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Ontario Electronic Stewardship Notes to Financial Statements December 31 2014 6. Significant Contracts On November 1 2013 the Organization entered into a Service Agreement with the Electronic Products Recycling Association EPRA whereby EPRA is to provide the Organization with management and administrative duties under the Program Agreement. Effective November 16 2013 all personnel at the Organization were terminated and some transitioned to EPRA. The Organization paid 2500614 2013 415162 to EPRA during the year. Included in accounts payable and accrued liabilities is 345514 2013 167692 due to EPRA. All members of the Organizations board of directors are members of the EPRA board of directors. 7. Commitments The Organization has entered into a lease for office premises. Minimum future payments required under this operating lease are as follows 2015 133200 2016 99900 233100 8. Financial Instrument Risk Management a Credit Risk Financial instruments potentially exposed to credit risk include cash investments and accounts receivable. Management considers its exposure to credit risk over cash and investments to be remote as the Organization holds cash deposits at a major Canadian bank. Accounts receivable are not significantly concentrated monitored regularly for collections and the carrying amount of accounts receivable represents the maximum credit risk exposure. At December 31 2014 the allowance for doubtful accounts was 82808 2013 47160. There has been no change to the risk exposure from 2013. b Liquidity Risk Liquidity risk is the risk that the Organization will not be able to meet its obligations as they come due. The Organizations approach to managing liquidity risk is to ensure that it will always have sufficient working capital available or internally restricted funds to meet its obligations as they come due. Its liquidity risk arises primarily from accounts payable and commitments. At December 31 2014 the Organization had positive working capital of 31213637. There has been no change to the risk exposure from 2013. 26 2014 F INANCIAL STATEMENTS