I am given 4 Financial statments- 1. Consolidated Financial Statement, 2-Consolidated Statement of Operations and Accumulated Surplus 3- Consolidated Statement of Changes in Net Financial Assets, 4-Consolidated statement of Cash flows.
These statements are of a First Nations. I am to assume that I am a corporation and answer the following questions:- Decide on a potential partnership that your corporation would like to engage in with the community, and report on it, answering the following questions: What is the idea for your partnership with the First Nations community?
Statements are Attached in Image along with it
There are also a lot of Notes to these statements. Given below:-
WASAUKSING FIRST NATION Exhibit A - Consolidated Statement of Financial Position March 31, 2019, with comparative information for 2018 2019 2018 $ $ Financial Assets Cash Accounts receivable (note 2) Consolidated revenue trust fund Restricted cash (note 3) Marketable securities Restricted assets - Mtigo Min Trust (note 4) Investment in government business enterprises (note 5) 5,460,790 2,988,325 14 671 325,871 4597,401 1.959.799 14 671 323 264 3,014 138 2,922,373 10,299 11,722,329 10.299 9,919,572 Financial Liabilities Accounts payable and accrued liabilities Deferred revenue (note 6) Obligations under capital leases (note 7) Long-term debt (note B) 1,032,300 1,705,688 183,342 1 307 260 5,128,689 882,718 2,028,986 77.409 1 389,086 4.378,199 Net financial assets 6,593,640 5,541,373 Non-Financial Assets Tangible capital assets (note 9) Prepaid expenses 23,066,822 27,502 23,094,324 22,224,404 75,623 22,300,027 Contingent liabilities (note 10) Accumulated surplus (note 11) $ 29,687,954 $ 27,841,400 WASAUKSING FIRST NATION Exhibit B - Consolidated Statement of Operations and Accumulated Surplus Year ended March 31, 2019, with comparative information for 2018 2019 Budget (note 13) 2019 Actual S S Revenue: Indigenous Services Canada (note 12) Health Canada Ontario First Nations Limited Partnership Canada Mortgage and Housing Corporation Provincial funding Rentals, leasing and permits Gain (loss) on investments Other 3,482,140 1,335,565 1,066,912 124,374 2.803, 131 401,152 88,704 4.519 828 13.821,806 3,785,557 1,301,521 1,066,912 163,697 2.416,236 591,068 (67,017) 4,561 210 13,819,184 3,681,894 821.058 842,676 255238 2.021.245 407,955 224,882 1.438,318 9,693,266 Expenses Band Support Social Assistance Education Economic Development Land Management Community Infrastructure Community Property Day Care Operations Social Services Health Services Library Employment and Training CMHC Housing Rental Housing Marina 1.159,458 1,086,150 2,274,643 209,978 618,120 2,500,642 380 333 676 223 640,739 2,218,279 21,603 138,778 262,398 212,702 262,634 12,662,680 800 296 1,048,973 1.993,139 304 710 661,699 2,668,813 598,692 711,163 580,084 1,779,360 14,398 94 698 270.460 192,607 247 528 11,972,620 686,949 1,080,344 1.727,074 237,136 264.758 2,174,270 428,718 753,480 545,645 814,746 13.936 72.404 286.824 191,828 247139 9,525,251 Excess of revenue over expenses 1,159,126 1,846,564 168,015 Accumulated surplus, beginning of year 27,841,400 27,841,400 27,673,385 Accumulated surplus, end of year $ 29.000,526 $ 29,687 964 $ 27.841,400 WASAUKSING FIRST NATION Exhibit C - Consolidated Statement of Changes in Net Financial Assets Year ended March 31, 2019, with comparative information for 2018 2019 Budget (note 13) 2019 Actual 2018 Actual Excess of revenue over expenses 1,159,126 $ 1,846,564 S 168,015 Acquisition of tangible capital assets Amortization of tangible capital assets (429,393) 1 251 014 1,980,747 (2,093,432) 1.251 014 1,004,146 (323,749) 1,283,719 1,127,985 Acquisition of prepaid expenses 48,121 (22,500) Change in net financial assets 1,980,747 1,052 267 1,105,485 Net financial assets, beginning of year 5,541,373 5,541.373 4,435,888 Net financial assets, and of year $ 7,522,120 $ 6,593.640 5,541.373 WASAUKSING FIRST NATION Exhibit D. Consolidated Statement of Cash Flows Year ended March 31, 2019, with comparative information for 2018 2019 2018 Operating transactions: Excess of revenue over expenses Adjustment for Amortization of tangible capital assets $ 1,846,564 $ 168,015 1.251 014 3.097,578 1,283,719 1.451,734 Change in non-cash working capital Increase in accounts receivable Decrease increase) in prepaid expenses Increase in accounts payable and accrued liabilities Increase (decrease) in deferred revenue (1,028,526) 48,121 (1,359,603) (22,500) 1,049,681 (323,298) 2,843,556 25.496 1,432 402 1,527,529 Capital transactions Acquisition of tangible capital assets (1,922,107) (323,749) Financing transactions Principal payments on long-term debt Principal payments on obligations under capital leases (81.826) 165 392) (147.218) (119,661) (33,085) (152746) Investing transactions Decrease increase) in restricted assets - M'tigo Min Trust Decrease increase) in marketable securities Decrease in consolidated revenue trust fund (2.922 373) 3.014.138 (191.892) 7,209 (184 683) 91.765 Net increase in cash 865,996 866,351 Cash, beginning of year 4.920,665 4,054,314 Cash, end of year $ 5,786,661 $ 4,920,665 Represented by Cash Restricted cash S $ 5,460,790 325,871 5,786,661 4,597,401 323 264 4,920,665 $ $ WASAUKSING FIRST NATION Notes to Consolidated Financial Statements Year ended March 31, 2019 1. Significant accounting policies (continued): (g) Use of estimates The preparation of consolidated financial statements in conformity with Canadian public sector accounting standards requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant items subject to such estimates and assumptions include the carrying amount of capital assets and valuation allowances for receivables. Actual results could differ from those estimates. These estimates are reviewed periodically, and, as adjustments become necessary, they are reported in earings in the year in which they become known. (h) Prior year funding adjustments: The First Nation has entered into accountable contribution arrangements with several government funding agencies. All such programs are subject to audit by the various governments, with audit adjustments repayable to the government Adjustments made under funding arrangements relating to prior years are charged to operations in the year during which the adjustments are made. 2. Accounts receivable: 2019 2018 $ Innovation, Science and Economic Development Canada Ministry of Education Indigenous Services Canada Union of Ontario Indians Ministry of Health and Long-Term Care Canada Mortgage and Housing Corporation Industry Canada Other Band members Allowance for doubtful accounts $ 1,027,936 837219 578,629 150.939 87,516 65.493 468,586 578,594 126 289 170.978 162.642 117,750 373,880 1,002,966 (1,041,886) 272,488 994,302 (1.026.197) $ 2,988,325 $ 1,959,799 WASAUKSING FIRST NATION Notes to Console F a lements Year ended March 31, 2019 3. Restricted cash: 2019 2018 S Robinson Huron Treaty First Nations Finance Authority 00 205 189 40.682 284,124 39,140 $ 325.671 5 323 254 The Ft Nations pledged 5202750 a security for a loan guarantee arrangement with the Bank of Montreal as described in rote 10 The Festions required to mana a debt reserve bank act of $37.500 as part of a borrowing agreement with First Nations Finance Authority as desorbed in note 8 Any interest eamed in excess of the pledged amount is unrestricted for use by the First Nation Restricted assets - M'Tigo Min Trust: Under the terms of an agreement with the trustees of the tigo Min Trust the restricted assets are to be used for the benefit of the First Nation for specified purposes outlined in the agreement Disbursements are not to be made for the normal operating activities of the First Nation The restricted assets of M Tigo Min Trust consist of the following Far Market 2019 Coat Value Cash Marketable secure $ 114.7045 2007 2.922 373 114704 2048 289 3,062,993 5 $ 5. Investment in government business enterprises: The investment in government business enterprises is comprised of the following: Ownership 2019 2018 $ 99999 9999 Wasausing Holdings Line Wasauksing Holdings GP Ine Wasausing Marina GP in Wessing Maple Products GPine 90% 100% 100% 100 $ 10299 10299 6. Deferred revenue: 2019 2018 $ $ 1,414,930 Indigenous Services Canada Kinoomaadziwin Education Body Other 726,050 718,260 261,378 614,056 $ 2,028,986 $ 1,705,688 7. Obligations under capital leases: 2019 2018 $ 23,446 $ 44,109 Capital lease obligation, $1,851 payable monthly including principal and interest, bearing interest at 4.45% due May 2020, secured by equipment with net book value of $70,139 (2018 - $80.930) Capital lease obligation, $1,110 payable monthly principal interest-free, due September 2020, secured by vehicle with net book value of $39,960 (2018 - $45,288) Capital lease obligation, $2,094 payable monthly principal, interest-free, due April 2023, secured by equipment with net book value of $137 268 (2018- SNIT) Capital lease obligation, $762 payable monthly principal interest-free, due April 2023, secured by vehicle with net book value of $43.429 (2018 - SNT) 19,980 33,300 102,582 37,334 183,342 $ 77,409 Future minimum lease payments are as follows: 2020 2021 2022 2023 2024 69 793 42.776 34 265 34 265 2,855 183,954 (612) Less: interest included in lease payments Present value of future minimum lease payments 183342 9. Tangible capital assets (continued): Cost Disposals 2 018 S Additions . 