a unique outcomes of the program. radio experience by means of training grants. These outcomes, all of which reflect some of the The program is aimed at stations that are seeking key goals of the campus and community radio to work with young Canadians in search of sector and the Canadian broadcasting system, are: mentorship, education, and/or training in broad- (1) high-quality, locally-reflective music and spoken casting within a community-oriented radio station. word programming; (2) skilled and sustainable The goal of the program is to increase capacity volunteer participation in local content creation and outreach of stations through the recruitment, and operations; and (3) diverse community partici- hiring, and training of young talented radio pation in governance, programming, and content. programmers while contributing to new and The funding for Radiometres is provided by innovative programming. The components of the Canada’s private radio broadcasters through their program are: Canadian Content Development (CCD) contribu- a) the mentorship, education, and/or training of tions, a funding mechanism established by the a youth interns; Canadian Radio-television and Telecommunications b) music or local-interest spoken word program- Commission (CRTC). These contributions play an ming produced by the interns. important part in the thriving of the community component of the Canadian radio broadcasting The funding distributed under this program, just system. like the Radiometres program, is provided by Canada’s commercial radiobroadcasters through a portion of their Canadian Content Development (CCD) contributions.

14 COMMUNITY RADIO FUND OF CANADA The History and People of the Haliburton Highlands “The series My Lands are the Highlands shows that Canoe FM is committed to thought provoking programming that separate radio from television, and the mind numbing onslaught of top ten articles on social media.”

Josh Skinner, Summer Intern

CKHA 100.9 FM – Haliburton, Ontario

COMMUNITY RADIO FUND OF CANADA 15 The Fraser Valley Music Awards and Promotion Initiative “This project is providing an opportunity for musicians in the Fraser Valley region to reach the next level of their careers, while raising public awareness about the arts in their own backyard. We are establishing the first-ever Fraser Valley Music Awards, which has generated all sorts of networking opportunities between local businesses, media, artists, venues, studios, music industry representatives, and music fans.”

Aaron Levy, Station Manager

CIVL 101.7 FM – Abbotsford, British Columbia

16 COMMUNITY RADIO FUND OF CANADA DISTRIBUTION OF RECIPIENTS BY PROVINCE AND TERRITORY (2008-2015)

26% Ontario 1% Northwest Territories 24% Quebec 1% Nunavut 2% Newfoundland and Labrador 19% British Columbia 11% New Brunswick 4% Alberta 5% Nova Scotia 2% Saskatchewan 1% Yukon 4% Manitoba

1 Yukon NUMBER OF STATIONS 2 1 FUNDED BY PROVINCE AND Northwest Territories 2 1 TERRITORY (2008-2015) Nunavut 2 23 British Columbia 30 5 Alberta 6 2 Saskatchewan 5 5 Manitoba 5 32 Ontario 47 30 Quebec 50 3 Newfoundland and Labrador 5 14 New Brunswick 14 6 Nova Scotia 14

0 10 20 30 40 50 Funded Total Stations Stations

COMMUNITY RADIO FUND OF CANADA 17 OUR RECIPIENTS

RADIOMETRES The following list gives an overview of the projects funded by the CRFC under the third round of the Radiometres program.

CFBO 90.7 FM CHMA 106.9 FM Dieppe, New Brunswick Sackville, New Brunswick Studio 331 The CHMA Producer-in-Residence And $26,800 Training Wiki Project | $30,000

CFFF 92.7 FM CHOQ 105.1 FM Peterborough, Ontario Toronto, Ontario Local Content Development Project Les nouvelles locales sur CHOQ-FM $30,000 $30,000

CFIM 92.7 FM CHPL 92.1 FM Îles-de-la-Madeleine, Quebec Plamondon, Alberta L’information à l’heure d’ici Développement de bénévole et de $30,000 programmation locale | $30,000

CFMH 107.3 FM CHUO 89.1 FM Saint John, New Brunswick Ottawa, Ontario Improving Diversity Of Music Programming Local Music Recording Project Through Outreach, Acquisition, and Archiving $20,000 $30,000 CIBL 101.5 FM CFRC 101.9 FM Montreal, Quebec Kingston, Ontario Et en avant le talent! Programming Revitalization Project $30,000 $17 580 CICK 93.9 FM CFRH 88.1 FM Smithers, British Columbia Penetanguishene, Ontario CICK Community Access En route vers une nouvelle locale de qualité $30,000 $23,732 CICW 92.9 FM CFRO 100.5 FM Fergus, Ontario Vancouver, British Columbia Further improvement of local news coverage Digitize: Making Music More Accessible $27,316 $30 000 CIDI 99.1 FM CFUV 101.9 FM Knowlton, Quebec Victoria, British Columbia Rendez-vous Provincial and Municipal Community Affairs $30,000 and Court Reporting | $30,000 CILE 95.1 FM CFYT 106.9 FM Havre-Saint-Pierre, Quebec Dawson City, Yukon Journaliste de terrain Aboriginal Programming Initiative $30,000 $23,656 CILS 107.9 FM CHHA 1610 AM Victoria, British Columbia Toronto, Ontario Coordination et formation de bénévoles et CHHA 1610 AM Local News Production production d’émissions de nouvelles locales $29,882 $28,094

CHIP 101.7 FM CINQ 102.3 FM Fort-Coulonge, Quebec Montreal, Quebec Création d’une émission du retour à la 70/30 maison (programmation anglophone) $14,558 $30,000

18 COMMUNITY RADIO FUND OF CANADA CiTR 101.9 FM CKHA 100.9 FM Vancouver, British Columbia Haliburton, Ontario Digitization! Radio Hall & Audio Equipment Coordinator $30,000 $23,301

CIVL 101.7 FM CKIA 88.3 FM Abbotsford, British Columbia Quebec City, Quebec The Resource and Academic Development Coordonner pour grandir and Integration On (RADIO) Campus Project, $30,000 or RADIO Campus Project | $30,000 CKMS 100.3 FM CJFO 94.5 FM Waterloo, Ontario Ottawa, Ontario Newsroom Capacity Expansion and Daily Une programmation journalistique “unique” News Show Renewal et améliorée | $29,722 $29,795

CJPE 99.3 FM CKUT 90.3 FM Picton, Ontario Montreal, Quebec Station manager to guide station start-up Community News and Volunteer Coordinator $30,000 $29,982

CJRG 94.5 FM CKXU 88.3 FM Gaspé, Quebec Lethbridge, Alberta Augmentation de la production des CKXU Presents: Love & Records 2014 – nouvelles locales et d’affaires | $30,000 The Compilation CD/LP | $30,000

CJSE 89.5 FM STOKE 92.5 FM Shédiac, New Brunswick Revelstoke, British Columbia 20 ans ça se fête en grand Digital Expansion and Distribution Program $30,000 $25,092

CKDU 88.1 FM Halifax, Nova Scotia CKDU Archivist and Library Coordinator $27,775

RADIOMETRES: PARTNERSHIP PROJECT The Radiometres program also offers a “partnership” option. This option creates an opportunity for eligible stations to submit a joint application that supports a larger project or the attainment of more ambitious goals. Each station will benefit from this partnership, take part in decisions, and be accountable to its partners.

