Government Operations committee  Greg?

Government Operations committee  I would just add that the impact numbers are being updated. There has been new information disclosed about some of its impact, which came in literally two hours ago.

Government Operations committee  Yes.

Government Operations committee  No. It literally just hit the desk.

Government Operations committee  Special-purpose entities have been used in corporations and in real estate. I have never seen them used to anything like this extent in charities. Unfortunately, with the state of affairs right now, I do believe that fact-checking is really important. I know that as humans we default to trust, but I think that right now we just need to go back over everything and dot the i's and cross the t's.

Government Operations committee  Maybe I'm more terrified about the defamation suits down the road. I think we need to be very careful and very precise in the language we use and what we have reported and what we have not commented on.

Government Operations committee  I'm going to let Greg take a turn now.

Government Operations committee  May I answer this one?

Government Operations committee  Greg, do you mind if I take this one?

Government Operations committee  This is my passion. We've been championing for financial transparency since the very beginning, and we still face this battle. This summer alone, we have over 100 requests for information, with the charities directorate. We're looking at some of Canada's largest charities with $5 million to $10 million in donations, which still refuse to put their audited financial statements up on their website.

Government Operations committee  The We365 app is in the audited financial statements, and it is immaterial when you're looking at a $60-million charity.

Government Operations committee  Sure, absolutely. At Charity Intelligence, we are financial analysts. We are research analysts and our research is objective and impartial. On the real estate holdings, we see no red flags there. We see many charities across Canada—YMCAs, universities, hospitals, camps—having significant real estate holdings.

Government Operations committee  Not in relation to its equity, no. Relative to its real estate, what we reported was that there was a breach in bank loan covenants. We did not say that it was overextended. We did not say it had poor credit.

Government Operations committee  I think it's really important to be accurate with what is reported and what is not reported.

Government Operations committee  Charity Intelligence did not report on that. We do not do real estate. I do not know what their listings are in the Toronto market.