Remuneration is when a non-profit gives money to its directors for being a director (e.g. wages, honoraria).

Remuneration does not include gifts (i.e. small, irregular tokens of appreciation).

Financial statements are a broad overview of the non-profit’s financial position, presented to members at each AGM. 

Financial statements must include the four following documents: 

A fiscal year  is a one-year period of time that a non-profit  uses for accounting purposes and preparation of its financial statements.

For example, non-profits have their fiscal year aligned with the calendar year (January 1 to December 31) or government year end (March 31).