Q$.$ No$.4.$ On January $1,2020,$ some residents of the community of Kiterup, B$.$C$.,$ formed the Kiterup Winter Sports Association $($KWSA$)$ which was organized as a notfor$-$profit organization which has as its purposes encouraging participation in outdoor winter sports. In its first year, the board decided to restrict its activities to ice skating and skiing.

Initial funding was provided by a wealthy individual who made an endowment contribution of $$200,000$ which was invested in bonds and generated income during the year of $$8,000.$ The donor placed no restrictions on the use of the income produced by the investment of the endowment contribution which were to be divided evenly between all programs undertaken by the Association.

During the year donations of $$750,000$ were received and a further $$150,000$ of pledges was outstanding of which the board estimated $$130,000$ would be collected. It was agreed that such donations, all of which were unrestricted, would be divided evenly between the skating and skiing programs. As a practical matter, donations not yet received at year$-$end were considered to be restricted for use in the following year. A special fund drive was undertaken to raise money to provide skates to needy youngsters and skiing equipment to needy senior citizens. During the year $$25,000$ was received in contributions for skates and $$15,000$ for contributions towards purchasing skis.

During the year ended December $31,2020,$ the organization incurred the following costs.

$\backslash$table$[[,$Ice Skating,Skiing$],[$Wages and salaries,Program,Program$],[$Ice skates,$$193,000,$$$81,000$