Partenariat pour une programmation locale Strength In Numbers: Communities Exchanging attrayante et diversifiée à CHQC-CJPN-CKMA Radio Energies (SINCERE) $100,000 $95,333

CHQC 105.7 FM CJMP 90.1 FM Saint John, New Brunswick Powell River, British Columbia

CJPN 90.5 FM CKTZ 89.5 FM Fredericton, New Brunswick Cortes Island, British Columbia

CKMA 93.7 FM CKVS 93.7 FM Miramichi, New Brunswick Salmon Arm, British Columbia

COMMUNITY RADIO FUND OF CANADA 19 RADIOMETRES The following list gives an overview of the projects funded by the CRFC under the fourth round of the Radiometres program.

CFAI 101.1 et 105.5 FM CHOW 105.3 FM Edmunston, New Brunswick Amos, Quebec Calepin, crayon, MICRO! Radio Boréale: pour tous, partout! $28,069 $28,704

CFBX 92.5 FM CHRW 94.9 FM Kamloops, British Columbia London, Ontario Reporting Aboriginal and Community Issues Music & Production Director $22,000 $29,558

CFIS 93.1 FM CHSR 97.9 FM Prince George, British Columbia Fredericton, New Brunswick Local Talk Radio Expansion Sales and Fundraising Development $28,984 Coordinator | $29,950

CFLX 95.5 FM CHYZ 94.3 FM Sherbrooke, Quebec Quebec City, Quebec 30 ans, ça se fête en grand! Opération production $30,000 $29,934

CFRG 93.1 FM CIMS 103.9 FM Gravelbourg, Saskatchewan Balmoral, New Brunswick Bonjour Saskatchewan L’année de nos 20 ans! $30,000 $30,000

CFRT 107.3 FM CISM 89.3 FM Iqaluit, Nunavut Montreal, Quebec Raconte-moi Iqaluit Portraits d’artistes $29,000 $3,200

CFUR 88.7 FM CITU 104.1 FM Prince George, British Columbia Petit-de-Grat, Nova Scotia Live Performance Production and Archive CITU – Gouvernance, Présence et $27,930 Participation complète de la communauté $29,987 CFWN 89.7 FM Cobourg, Ontario CIVR 103.5 FM Recruitment of a full time Station Manager Yellowknife, Northwest Territories $30,000 Passage Nord-Ouest $30,000 CHAA 103.3 FM Longueuil, Quebec CIWS 102.7 FM Concours Fabrique ton hit Stouffville, Ontario $30,000 Volunteer Manager $28,080 CHLY 101.7 FM Nanaimo, British Columbia CJAM 99.1 FM More voices: A multifaceted approach to Windsor, Ontario increasing community awareness and use Two positions: Volunteer Coordinator of radio resources | $20,750 General and Volunteer Coordinator Ethnocultural / Third language | $30,000 CHOP 102.7 FM Newmarket, Ontario Building on Success to Advance Pickering College Community Radio | $26,653

20 COMMUNITY RADIO FUND OF CANADA CJJJ 106.5 FM CKGI 98.7 FM Brandon, Manitoba Gabriola, British Columbia Brandonites AirTime_eh. Canadian Community Radio $10,191 Compliance, Reporting and Tracking Tools $30,000 CJLO 1690 AM Montreal, Quebec CKMN 96.5 FM Funding and Promotions Coordinator Rimouski, Quebec $25,960 L’information au cœur de notre milieu $28,861 CJNU 93.7 FM Winnipeg, Manitoba CKOA 89.7 FM Securing our future Glace Bay, Nova Scotia $30,000 Sustainability through Fundraising Research plus Improving Volunteer CJQC 93.3 FM Recruitment & Social Media Awareness Liverpool, Nova Scotia and Participation | $29,998 Telling Our Stories $25,532 CKRL 89.1 FM Quebec City, Quebec CJSF 90.1 FM Tête chercheuse : vitrine sur les nouveaux Burnaby, British Columbia talents locaux | $25,530 Member Experience Development Project $30,000 CKRP 95.7 FM Falher, Alberta CJSR 88.5 FM Mise en valeur de la musique francophone Edmonton, Alberta $28,500 Program Director $30,000 CKUM 93.5 FM Moncton, New Brunswick CJUM 101.5 FM La Drive: Former, créer et animer CKUM Winnipeg, Manitoba $30,000 Swimming Up The Digital Stream $30,000 CKVL 100.1 FM LaSalle, Quebec CKAR 88.7 FM Vos informations, nos ondes! Huntsville, Ontario $27,708 Bringing Back News Coverage To Small Town Ontario | $30,000 CKXL 91.1 FM Winnipeg, Manitoba Enrichissement des ondes d’Envol $30,000

RADIOMETRES: PARTNERSHIP PROJECT R@diosK@P | $100,000

CHOD 92.1 FM CKGN 89.7 & 94.7 FM Cornwall, Ontario Kapuskasing, Ontario

CINN 91.1 FM Hearst, Ontario

COMMUNITY RADIO FUND OF CANADA 21 RADIOMETRES The following list gives an overview of the projects funded by the CRFC under the fifth round of the Radiometres program.

CFAD 91.1 FM CHES 88.1 FM Salmo, British Columbia Erin, Ontario Back to 100%! Project Imprint $40,800 $50,000

CFAI 101.1 et 105.5 FM CHIP 101.7 FM Edmunston, New Brunswick Fort-Coulonge, Quebec Numérisation 2.0 Intégration de l’information locale en $48,500 continue | $41,000

