The ICF is a privately registered foundation which reports to its member regional districts and First Nations. The ICF was incorporated under the laws of the Government of Canada on January 1, 2004 and is a registered charity under the Income Tax Act and, as such, is exempt from income taxes and able to issue donation receipts for income tax purposes. In order to maintain the status of a charitable organization under the Act, the Foundation must meet certain requirements within the Act. In the opinion of management, these requirements have been met.
The Foundation’s purpose is to preserve and use the corridor in perpetuity, as one continuous corridor to connect and benefit all Island and First Nations communities along the corridor.
The Foundation has a Chief Financial Officer who provides the Foundation with on-going guidance and expertise as to the financial activities and financial management of the Foundation.
The Foundation has engaged Grant Thornton LLP to undertake an annual review and specified audit of the financial activities of the Foundation and to report its findings to the Board of Directors and Foundation members.