42 226 $ 2017 1 7,630,241 1,602,241 1,078,471 1,473,236 16,740,082 11.448 126 Land Buildings and land improvements Equipment Vehicles Roads Water systems Housing Assets under construction 7,630,241 1.544 467 1.078.471 1.473 236 16.740 082 11.448 126 281,523 281,523 Total $ 39.972 398 $ 323.749 $ $ 40 296 147 Accumulated Amortization 2017 Disposals Amortization expense 2018 $ S Buildings and land improvements Equipment Vehicles Roads Water systems Housing 2,535,658 1,087 420 747,854 925,500 3.703.999 7.787.593 153,231 $ 81.389 67,004 33.790 689 602 278.703 2,688,889 1.168.809 814,858 959,290 4,373,601 8,066.296 Total $ 16.788.024 5 1.283 719 $ 18 071.743 Netbook value 2017 Net book value 2018 Land Buildings and land improvements Equipment Vehicles Roads Water systems Housing Assets under construction 5 094 583 514 821 330,617 547.736 13,036,083 3,680533 4.941,352 475,658 263,613 513,946 12,366,481 3,381,830 281,523 $ 23, 184,374 $ 22,224,404 10. Contingent liabilities: (a) The First Nation has guaranteed loans to various chartered banks on behalf of First Nation members totaling $664 041 (2018 - $6B2,994). (b) in accordance with terms and conditions of a financing arrangement between the Bank of Montreal and the Robinson Huron Treaty Trust (the "Trust"), the First Nation as a beneficiary of the Trust has guaranteed borrowings in proportion to its beneficial interest in the Trust in the amount of $282,750 (2018 - $282.750). As of March 31, 2019, its proportional outstanding loan balance as part of the Trust is $281.821 (2018-$281821). 11. Accumulated surplus: Accumulated surplus consists of individual fund surplus and reserves as follows: 2019 2018 Surplus Invested in tangible capital assets Consolidated revenue trust Ontario First Nations Limited Partnership CMHC Housing operations Operations $ 21,6 32,388 14,671 3,474,421 (339,628) 308,716 25,090,568 $ 20,811,841 14,671 6,140,443 (312,841) 176,661 26,830,775 M'tigo Min Trust Replacement reserves Committed reserves 2,815,007 115,205 1.667 184 167,878 842,747 $ 29,687,964S 27 841,400 12. Reconciliation of Indigenous Services Canada Revenue ("ISC"); ISC revenue is comprised of the following Funding per confirmation Add: opening deferred revenue Less ending deferred revenue Less: set contribution funding payable $ 3,101,157 1,414,930 (726,050) (4.480) Revenue per consolidated financial statements $ 3.785,557 13. Budget information: The budget data presented in these consolidated financial statements is based upon the operating and capital budgets approved by Council. The reconciliation of the approved budget to the budget figures reported on these consolidated financial statements is listed below $ 11,988,277 Approved expense budget Total expenses per budget Less Capital acquisitions Principal payments on long-term debt Principal payments on obligations under capital leases (429,393) (81.825) (65.392) 11,411,666 Add Amortization of tangible capital assets 1,251,014 Expense budget per consolidated financial statements $ 12,662,680 14. Comparative information: Certain 2019 comparative information have been reclassified where necessary to conform with the presentation adopted in 2018 15. Segmented information: The First Nation is a diversified governmental institution that provides a wide range of services to its Members, including band support, health services, education, social assistance, capital projects and business operations in addition to also managing specific funds from others. For management reporting purposes the First Nation's operations and activities are organized and reported by fund. Funds were created for the purpose of recording specific activities to attain certain objectives in accordance with special regulations, restrictions or limitations Services are provided by functional areas and their activities are reported in these funds. Certain functional areas that have been separately disclosed in the segmented information along with the services they provide, are as follows: Band Support The band support functional area oversees the delivery of all governmental services. The department is responsible for ensuring that there are adequate policies and procedures in place to safeguard assets and to properly report financial activities. In addition, this department includes the governance activities of chief and council and management and assistance for the related departments within the First Nation, as well as administration of all land claims on behalf of the First Nation. 