CFBU 103.7 FM CHOQ 97.9 FM St. Catharines, Ontario Toronto, Ontario Volunteer and News Development Renforcement des capacités: Gouvernance $34,540 et gestion du développement $49,300 CFFF 92.7 FM Peterborough, Ontario CHRW 94.9 FM Live & Local Echo London, Ontario $50,000 The Radio Western Volunteer Experience Improvement Project | $48,412 CFJU 90.1 FM Kedgwick, New Brunswick CHYZ 94.3 FM L’accent d’ici… Les talents d’ici Quebec city, Quebec $37,440 Change de face! $47,200 CFRH 88.1 et 106.7 FM Penetanguishene, Ontario CIFA 104.1 FM À la découverte de nos talents! Saulnierville, Nova Scotia $50,000 12 pour 25 $29,958 CFRO 100.5 FM Vancouver, British Columbia CILE 95.1 FM Dive into training: An in depth Expansion of Havre-Saint-Pierre, Quebec Training at CFRO | $50,000 Journaliste de terrain – Étape 2 $49,000 CFUR 89.7 FM Prince George, British Columbia CINQ 102.3 FM Programming Department Capacity Montreal, Quebec Building and Sustainability | $49,863 Radio Enfant $42,556 CFUV 101.9 FM Victoria, British Columbia CITR 101.9 FM Community Radio Documentary Project Vancouver, British Columbia $49,510 Up the ante! Support for all programmers! $28,080 CHLY 101.7 FM Nanaimo, British Columbia CIVL 101.7 FM More voices: A multifaceted approach to Abbotsford, British Columbia increasing community awareness and use The Fraser Valley Music Awards and of radio resources | $20,750 Promotion initiative | $50,000

CHAA 103.3 FM Longueuil, Quebec Une série de radio fiction “À deux pas du pont” $9,960

22 COMMUNITY RADIO FUND OF CANADA CJAM 99.1 FM CJSF 90.1 FM Windsor, Ontario Burnaby, British Columbia Special Programming and Events The Making Time for Radio Project Coordinator | $25,000 $49,820

CJBI 93.9 FM CJTR 91.3 FM Belle Island, Newfoundland Regina, Saskatchewan Hiring a Full time Station Manager Social Media and Volunteer Coordinator $30,420 $36,790

CJFO 94.5 FM CKDJ 107.9 FM Ottawa, Ontario Ottawa, Ontario Création d’un poste permanent de Recruiting a full-time Station Manager recherchiste, en appui aux équipes de $47,300 production | $50,000 CKDU 88.1 FM CJHQ 107.1 FM Halifax, Nova Scotia Nakusp, British Columbia Diversity and Outreach programming The Arrow: hitting its targets Coordinator | $30,000 $49,989 CKJM 106.1, 92.5, 97.5 FM CJHR 98.7 FM Chéticamp, New Brunswick Renfrew, Ontario Directrice des bénévoles The Valley this week $41,000 $46,003 CKOA 89.7 FM CJLO 1690 AM Glace Bay, Nova Scotia Montreal, Quebec Cape Breton’s New Traditionalists CJLO “On Rotation” Multi-Genre Artist $50,000 Residency Program | $24,890 CKRO 97.1 FM CJLX 91.3 FM Pokemouche, Nouveau-Brunswick Belleville, Ontario Numérisation de la plus ancienne Spoken Word and Program Development discothèque du mouvement de la radio Coordinator | $33,300 communautaire en Acadie | $28,500

CJPE 99.3 FM CKUM 93.5 FM Picton, Ontario Moncton, New Brunswick Interim Production Leader Construire sur du solide $35,000 $45,590

CJSE 89.5 FM CKXL 91.1 FM Shédiac, New Brunswick Winnipeg, Manitoba Tolérance 0 Appui aux bénévoles $50,000 $50,000

COMMUNITY RADIO FUND OF CANADA 23 RADIOMETRES: PARTNERSHIP PROJECT Collaborative Community Radio Application Je suis culture d’ici! | $250,000 (app): Training Diverse Youth for Radio News $110,000 CFBO 90.7 FM Shediac, New Brunswick CHHA 1610 AM Toronto, Ontario

CHQC 105.7 FM Saint John, New Brunswick CJRU 1280 AM Toronto, Ontario

CJPN 90.5 FM Fredericton, New Brunswick

CKMA 93.7 FM Miramichi, New Brunswick

FUNDING SINCE THE INCEPTION OF THE RADIOMETRES PROGRAM

2012 2013 2014 (1) 2014 (2) 2015 Funding distributed $939,542 $956,713 $1,173,502 $1,115,079 $1,998,123 Number of projects 56 55 37 39 40 Number of stations 56 55 41 41 44 Available funding $20,000 $20,000 $30,000 to $30,000 to $50,000 to per project $100,000 $100,000 $250,000

24 COMMUNITY RADIO FUND OF CANADA YOUTH ON AIR! The following list gives an overview of the projects funded by the CRFC under the first round of the Youth on Air! program.

CFFF 92.7 FM CHYZ 94.3 FM Peterborough, Ontario Quebec city, Quebec Summer Events Intern Correspondant Micro Campus (SEIC) | $10,000 $9,267

CFMH 107.3 FM CICW 92.9 FM Saint John, New Brunswick Fergus, Ontario Women’s Programming Coordinator Youth hands-on work experience $10,000 $9,020

CFRH 88.1 et 106.7 FM CITR 101.9 FM Penetanguishene, Ontario Vancouver, British Columbia CFRH; une programmation par et pour la Summer of new releases! génération X, Y et Z | $10,000 $10,000

CFRO 100.5 FM CJAM 99.1 FM Vancouver, British Columbia Windsor, Ontario Women In Tech : Sound Off Community and Campus Intern Outreach $10,000 Initiative | $10,000

CFUR 89.7 FM CJRG 94.5 FM Prince George, British Columbia Gaspé, Quebec Northern BC Spotlight Program Les Bonheurs du bout du monde $9,402 $9,880

CFUV 101.9 FM CJSW 90.9 FM Victoria, British Columbia Calgary, Alberta Arts & Outreach Internship Cultural News Coordinator $9,111 $8,230

CHCR 102.9 et 104.5 FM CKHA 100.9 FM Killaloe, Ontario Haliburton, Ontario Rural Radio Review The History and People of the Haliburton $9,170 Highlands | $7,467

CHES 88.1 FM CKIA 88.3 FM Erin, Ontario Quebec city, Quebec News and Current Affairs Intern Project Cartographie radiophonique des quartiers $10,000 centraux de Québec | $10,000

CHLS 100.5 FM CKRO 97.1 FM Lillooet, British Columbia Pokemouche, New Brunswick Old Planet, Young People Été Sport $10,000 $9,988

CHOQ 97.9 FM CKUM 93.5 FM Toronto, Ontario Moncton, New Brunswick Stage en animation / chroniques locales Lui/Y’elle qui fait du bruit $10,000 $10,000

CHUO 89.1 FM CKXL 91.1 FM Ottawa, Ontario Winnipeg, Manitoba Then and Now : a musical retrospective La jeunesse en vedette! $5,000 $9,450

COMMUNITY RADIO FUND OF CANADA 25 CFYT 106.9 FM – Dawson City, Yukon Aboriginal Programming Initiative (Radiometres 2014-2015)

