Glossary

F

Fair market value

When a registered charity issues a tax receipt for a gift of a thing instead of money, it must put a dollar value on the thing. The dollar value must be calculated according to the fair market value (FMV). The FMV is highest price the thing would be worth if it were sold by a knowledgeable seller to a knowledgeable buyer in the marketplace and the seller and buyer were at arm’s length from one another (not connected by family or business ties).

File (as in "to file")

Adding an exhibit or written arguments to the court record so the judge can take them into account. Exhibits and written arguments are filed at the court registry or in the courtroom.

Financial statements

Documents showing an organization’s assets and liabilities, and expenses and revenues over the course of a fiscal period.

Financial statements also often contain other information, such as details on accounting practices.

Financial year

See Fiscal Period.

First instance

The first court where a person must start his case.

Fiscal period

The time period covered by the financial statements of an organization.

Fiscal year

See Fiscal Period.