Thank you for your question. Three certifications are required for the ecological gifts program. First is the ecological sensitivity. The second is if the recipient organization is qualified to receive the ecological gift. The third—and an important one—is fair market value.
We have a process, an independent appraisal review panel, that examines all the appraisals that are provided by the donor. We use the Appraisal Institute of Canada guidelines for determining the value. Appraisals are based on the highest and best use of the property. If I recall correctly, the property in question was zoned for two 14-storey buildings. As the appraisers appraise, they don't base their appraisal on what's on the site now, which might be worth $400,000, because there are no structures on that property. Standard appraisal practices for such fair-market evaluation are based on highest and best use.
The highest and best use is based on the potential to put two office towers or condominiums of 14 storeys in height on that property. That's why there's such a large difference in the value of that particular donation.