26 COMMUNITY RADIO FUND OF CANADA COMMUNITY RADIO FUND OF CANADA INC. / LE FONDS CANADIEN DE LA RADIO COMMUNAUTAIRE INC.

FINANCIAL STATEMENTS ÉTATS FINANCIERS

AUGUST 31, 2015 31 AOÛT 2015

COMMUNITY RADIO FUND OF CANADA 27 TABLE DES MATIÈRES TABLE DES MATIÈRES at de la situation financière Ét État de l’évolution de l’actif net net l’actif de l’évolution de État Notes complémentaires État des résultats résultats des État État des flux de trésorerie État des flux de trésorerie États financiers financiers États Rapport de l’auditeur indépendant Rapport de l’auditeur indépendant

5 7 1 3 3 4 6 PAGE COMMUNITY RADIO FUND OF CANADA INC. / LE FONDS CANADIEN DE LA RADIO COMMUNAUTAIRE INC. TABLE OF CONTENT Statement of Changes in Net Assets StatementPosition Financial of Statement of Cash Flows Notes to the Financial Statements Statement of Operations Operations of Statement Independent Auditor’s Report Independent Auditor’s Report Statements Financial

28 COMMUNITY RADIO FUND OF CANADA

t 1

de trésorerie pour l’exercice clos à clos l’exercice pour trésorerie de états financiers ci-joints du Fonds Responsabilité de la direction pour les états financiers l’auditeur de Responsabilité

canadien de la radio communautaire Inc., qui comprennent l’état de la de l’état comprennent qui communautaire Inc., radio la de canadien états des résultats, de août 2015, et les au 31 situation financière flux des et net l’actif de l’évolution Nous avons effectué l’audit des des l’audit effectué avons Nous résuméqu’un ainsi date, cette méthodesprincipales des comptables e La direction est responsable de la préparation et présentation fidèle de ces états financiers conformémentNormes aux comptables Notreexprimerà états consiste les responsabilité sur opinion une effectué notre audit financiers, sur la base de notre audit. Nous avons selon les normes d’audit généralement reconnues du Canada. Ces déontologie de règles aux conformions nous nous que normes requièrent l’audit de façon à obtenir l’assurance et que nous planifiions réalisions de Auxmembres Le Fonds canadien de la radio communautaire Inc. d’autres informations explicatives. contrôle du que ainsi canadiennes pour les organismeslucratif but sans la permettre comme pour considère nécessaire qu’elle interne exempts d’anomalies significatives préparation d’états financiers résultant de fraudes ou d’erreurs. raisonnable que les états financiers ne comportent pas d’anomalies significatives.

INDÉPENDANT RAPPORT DE L’AUDITEUR

t f f f Management is responsible for the preparation and fair presentation o statementsfinancial on these opinion Ouran express to is responsibility based on our audit. We conducted our audit in accordance with Canadian generally accepted auditing standards. Those standards require audit perform the plan and and requirements complyethical we with that Management’s Responsibility for the Financial Statements Responsibility Auditor's We have audited the accompanying financial statements of the Community Radio Fund of Canada Inc., which comprise the statemen

REPORT AUDITOR’S INDEPENDENT 2015, and the statements o of financial position as at August 31, cash flows for the year then ended, operations, changes in net assets and as well a summary of significant accounting policies and other explanatory information. these financial statements in accordance with Canadian accounting standards for not-for-profit organizati ons, and such internal control as management determines is necessary to enable the preparation o financial statements that are free from material misstatement, whether due to fraud or error. statements financial the whether to obtain reasonable assurance about are free from material misstatement. To the Members of Inc. Canada of Fund Community Radio

COMMUNITY RADIO FUND OF CANADA 29

t r r 2 donnent, dans tous leurs aspects Le choix des procédures relève du

ugementque risques des notammentson évaluation et de l’auditeur, de Opinion Ottawa (Ontario) Le 16 novembre 2015 Unimpliqueaudit misela recueilli œuvrede en vue en procédures de estimonsNous élémentsles que son obtenus avons nous probants que financiers états les avis, notre À des élémentsdes montantsles concernant probants informationsles et fournis dans les états financiers. j les états financiers comportent des anomalies significatives résultant de de ces risques, l’auditeur prend fraudes ou d’erreurs. Dans l’évaluation la sur portant l’organisme de interne contrôle le considération en des états financiers afin de concevoi préparation et la présentation fidèle et non dans le but aux circonstances, d’audit appropriées des procédures d’exprimer une opinion sur l’efficacité du contrôle interne de caractère du l’appréciation comporte également audit Un l’organisme. méthodesdes approprié comptables raisonnablecaractère du et retenues même de direction, que la par faites comptables estimations des financiers. états d’ensemble des présentation la de l’appréciation fonder d’audit. pour notre opinion appropriés et suffisants significatifs, une image fidèle de la situation financière du Fonds au 31 août 2015, ainsi que des canadien de la radio communautaire Inc. clos à résultats de ses activités et flux trésorerie pour l'exercice cette date, conformément aux Normes comptables canadiennes pour les organismes sans but lucratif. Comptables professionnels agréés, experts-comptables autorisés Comptables professionnels agréés,

f r f f Ottawa, Ontario November 16, 2015 , Licensed Public Accountants Public Licensed , atements in order to design audit to the organization's preparation and to the organization's Chartered Professional Accountants We is sufficient and believe that the audit evidence we have obtained In our opinion, the financial statements present fairly, in all material respects, the financial position of Community Radio Fund o Opinion to obtain audit evidence about An audit involves performing procedures the amounts and disclosures in the financial statements. The procedures judgment, the assessmentselected depend on the auditor's including o the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the audito considers internal control relevant fair presentation of the financial st the circumstances,procedures that are appropriate in the but not for purpose of expressing an opinion on the effectiveness audit also includes evaluating the internal control. An organization's appropriateness of accounting policies used and the reasonableness o accounting estimates made by management, as well evaluating the statements. financial the of presentation overall appropriate to provide a basis for our audit opinion. Canada operations its of results the as well as 2015, 31, August at as Inc. and its cash flows for the year then ended in accordance with Canadian organizations. not-for-profit for standards accounting

30 COMMUNITY RADIO FUND OF CANADA

3 du contenu canadien contenu du canadien contenu du PAR RAPPORT AUX CHARGES Produits de contributions au titreau contributions de Produits développementdu Produits de contributions au titre du développement contributions et Subventions

ACTIVITÉS LIÉES AUX PROGRAMMES EXCÉDENT (INSUFFISANCE) DES PRODUITS EXCÉDENT (INSUFFISANCE)

