This toolkit, developed by IMAA and completed in May 2020, includes a comprehensive analysis of Canadian arts organizations’ challenges in securing and maintaining affordable real estate, as well as a detailed resource toolkit of template documents, official guides, and sample documents from several Canadian arts organizations. This toolkit can be used as a resource for any non-profit arts organization that is looking to rent/purchase/design a new space for its operations to take place.

This section provides resources and guides for managing NPO Financial Policies, as well as clear expectations for real estate committees. Overall, these resources will help an organization by increasing financial literacy, and ensuring that their NPO is well-managed financially.

a. Board Skills, Composition and Succession Planning (Word Document)

Simple chart for assessing the competencies of Board of Director members.  Recommendation from case study organizations is to ensure an appropriate range of real estate skill sets on the Board.

b. Terms of Reference for Real Estate Committee – Sample (Word Document)

Sample terms of reference for a real estate committee of the Board.

c. Guide to Financial Statements of NPOs – Association of Chartered Professional Accountants (PDF)

A guide produced by the Association of Chartered Professional Accountants to increase understanding of financial statements for non-profit organizations. All real estate projects require a strong understanding of the financial components in order to reduce project risk.

d. Reading Financial Statements – What do I need to Know? – Association of Chartered Professional Accountants (PDF)

A guide produced by the Association of Chartered Professional Accountants to enhance the ability to interpret financial statements.

e. Investment Policy – Sample  (PDF)

Sample community centre investment policy document.  Managing the significant funds required in a real estate project requires attention to short and long term investment vehicles, pending spending the funds on the project itself.

f. NPO Financial Policies – Template (Word Document)

Thorough template of financial policies for non-profit organizations.  Useful to ensure your organization is well managed financially, and to evidence to outside funders and supporters.