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| Authored by: Corporation-Buster on Saturday, April 23 2005 @ 07:48 PM CDT |
It is common place for corporations to have subsidiaries that take care of the business and through which monies can be filtered. It makes sense, economically, as the parent companies or even the subsidiaries can avoid appearances of having money. While ESA, as a student club itself, may have be devoid funds, it is without question that they had access to Embassy's funds. Their events were sponsored (run) through the Embassy, and the Embassy isn't broke. A quick look the Canada Revenue site reveals this (Embassy is a charity, technically, and has to disclose its spending).
For 2003 Embassy claimed $141,584 in revenue (up from $135,576 in 2002 and $110,453 in 2001). Now, much of this money is spent on salaries and rentals, but that is their choice. ESA certainly gets the rewards! (This can be verified at: www.cra-arc.gc.ca/dchmf/haip/srch/sec/SrchInput05Render-e?bn=881267926RR0001&fpe=2003-07-31&name=THE+EMBASSY
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