AUTRES PRODUITS ACTIVITÉS LIÉES AUX OPÉRATIONS Charges de fonctionnement

- - d’impact d’étude Projet ÉTAT DES RÉSULTATS EXERCICE CLOS LE 31 AOÛT 2015

2014 (8,262) $ 2,258 $ 1,455,112 1,455,112 Charges de programmes 297,889 - 8,380 2,140 Intérêts 10,520 Cotisations des membres 176,277 Salaires et avantages sociaux 297,889 44,541 30,523 31,833 12,052 déplacement de et réunion de Frais Loyer 3,830 2,295 Honoraires professionnels et de comptabilité 2,177 Frais de bureau Télécommunications 145 Traduction 1,187 Assurances 1,291 306,151 Web Site Amortissement des immobilisations Amortissement de l’actif incorporel

2015 2015 (24,362) $ 2,901,034 2,901,034 - 350,374 35,000 13,854 1,813 15,667 185,353 86,445

385,374 57,372 32,752 22,442 12,326 4,616 2,610 2,144 1,688 1,127 861 409,736

$ (8,695) COMMUNITY RADIO FUND OF CANADA INC. / LE FONDS CANADIEN DE LA RADIO COMMUNAUTAIRE INC. contributions contributions Salaries and benefits and Salaries Impact study project Impact study project Meeting and travel expenses expenses travel and Meeting Rent fees accounting and Professional Office expenses Telecommunications Translation Insurance Website Amortization of capital assets Amortization of intangible asset EXPENSES Program expenses Program expenses Grants and contributions fees Membership Revenue from Canadian content development Revenue from Canadian content development expenses Operating Interest

STATEMENT OF OPERATIONS OPERATINGACTIVITIES REVENUE OTHER OF REVENUE OVER EXCESS (DEFICIENCY) FOR THE YEAR ENDED AUGUST 31, 2015 ACTIVITIES PROGRAM

COMMUNITY RADIO FUND OF CANADA 31

4 par rapport aux charges charges aux rapport par Excédent (insuffisance) des produits des (insuffisance) Excédent

SOLDE À LA FIN SOLDE AU DÉBUT

2014 Total 2,258 $ 103,514 $ 101,256

ÉTAT DE L’ÉVOLUTION DE L’ACTIF NET DE L’ACTIF ÉTAT DE L’ÉVOLUTION EXERCICE CLOS LE 31 AOÛT 2015 2015 Total $ 94,819 (8,695) $ 103,514

interne Internal Affectation restriction / restriction $ 10,000 $ 10,000

(8,695) - $ 84,819 / Non affecté Unrestricted COMMUNITY RADIO FUND OF CANADA INC. / LE FONDS CANADIEN DE LA RADIO COMMUNAUTAIRE INC. over expenses expenses over Excess (deficiency) of revenue of (deficiency) Excess STATEMENT OF CHANGES IN NET ASSETS STATEMENT OF CHANGES IN FOR THE YEAR ENDED AUGUST 31, 2015 BALANCE, BEGINNING OF YEAR BEGINNING BALANCE, $ 93,514 BALANCE, END OF YEAR OF END BALANCE,

32 COMMUNITY RADIO FUND OF CANADA

5 , administrateur ,

(note 6)

(note 4) (note 3) (note 10) Affectation interne (note 7) Contributions à recevoir Frais payés d’avance Débiteurs 5) (note courus frais et Créditeurs reportées Contributions Non affecté Trésorerie et équivalents de trésorerie trésorerie de équivalents et Trésorerie ACTIF NET ACTIF INCORPOREL

IMMOBILISATIONS

PASSIF ACTIF

ACTIF À COURT TERME PASSIF À COURT TERME

93,514 Director, Engagements contractuels Engagements NOMCONSEIL AU DU 31 AOÛT 2015 ÉTAT FINANCIÈRE DE LA SITUATION 103,514 574 10,000

3,443,918 2,586 - 3,329,543

6,910 3,347,314 2014 4,324 $ 3,450,828 $ 3,412,108 31,236 $ 17,771 $ 3,450,828

84,819 94,819 1,000 3,155,526 9,937 17,000 3,056,627 10,000

13,134 3,073,841 2015 3,197 $ 3,168,660 $ 3,113,875 23,651 $ 17,214 $ 3,168,660

, administrateur

COMMUNITY RADIO FUND OF CANADA INC. / LE FONDS CANADIEN DE LA RADIO COMMUNAUTAIRE INC. (Note 10) (Note 4)

Prepaid expenses Contributions receivable Deferred contributions (Note 6) Unrestricted Internal restriction (Note 7) Cash and cash equivalents Accounts receivable Accounts payable and accrued liabilities (Note 5)

STATEMENT POSITION OF FINANCIAL ASSETS CURRENT ASSETS CAPITAL ASSETS (Note 3) ASSET INTANGIBLE LIABILITIES CURRENT LIABILITIES NET ASSETS obligations Contractual BOARD THE BEHALFOF ON Director, AUGUST 31, 2015

COMMUNITY RADIO FUND OF CANADA 33

6

roulement (note 8) 8) (note roulement aux charges aux TRÉSORERIE À LA FIN FIN LA À TRÉSORERIE Acquisitiond’immobilisations Ajustements pour : : Ajustements pour TRÉSORERIEAU DÉBUT Excédent (insuffisance) des produits par rapport Excédent (insuffisance) des produits TRÉSORERIEET ÉQUIVALENTS DE TRÉSORERIE Variation nette des éléments hors caisse du fonds de TRÉSORERIE ET ÉQUIVALENTS DE ÉQUIVALENTS ET TRÉSORERIE TRÉSORERIE ET ÉQUIVALENTS DE ÉQUIVALENTS ET TRÉSORERIE AUGMENTATION (DIMINUTION) DE LA (DIMINUTION) AUGMENTATION

D’INVESTISSEMENT ACTIVITÉS D’EXPLOITATION ACTIVITÉS

EXERCICE CLOS LE 31 AOÛT 2015 ÉTAT DES FLUX DE TRÉSORERIE DE FLUX DES ÉTAT

4,736 1,291 incorporel Amortissement l’actif de 1,187 Amortissement des immobilisations $ 3,412,108 (1,538) - d’actif incorporel Acquisition (1,538) 2,089,450 2014 1,324,196 1,324,196 $ 2,258 $ 1,322,658

1,319,460 1,319,460

(6,707) 861 (8,212) 1,127 (8,212) (290,021) $ (8,695) $ - 3,412,108 2015 (283,314)

$ 3,113,875 (298,233) COMMUNITY RADIO FUND OF CANADA INC. /

LE FONDS CANADIEN DE LA RADIO COMMUNAUTAIRE INC.

items(Note 8)