15. Segmented information (continued): Community Infrastructure The community infrastructure functional area provides public services that contribute to sustainability through the provision of maintenance and operating services such as roads, water and sanitation, fire protection, street lighting and community buildings Economic Development The economic development functional area develops employment and training opportunities, along with identification of economic development initiatives for the First Nation and its members, including the First Nation's marina operations Health The health services functional area provides a diverse bundle of services directed toward the well- being of the Members including such activities as patient transportation, early childhood development and various other health related activities Education The education functional area administers tuition agreements with various school boards, manages the post-secondary program for its members, provides local transportation for the students and delivers various other educational initiatives. Community Property The community property department provides services for the longevity of the First Nation by the acquisition or construction of equipment, roads and buildings. Revenue and expenses included in the community property department are generally of long-term in nature, capitalized in the accounts of the First Nation and amortized over their useful life. Social Services The social services functional area delivers a variety of programming including Ontario Works employment support services, homemakers and national child benefit programs. The department also includes day care operations, library services and native child welfare initiatives Housing The housing functional area manages the operations of the various rental housing owned by the First Nation including both CMHC and other social housing. This includes tenant identification, rent collection and maintenance management. WASAUKSING FIRST NATION Notes to Consolidated Financial Statements Year ended March 31, 2019 15. Segmented information (continued): Other The First Nation's activities related to its participation with the Ontario First Nations Limited Partnership are identified and managed by this department For each reported segment, revenues and expenses include amounts that are directly attributable to the segment and amounts that are allocated on a reasonable basis. Therefore, certain allocations methodologies are employed in the preparation of segmented financial information, including transfers that have been apportioned based on a percentage of budgeted expenses. The accounting policies used in these segments are consistent with those followed in the preparation of the consolidated financial statements as disclosed in the summary of significant accounting policies WASAUKSING FIRST NATION Exhibit A - Consolidated Statement of Financial Position March 31, 2019, with comparative information for 2018 2019 2018 $ $ Financial Assets Cash Accounts receivable (note 2) Consolidated revenue trust fund Restricted cash (note 3) Marketable securities Restricted assets - Mtigo Min Trust (note 4) Investment in government business enterprises (note 5) 5,460,790 2,988,325 14 671 325,871 4597,401 1.959.799 14 671 323 264 3,014 138 2,922,373 10,299 11,722,329 10.299 9,919,572 Financial Liabilities Accounts payable and accrued liabilities Deferred revenue (note 6) Obligations under capital leases (note 7) Long-term debt (note B) 1,032,300 1,705,688 183,342 1 307 260 5,128,689 882,718 2,028,986 77.409 1 389,086 4.378,199 Net financial assets 6,593,640 5,541,373 Non-Financial Assets Tangible capital assets (note 9) Prepaid expenses 23,066,822 27,502 23,094,324 22,224,404 75,623 22,300,027 Contingent liabilities (note 10) Accumulated surplus (note 11) $ 29,687,954 $ 27,841,400 WASAUKSING FIRST NATION Exhibit B - Consolidated Statement of