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AIESEC INTERNATIONAL NOTES TO THE FINANCIAL STATEMENTS AS AT MAY 31, 2020
9. Deferred contributions - regional offices
Changes in the balance of the deferred contributions - regional offices are as follows:
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10. Advances from related party
Advance from Stichting AIESEC International is non-interest bearing and has no specific terms of repayment.
11. Deferred capital grant
On July 12, 2017, the Organization entered into an agreement with Montreal International (MI), which MI agrees to grant to the Organization a nonrefundable maximum financial contribution of $600,000 to defray installation and relocation of the Organization's head office to Montreal. This agreement requires the Organization to commit certains undertakings. As at May 31, 2020, the Organization had fullfilled its commitments.
During the year, the Organization received $250,000 (2019 - $350,000) from MI, of which $Nil (2019 - $72,774) are used to purchase property and equipment. This amount is deferred and amortized on the same basis as the related property and equipment purchased, which is equivalent to $13,984 (2019 - $8,607). The remaining financial contributions are accounted for as revenue.