Amortization of intangible asset Acquisition of intangible asset Amortizationcapital assets of Excess (deficiency) of revenue over expenses Adjustments for: Net change in non-cash working capital Acquisition of capital assets END OF YEAROF END AND CASH EQUIVALENTS YEAR OF BEGINNING

CASH AND CASH EQUIVALENTS, CASH AND EQUIVALENTS, OPERATING ACTIVITIES OPERATING ACTIVITIES

STATEMENT OF CASH FLOWS CASH OF STATEMENT INVESTINGACTIVITIES CASH IN (DECREASE) INCREASE CASH AND EQUIVALENTS, FOR THE YEAR ENDED AUGUST 31, 2015

34 COMMUNITY RADIO FUND OF CANADA

7

ons et de l’actif incorporel sollicite et distribue des fonds selon les NCOSBL exige que la

organismes sans but lucratif (NCOSBL) selon la Partie III du Manuel de CPA Canada – Comptabilité. organismequi lucratif but sans pour le développement et le maintien de la programmation locale communautairesdans les radios au Canada. Il fournit secteur de la radio étudiante et communautaire les ressources susceptibles de promouvoir programmation la communautaire localel’accès et secteur ce de l’enrichissement ainsi que le développement et essentiel du réseau de radiodiffusion canadien. à ce et, la Loi canadienne sur les organisations à but non lucratif titre, est exonéré d’impôt sur le revenu. La préparation d’états financiers directionprocède àdes estimations et pose des hypothèses qui ont une incidence sur les montants présentés au titre des actifs et des passifs et sur les montants comptabilisés au titre des produits et des charges pour les exercices visés. Les principales la et financiers actifs des dépréciation la sur portent estimations immobilisatides utile vie de durée amortissable. NOTES COMPLÉMENTAIRES COMPLÉMENTAIRES NOTES AOUT31 2015 Le Fonds applique les Normes comptables canadiennes pour les un (FCRC) est Inc. communautaire radio de la Le Fonds canadien Le Fonds est un organisme sans but lucratif incorporé en vertu de

Utilisationd’estimations 2. MÉTHODES COMPTABLES PRINCIPALES 1. ACTIVITÉS DES NATURE ET STATUT

COMMUNITY RADIO FUND OF CANADA INC. / Act and, as such, is exempt solicits and distributes funds funds distributes and solicits ganization incorporated under the LE FONDS CANADIEN DE LA RADIO COMMUNAUTAIRE INC. not-for-profit organization that that organization not-for-profit geared toward the development and sustainability of local community radio broadcasting in Canada. It provides the campus and community sector withresources to continue the necessary providing local programming and community access, as well to develop and enrich this vital component of the Canadian broadcasting system. Canada Not-for-Profit Corporations from income tax. in accordance with Part not-for-profit organizations (ASNFPO) III of the CPA Canada Handbook – Accounting. The preparation of financial statements in compliance with the ASNFPO requires management to make estimates and assumptions of assets and that affect the reported amounts liabilities and the reported amounts of revenues and expenses for the periods covered. The main estimates relate to the impairment and assets capital of life useful the and assets financial of intangible asset subject to amortization. AUGUST2015 31, The Community is a Canada Inc. (CRFC) Radio Fund of NOTES TO THE FINANCIAL STATEMENTS STATEMENTS FINANCIAL THE TO NOTES 1. OPERATIONS OF NATURE AND STATUTE The Fund is a not-for-profit or 2. POLICIES ACCOUNTING SIGNIFICANT for standards accounting Canadian applies Fund The Useestimatesof

COMMUNITY RADIO FUND OF CANADA 35

8 subventions et contributions orerie et équivalents de trésorerie trésorerie de équivalents et orerie liées aux programmes et autres méthode Les produits sont constatés affectées selon la du report. uniquement lorsque les charges liées à la source des produits ont Autrement, reportés sont ils l’exercice. de cours au engagées été et constatés lorsque les charges connexes ont été engagées.

produit dans l’exercice auquel elles se rapportent.

sont reçus. Les produits d’intérêts constatés lorsqu’ils gagnés.

ci sont utilisées dans le cadre du fonctionnementdu cadre le dans du utilisées courant sont ci des contributions peut faire valeur juste la lorsque et Fonds l’objet d’une estimation raisonnable. équivalents de trésorerie le solde bancaire et les dépôts à terme dépôts les et bancaire solde le trésorerie de équivalents moistrois pas n’excède l’échéance la dont de encaissables partir à date d’acquisition. NOTES COMPLÉMENTAIRES COMPLÉMENTAIRES NOTES AOUT31 2015 Le Fonds comptabilise ses produits provenant des contributions

de titre à constatées sont Lesopérations aux liées contributions

nature en Contributions membresdes cotisations de produits Les lorsqu’ils constatés sont produits des Constatation

Le Fonds comptabilise les contributions en nature lorsque celles- les et trésorerie la dans présenter à consiste Fonds du politique La

Trés COMMUNITY RADIO FUND OF CANADA INC. / LE FONDS CANADIEN DE LA RADIO COMMUNAUTAIRE INC. programs’ contributions and other restricted grants and grants restricted other and contributions programs’ contributions. Revenue is recognized only when the expenditures related to the revenue source have been incurred in a year. Otherwise, such revenue is deferred until the related expenditures have been incurred.

whichrelate. they

received. Interest revenue is recognized when it earned. normal course of the Fund’s operations and when a fair value can be reasonably estimated. that are redeemable or with a maturing period of three months or less from the date of acquisition under cash and equivalents. NOTES TO THE FINANCIAL STATEMENTS STATEMENTS FINANCIAL THE TO NOTES AUGUST2015 31, 2. (continued) POLICIES ACCOUNTING SIGNIFICANT recognition Revenue its The Fund follows the deferral method of accounting for 2. MÉTHODES COMPTABLES (suite) PRINCIPALES

Contributions related to operations are recorded in the year

Revenue from membership fees are recognized when they

contributions In-kind In-kind contributions are recorded when they used in the The Fund’s policy is to present bank balances and term deposits Cash and cash equivalents

36 COMMUNITY RADIO FUND OF CANADA

9 Mobilier de bureau Équipement informatique informatique Équipement selon la méthode de l’amortissementlinéaire au taux de 33 %.

en fonction de leur durée de vie utile estimativeen fonction de leur durée vie utile respective selon la méthode de l’amortissement dégressif aux taux suivants : Le Fonds comptabilise en charges une réduction de valeur à l’état des résultats lorsqu’une est comptabilisée immobilisation réduction La terme. n’a long à plus service de aucun potentiel de nette comptable valeur la de l’excédent étant comme mesurée l’immobilisationrésiduelle. valeur sa sur

