b"Canadian School Boards AssociationsNotes to Financial StatementsMarch 31, 20256.Canadian Heritage ProjectThe Association has come to a two-year arrangement with the Minister of Canadian Heritageending on March 31, 2026. Under this agreement, a total of $411,100 was funded to financethe Association, with $228,125 being funded for Fiscal 2025. As at March 31, 2025, $228,125has been received. In addition, the full amount has been expensed, including an amount ofDraft for discussion$20,542 of administrative fees that are included in various expense accounts.7. Related party transactionsThe following table presents a summary of the related party transactions that occurredduring the year:20252024Membership fees received from associations with boardmembers in common $ 183,298 $ 183,838Executive stipend paid to board members21,479 22,500$ 204,777 $ 206,338These transactions are in the normal course of operations and are measured at the exchangeamount, which is the amount of consideration established and agreed to by the relatedparties. Receivables and payables were measured at cost, determined using theirundiscounted cash flows. No difference resulted from these transactions.8.Financial InstrumentsRisk and concentrations The Association is exposed to various risks and concentrations throughits financial instruments. The following analysis provides a measure of the Association's riskexposure and concentration at the balance sheet date of March 31, 2025. Market risk Marketrisk is the risk that the fair value or future cash flows of the Association's financialinstruments will fluctuate because of changes in market prices. Some of the Association'sfinancial instruments expose it to this risk. The Association is mainly exposed to interestrate risk.Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of afinancial instrument will fluctuate because of changes in market interest rates. TheAssociation is exposed to interest rate risk on its fixed rate financial instruments. TheAssociation's exposure to interest rate risk relates primarily to the return it earns on its termdeposits, which subjects it to a fair value risk.85"