Ontario Trillium Foundation NOTES TO FINANCIAL STATEMENTS March 31, 1996   1. PURPOSE Ontario Trillium Foundation ["Trillium"] began operations on August 23, 1982 and was incorporated without share capital under the laws of Ontario under letters patent dated November 17, 1982. The purpose of Trillium is to work with others to create conditions of social progress for people in Ontario who are socially or economically disadvantaged. 2. SIGNIFICANT ACCOUNTING POLICIES Because Trillium receives all of its program funds from the Ontario Ministry of Citizenship, Culture and Recreation [the "Ministry"] and such funds are to be used in support of the purpose described above, the financial statements have been presented in a manner which segregates the accounts into Operating and Program Funds. Operating Fund The Operating Fund's purpose is to record the assets, liabilities and interest revenue earned on Program Fund investments and expenses which are determined to pertain to the operations of Trillium. Program Fund The Program Fund's purpose is to record the assets, liabilities and funds received from the Ministry, as well as grants awarded and non-grant contributions to the community, all of which pertain to the direct fulfillment of the purpose of Trillium described in note 1. At the end of each year, the Program Fund is credited with the excess of revenue over expenses of the Operating Fund for that year. Fixed assets Fixed assets, including leasehold improvements, are initially recorded at cost. Certain office furniture, carried at a nominal value, has been donated to Trillium. Normal maintenance and repair expenditures are expensed as incurred. Depreciation and amortization are provided on the straight-line basis over up to five years so that the total cost of the assets will be expensed over their estimated useful lives. 3. ACCOUNTS RECEIVABLE During the year, Heritage Canada committed $37,500 towards several of Trillium's French language projects. The funds were used to offset specific expenses. Of the total contribution, $7,500 was received during the year and $30,000 was receivable at year end.

4. GRANTS Trillium pledges grants for future distribution and makes payments with respect to these grants for the prescribed duration of each grant. 1996 1995 $ $ Grants pledged Current year 15,508,114 22,000,713 Recovered or rescinded in the current year (261,700) (964,800) 15,246,414 21,035,913 Prior years 204,983,496 183,947,583    220,229,910  204,983,496       Grants distributed     Current year 12,461,273 16,690,654 Prior years 188,488,337 171,797,683 200,949,610 188,488,337 Grants pledged and not distributed 19,280,300 16,495,159       Grants pledged and not distributed are payable, subject to receipt of funds by Trillium and to certain performance conditions placed on the recipients, to various organizations in the fiscal years ending March 31 as follows: $ 1997 10,945,600 1998 5,819,800 1999 2,121,100 2000 371,300 2001 22,500 19,280,300 Grants pledged and not distributed include an amount of $2 million reserved in the year for the Caring Communities Award

5. NON-GRANT CONTRIBUTIONS TO THE COMMUNITY   1996 1995 $ $ TVOntario Fundraising and Board Basics Series 20,000 210,000 Funders' Alliance 3,000 3,000 Other non-grant charitable contributions 35,200 22,511 58,200 235,511 Non-grant contributions to the community are charitable activities other than grants, such as partnerships with other organizations, projects initiated by Trillium and technical assistance to community organizations. Costs shown as other non-grant charitable contributions represent transfers from operations.   6. COMPARATIVE FINANCIAL STATEMENTS   The comparative financial statements have been reclassified from statements previously presented to comform to the presentation of the 1996 financial statements.

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The Trillium Foundation
21 Bedford Road, Toronto On. M5R 2J9
Tel: 416-961-0194 / 1-800-263-2887 Fax: 416-961-9599
Email: trillium@trilliumfoundation.org
Web: http://www.trilliumfoundation.org/