NOTES COMPLÉMENTAIRES COMPLÉMENTAIRES NOTES AOUT31 2015 20% 33% incorporel Actif Les immobilisations sont comptabilisées au coût et sont amorties L’actif incorporel est amorti en fonction de sa durée vie utile,

Immobilisations Réductionde valeur des immobilisations

COMMUNITY RADIO FUND OF CANADA INC. / for at cost. Amortization is LE FONDS CANADIEN DE LA RADIO COMMUNAUTAIRE INC. calculated on their respective estimated useful life using the using life useful estimated respective their on calculated diminishing balance method at the following annual rates: using the straight-line method 33%.of rate straight-line the the at using When a capital asset no longer contributes to the Fund's ability Fund's the to contributes longer no asset capital a When to provide services, its carrying amount is residual written value, if down any. The to excess of its net carrying amount over any residual value is recognized as operations. of statement an expense in the

are accounted Capital assets NOTES TO THE FINANCIAL STATEMENTS STATEMENTS FINANCIAL THE TO NOTES 2. assets (continued) POLICIES ACCOUNTING SIGNIFICANT Capital 2. MÉTHODES COMPTABLES (suite) PRINCIPALES Computer equipment AUGUST2015 31, Office furniture Intangible asset life useful its of basis the on amortized is asset The intangible Write-downcapitalassets of

COMMUNITY RADIO FUND OF CANADA 37

10

Le Fonds évalue initialementévalue Fonds Le ses passifs ses et financiers actifs financiers à la juste valeur, opérations sauf qui ne dans sont le pas cas conclues dans concurrencenormale. de des certaines conditions de

Il évalue ultérieurement tous ses actifs financiers et ses passifs financiers au coût après placements dans des instruments de amortissement,capitaux propres cotés sur à l’exception des un marché actif, qui comptabiliséessont valeur juste de variations résultats. aux sont évalués à la juste valeur. Les Les actifs financiers évalués au coût après amortissement se composent de la trésorerie et équivalents recevoir. à contributions des et débiteurs de trésorerie, des

Les passifs financiers évalués au coût après amortissement se courus. frais composentet créditeurs des NOTES COMPLÉMENTAIRES COMPLÉMENTAIRES NOTES AOUT31 2015

Instruments financiers

financiers instruments des Évaluation

COMMUNITY RADIO FUND OF CANADA INC. / in an active market, which are which market, active an in eceivable and contributions cost, except for investmentsin for except cost,

LE FONDS CANADIEN DE LA RADIO COMMUNAUTAIRE INC.

The Fund initially measures its financial assets and financial liabilities at fair value, except for transactions. certain non-arm’s length

The Fund subsequently measures all its financial amortizedat liabilities financial assets and quoted are that instruments equity in recognized are value fair in Changes value. fair atmeasured operations. Financial assets measured at amortized cost include cash and cash equivalents, receivable. accounts r

Financial liabilities measured at amortized cost include accounts include cost amortized at measured liabilities Financial liabilities. accrued and payable AUGUST2015 31, instruments Measurementfinancial of NOTES TO THE FINANCIAL STATEMENTS STATEMENTS FINANCIAL THE TO NOTES 2. (continued) POLICIES ACCOUNTING SIGNIFICANT Financial instruments 2. MÉTHODES COMPTABLES (suite) PRINCIPALES

38 COMMUNITY RADIO FUND OF CANADA

11

Les actifs financiers évalués au coût sont soumis à un test de des existe s’il dépréciation indicationsd'une possible changement un eu a y s'il détermine Fonds Le dépréciation. défavorable important dans le calendrier ou montant prévu des financier.l'actif de futurs trésorerie de flux il cas, le Sic'est réduit la valeur comptabledes à la valeur actualisée de l'actif flux de trésorerie attendus l'actif ou au prix qu'il pourrait plus le selon clôture de date la à l'actif de vente la de obtenir de réduction valeur est élevé des deux montants. Le montant comptabilisé aux résultats. La moins-valuecomptabiliséedéjà peutfaire l’objet d’une reprise de valeur dans la mesure de l’amélioration,la à été sans être supérieure à ce qu’elle aurait date de reprise si la moins-value n’avait jamais été comptabilisée. Cette reprise est comptabilisée aux résultats. Coûts de transaction de Coûts Le Fonds comptabilise de ses coûts de transaction aux résultats l’exercice où ils sont engagés. Cependant, les coûts de transaction relatifs à des instruments financiers évalués ultérieurementamortissementaprès coût au en présentés sont réduction de la valeur comptable l’actif ou du passif financier et comptabilisés aux résultats sur la durée de l’instrument en méthodela de vertu linéaire. NOTES COMPLÉMENTAIRES COMPLÉMENTAIRES NOTES AOUT31 2015

2. MÉTHODES COMPTABLES (suite) PRINCIPALES (suite) financiers Instruments

Dépréciation COMMUNITY RADIO FUND OF CANADA INC. / operations using the straight- LE FONDS CANADIEN DE LA RADIO COMMUNAUTAIRE INC.

Financial assets measured at cost are tested for impairment when there are indicators of possible impairment. The Fund determines whether a significant adverse change has occurred in the expected timing or amount of future cash flows from the financial asset. If this is the case, carrying amount of the asset is reduced directly to the higher of present value and asset, the holding by generated be to expected flows cash the amount thatcould be realized by sellingthe asset at the amountThe date. recognized sheet is balance write-down the of in operations. The previously recognized impairment loss may no is it improvement, the provided of extent the to reversed be amountthe the at than reported greater been have would that dateof the reversal had the impairment not been recognized amountThe in previously. recognized is reversal the of operations. Transaction costs Transaction TheFund recognizes its transaction costs in operations in the period incurred. However, transaction costs related to financial instrumentssubsequently measured at amortized cost reduce the carrying amount of the financial asset or liability and are accounted for in the statement of line method.

AUGUST2015 31, Financial instruments (continued) Impairment NOTES TO THE FINANCIAL STATEMENTS STATEMENTS FINANCIAL THE TO NOTES 2. (continued) POLICIES ACCOUNTING SIGNIFICANT

COMMUNITY RADIO FUND OF CANADA 39

12 Équipementinformatique SiteWeb Mobilier de bureau bureau de Mobilier

2014 2014 $ 1,970 $ 2,586 $ 2,354 4,324 lesquellesaucun amortissement n’a été calculé puisque les composantesnouvelles août 31 au opérationnelles pas n’étaient 2015. Le coût du site Web inclut des acquisitions de 8 212 $ pour $ 212 Web Le coût du site 8 de inclut acquisitions des

NOTES COMPLÉMENTAIRES COMPLÉMENTAIRES NOTES AOUT31 2015

IMMOBILISATIONS 3.

