Disclosure of payments to Board Directors
From time to time, YMCA Canada carries out business transactions with suppliers of goods and professional services whose officers are also directors or the organization. These transactions are in the normal course of operations and are measured at the exchange amount, which is the amount of consideration established and agreed to by the related parties and, which, in management’s opinion, is comparable to the amounts that would have been paid to non-related parties. These transactions are subject to a regular review process. In 2019, these transactions amounted to $68,770 and $8,734 representing payments for employee benefits and pension administration fees respectively, both paid to Manulife Financial.