b"12 13CANADIAN SCHOOL BOARDS ASSOCIATIONS CANADIAN SCHOOL BOARDS ASSOCIATIONSL'ASSOCIATION CANADIENNE DES COMMISSIONS/CONSEILS SCOLAIRES L'ASSOCIATION CANADIENNE DES COMMISSIONS/CONSEILS SCOLAIRESNOTES TO FINANCIAL STATEMENTS NOTES TO FINANCIAL STATEMENTSMARCH 31, 2022 MARCH 31, 20228. Deferred contribution (continued) 10. Financial instruments (continued)The deferred contribution represents grant revenue received in relation to a specific project. This Interest rate riskgrantisexternallyrestrictedforthespecificprojectforwhichitwasreceivedandwillbe Interest rate risk is the risk that the fair value or future cash flows of a financial instrument willrecognizedasrevenueintheperiodwhentherelatedexpensesspecifictotheprojectare fluctuate because of changes in market interest rates. The Association is exposed to interest rateincurred. risk on its fixed rate financial instruments. The Association's exposure to interest rate risk relatesprimarily to the return it earns on its term deposits, which subjects it to a fair value risk.9. Related party transactionsThe following table presents a summary of the related party transactions that occurred during theyear:2022 2021$ $Membership fees received from associations with boardmembers in common 184,119 214,437Executive stipend paid to board members 22,500 22,500Thesetransactionsare inthenormal courseofoperationsandare measured at the exchangeamount, which is the amount of consideration established and agreed to by the related parties.Receivables and payables were measured at cost, determined using their undiscounted cash flows.No difference resulted from these transactions.10. Financial instrumentsFinancial risksThe significant risks arising from financial instruments to which the Association is exposed as atMarch 31, 2022 are detailed below.Market riskMarketriskistheriskthatthefairvalueorfuturecashflowsoftheAssociation'sfinancialinstruments will fluctuate because of changes in market prices. Some of the Association's financialinstruments expose it to this risk, which comprises currency risk, interest rate risk and other pricerisk.57 58"