Operations and Accumulated Surplus Year ended March 31, 2019, with comparative information for 2018 2019 Budget (note 13) 2019 Actual S S Revenue: Indigenous Services Canada (note 12) Health Canada Ontario First Nations Limited Partnership Canada Mortgage and Housing Corporation Provincial funding Rentals, leasing and permits Gain (loss) on investments Other 3,482,140 1,335,565 1,066,912 124,374 2.803, 131 401,152 88,704 4.519 828 13.821,806 3,785,557 1,301,521 1,066,912 163,697 2.416,236 591,068 (67,017) 4,561 210 13,819,184 3,681,894 821.058 842,676 255238 2.021.245 407,955 224,882 1.438,318 9,693,266 Expenses Band Support Social Assistance Education Economic Development Land Management Community Infrastructure Community Property Day Care Operations Social Services Health Services Library Employment and Training CMHC Housing Rental Housing Marina 1.159,458 1,086,150 2,274,643 209,978 618,120 2,500,642 380 333 676 223 640,739 2,218,279 21,603 138,778 262,398 212,702 262,634 12,662,680 800 296 1,048,973 1.993,139 304 710 661,699 2,668,813 598,692 711,163 580,084 1,779,360 14,398 94 698 270.460 192,607 247 528 11,972,620 686,949 1,080,344 1.727,074 237,136 264.758 2,174,270 428,718 753,480 545,645 814,746 13.936 72.404 286.824 191,828 247139 9,525,251 Excess of revenue over expenses 1,159,126 1,846,564 168,015 Accumulated surplus, beginning of year 27,841,400 27,841,400 27,673,385 Accumulated surplus, end of year $ 29.000,526 $ 29,687 964 $ 27.841,400 WASAUKSING FIRST NATION Exhibit C - Consolidated Statement of Changes in Net Financial Assets Year ended March 31, 2019, with comparative information for 2018 2019 Budget (note 13) 2019 Actual 2018 Actual Excess of revenue over expenses 1,159,126 $ 1,846,564 S 168,015 Acquisition of tangible capital assets Amortization of tangible capital assets (429,393) 1 251 014 1,980,747 (2,093,432) 1.251 014 1,004,146 (323,749) 1,283,719 1,127,985 Acquisition of prepaid expenses 48,121 (22,500) Change in net financial assets 1,980,747 1,052 267 1,105,485 Net financial assets, beginning of year 5,541,373 5,541.373 4,435,888 Net financial assets, and of year $ 7,522,120 $ 6,593.640 5,541.373 WASAUKSING FIRST NATION Exhibit D. Consolidated Statement of Cash Flows Year ended March 31, 2019, with comparative information for 2018 2019 2018 Operating transactions: Excess of revenue over expenses Adjustment for Amortization of tangible capital assets $ 1,846,564 $ 168,015 1.251 014 3.097,578 1,283,719 1.451,734 Change in non-cash working capital Increase in accounts receivable Decrease increase) in prepaid expenses Increase in accounts payable and accrued liabilities Increase (decrease) in deferred revenue (1,028,526) 48,121 (1,359,603) (22,500) 1,049,681 (323,298) 2,843,556 25.496 1,432 402 1,527,529 Capital transactions Acquisition of tangible capital assets (1,922,107) (323,749) Financing transactions Principal payments on long-term debt Principal payments on obligations under capital leases (81.826) 165 392) (147.218) (119,661) (33,085) (152746) Investing transactions Decrease increase) in restricted assets - M'tigo Min Trust Decrease increase) in marketable securities Decrease in consolidated revenue trust fund (2.922 373) 3.014.138 (191.892) 7,209 (184 683) 91.765 Net increase in cash 865,996 866,351 Cash, beginning of year 4.920,665 4,054,314 Cash, end of year $ 5,786,661 $ 4,920,665 Represented by Cash Restricted cash S $ 5,460,790 325,871 5,786,661 4,597,401 323 264 4,920,665 $ $ WASAUKSING FIRST NATION Notes to Consolidated Financial Statements Year ended March 31, 2019 1. Significant accounting policies (continued): (g) Use of estimates The preparation of consolidated financial statements in conformity with Canadian public sector accounting standards requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant items subject to such estimates and assumptions include the carrying amount of capital assets and valuation allowances for receivables. Actual results could differ from those estimates. These estimates are reviewed periodically, and, as adjustments become necessary, they are reported in earings in the year in which they become known. (h) Prior year funding adjustments: The First Nation has entered into accountable contribution arrangements with several government funding agencies. All such programs are subject to audit by the various governments, with audit adjustments repayable to the government Adjustments made under funding arrangements relating