4. INCORPOREL ACTIF

t cumulé t 2015 cumulé t 2015 Accumulated Accumulated Amortization/ Amortization/ Amortissemen Amortissemen COMMUNITY RADIO FUND OF CANADA INC. / $ $ 3,676 $ 2,362 1,314 $ 12,864 $ 2,927 $ 9,937 Cost/ Coût Cost/ Coût 4,203 2,320 1,883 $ $ 7,879 $ 4,682 3,197 LE FONDS CANADIEN DE LA RADIO COMMUNAUTAIRE INC. Computerequipment Website been amortizedbeen componentsnew the function as in yet not were as of August 31, 2015.

Officefurniture The Website cost includes an addition of $8,212 which has not

AUGUST2015 31, NOTES TO THE FINANCIAL STATEMENTS STATEMENTS FINANCIAL THE TO NOTES ASSETS CAPITAL 3. 4. ASSET INTANGIBLE

40 COMMUNITY RADIO FUND OF CANADA

13 ffecté un montant de 10 000 $ à $ 000 10 de montant un ffecté opérations de l’exercice l’exercice opérations de programmes de l’exercice programmes l’exercice de Solde à la fin à la Solde Moins : montant constaté à titre de produit alloué aux Solde au début début au Solde Moins : montant constaté à titre de produit alloué aux Fournisseurs et frais courus courus frais et Fournisseurs Sommesà remettre l’État à Plus : montant reçu au cours de l’exercice

2014 2014 AFFECTATION INTERNE Leconseil d’administration a a utiliser peut ne Fonds Le prévoyance. de fonds d’un création la cette affectation interne à d’autres fins sans le consentement préalableduconseil d’administration.

NOTES COMPLÉMENTAIRES COMPLÉMENTAIRES NOTES AOUT31 2015 $ 3,329,543 (297,889) $ 2,123,168 (1,455,112) $ 13,029 $ 17,771 4,742 2,959,376

7.

REPORTÉES CONTRIBUTIONS 6.

$ 3,056,627 (350,374) $ 3,329,543 (2,901,034) $ 12,878 $ 17,214 2015 4,336 2015 2,978,492 COMMUNITY RADIO FUND OF CANADA INC. / use this internal restriction internal this use

LE FONDS CANADIEN DE LA RADIO COMMUNAUTAIRE INC.

in the year the year Balance, end of year Less: Amount recognized as operation revenue Trade payable and accrued liabilities Balance, beginning of year AmountLess: programas recognized in revenue Governmentremittances AmountPlus: year the in received RESTRICTION INTERNAL The Board of Directors allocated $10,000 for the creation of a contingency fund. The Fund may not not may Fund The fund. contingency approval. Board prior without purpose other any for

AUGUST2015 31, NOTES TO THE FINANCIAL STATEMENTS STATEMENTS FINANCIAL THE TO NOTES 5. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES 5. COURUS ET FRAIS CRÉDITEURS CONTRIBUTIONS DEFERRED 6. 7.

COMMUNITY RADIO FUND OF CANADA 41

14

on 95 % du total des débiteurs est

Contributions reportées Créditeurs et frais courus Frais payés d’avance payés Frais Débiteurs Contributions à recevoir

DU FONDS DE ROULEMENT 2014 important ne découle de cette situation. à recevoir d’une entité. Le Fonds évalue qu’aucun risque Le risque de crédit est le risque qu’une partie à un instrument Le risque de crédit est le qu’une financier manque à l’une de ses obligations et amène de ce fait l’autre partie à subir une perte financière. Les principaux risques de crédit pour le Fonds sont liés aux débiteurs. Le Fonds établit Fonds Le débiteurs. aux liés sont Fonds le crédit pour de une provision pour créances douteuses en tenant comptetenant en douteuses créances pour provision une du risque de crédit de clients particuliers, des tendances historiques et d’autres informations. Envir NOTES COMPLÉMENTAIRES COMPLÉMENTAIRES NOTES AOUT31 2015 $ 1,319,460 1,206,375 4,223 2,033 $ 106,829 -

crédit de Risque

9. FINANCIERS INSTRUMENTS

(283,314) $ (272,916) (426) $ 7,585 (17,000) 2015 (557) COMMUNITY RADIO FUND OF CANADA INC. / ’s main credit risks relate to LE FONDS CANADIEN DE LA RADIO COMMUNAUTAIRE INC.

Deferred contributions Deferred Accountsliabilities accrued and payable Prepaid expenses Prepaid Accounts receivable its accounts receivable. The Fund establishes allowancesestablishes Fund The receivable. for accounts its doubtfulaccounts while keeping in mind the specific credit risk economicand tendencies historic their clients, of situation. Approximately95% of the total accounts receivable is to be received from one entity. The Fund considers that no risk arises from that situation. discharge an obligation. The Fund obligation. an discharge Contributions receivable will cause a financial loss for the other party by failing to Credit risk is the that one party to a financial instrument

AUGUST2015 31, NOTES TO THE FINANCIAL STATEMENTS STATEMENTS FINANCIAL THE TO NOTES 8. CAPITAL ITEMS NET CHANGE IN NON-CASH 8. NETTE DES ÉLÉMENTS HORS CAISSE VARIATION 9. INSTRUMENTS FINANCIAL risk Credit

42 COMMUNITY RADIO FUND OF CANADA

15

présentation conforme à celle de l’exercice courant. l’exercice de conformecelle présentation à L’engagement pris par le Fonds en vertu d’un bail totalise leur rendre de afin reclassés été ont comparatifs chiffres Certains 86 037 $. Les versements pour les trois prochains exercices sont exercices prochains trois les pour versements Les $. 037 86 : suivants les NOTES COMPLÉMENTAIRES COMPLÉMENTAIRES NOTES AOUT31 2015

10. ENGAGEMENTS CONTRACTUELS 11. COMPARATIFS CHIFFRES

2016 2017 2018 $ 31,286 $ 31,286 $ 23,465

COMMUNITY RADIO FUND OF CANADA INC. / for the next three years are as are years three next the for LE FONDS CANADIEN DE LA RADIO COMMUNAUTAIRE INC. agreement totals $86,037. Payments $86,037. totals agreement follows: presentation. year’s withcurrent consistent the The commitment entered into by the Fund under a lease Certain comparative figures have been reclassified to be NOTES TO THE FINANCIAL STATEMENTS STATEMENTS FINANCIAL THE TO NOTES AUGUST2015 31, 10. OBLIGATIONS CONTRACTUAL 11. FIGURES COMPARATIVE

COMMUNITY RADIO FUND OF CANADA 43