Government Operations committee  Different people's notes would be public. Different people would keep their notes to themselves or not; I don't mind.

Government Operations committee  At Charity Intelligence we look at transparency and accountability, which is 60% of our overall star rating, and we do the financial analysis, which is 40% of the star rating. We look at a charity's results. One of the issues with WE Charity's results.... Let's say we're looking

Government Operations committee  I provided it in the opening statement. It's on the record for your committee.

Government Operations committee  No, no, no.

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 si

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.

Government Operations committee  Yes.

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  No. We define accountability.... When you talk about boards, that's governance, and governance is not a metric that Charity Intelligence reports on. Accountability, to us, is this: When you take the time to go through a charity's annual report or the information on its website,

Government Operations committee  We will do it in due diligence, but it's not one of the metrics in our rating.

Government Operations committee  When the information came out in late June and was confirmed through our discussions with WE Charity management in July, our concerns led to us issuing a donor advisory, which is our most serious red flag.

Government Operations committee  No, that information only came to light after the contract was signed, almost after the contract was cancelled. That only came to light in late June.

Government Operations committee  That's the question. Is a charity under an obligation to inform a funder—or the government, in this case—when it's doing a serious deal of this size, and to do a full and frank disclosure?