to prior years are charged to operations in the year during which the adjustments are made. 2. Accounts receivable: 2019 2018 $ Innovation, Science and Economic Development Canada Ministry of Education Indigenous Services Canada Union of Ontario Indians Ministry of Health and Long-Term Care Canada Mortgage and Housing Corporation Industry Canada Other Band members Allowance for doubtful accounts $ 1,027,936 837219 578,629 150.939 87,516 65.493 468,586 578,594 126 289 170.978 162.642 117,750 373,880 1,002,966 (1,041,886) 272,488 994,302 (1.026.197) $ 2,988,325 $ 1,959,799 WASAUKSING FIRST NATION Notes to Console F a lements Year ended March 31, 2019 3. Restricted cash: 2019 2018 S Robinson Huron Treaty First Nations Finance Authority 00 205 189 40.682 284,124 39,140 $ 325.671 5 323 254 The Ft Nations pledged 5202750 a security for a loan guarantee arrangement with the Bank of Montreal as described in rote 10 The Festions required to mana a debt reserve bank act of $37.500 as part of a borrowing agreement with First Nations Finance Authority as desorbed in note 8 Any interest eamed in excess of the pledged amount is unrestricted for use by the First Nation Restricted assets - M'Tigo Min Trust: Under the terms of an agreement with the trustees of the tigo Min Trust the restricted assets are to be used for the benefit of the First Nation for specified purposes outlined in the agreement Disbursements are not to be made for the normal operating activities of the First Nation The restricted assets of M Tigo Min Trust consist of the following Far Market 2019 Coat Value Cash Marketable secure $ 114.7045 2007 2.922 373 114704 2048 289 3,062,993 5 $ 5. Investment in government business enterprises: The investment in government business enterprises is comprised of the following: Ownership 2019 2018 $ 99999 9999 Wasausing Holdings Line Wasauksing Holdings GP Ine Wasausing Marina GP in Wessing Maple Products GPine 90% 100% 100% 100 $ 10299 10299 6. Deferred revenue: 2019 2018 $ $ 1,414,930 Indigenous Services Canada Kinoomaadziwin Education Body Other 726,050 718,260 261,378 614,056 $ 2,028,986 $ 1,705,688 7. Obligations under capital leases: 2019 2018 $ 23,446 $ 44,109 Capital lease obligation, $1,851 payable monthly including principal and interest, bearing interest at 4.45% due May 2020, secured by equipment with net book value of $70,139 (2018 - $80.930) Capital lease obligation, $1,110 payable monthly principal interest-free, due September 2020, secured by vehicle with net book value of $39,960 (2018 - $45,288) Capital lease obligation, $2,094 payable monthly principal, interest-free, due April 2023, secured by equipment with net book value of $137 268 (2018- SNIT) Capital lease obligation, $762 payable monthly principal interest-free, due April 2023, secured by vehicle with net book value of $43.429 (2018 - SNT) 19,980 33,300 102,582 37,334 183,342 $ 77,409 Future minimum lease payments are as follows: 2020 2021 2022 2023 2024 69 793 42.776 34 265 34 265 2,855 183,954 (612) Less: interest included in lease payments Present value of future minimum lease payments 183342 9. Tangible capital assets (continued): Cost Disposals 2 018 S Additions . 42 226 $ 2017 1 7,630,241 1,602,241 1,078,471 1,473,236 16,740,082 11.448 126 Land Buildings and land improvements Equipment Vehicles Roads Water systems Housing Assets under construction 7,630,241 1.544 467 1.078.471 1.473 236 16.740 082 11.448 126 281,523 281,523 Total $ 39.972 398 $ 323.749 $ $ 40 296 147 Accumulated Amortization 2017 Disposals Amortization expense 2018 $ S Buildings and land improvements Equipment Vehicles Roads Water systems Housing 2,535,658 1,087 420 747,854 925,500 3.703.999 7.787.593 153,231 $ 81.389 67,004 33.790 689 602 278.703 2,688,889 1.168.809 814,858 959,290 4,373,601 8,066.296 Total $ 16.788.024 5 1.283 719 $ 18 071.743 Netbook value 2017 Net book value 2018 Land Buildings and land improvements Equipment Vehicles Roads Water systems Housing Assets under construction 5 094 583 514 821 330,617 547.736 13,036,083 3,680533 4.941,352 475,658 263,613 513,946 12,366,481 3,381,830 281,523 $ 23, 184,374 $ 22,224,404 10. Contingent liabilities: (a) The First Nation has guaranteed loans to various chartered banks on behalf of First Nation members totaling $664 041 (2018 - $6B2,994). (b) in accordance with terms and conditions of a financing arrangement between the Bank of Montreal and the Robinson Huron Treaty Trust (the "Trust"), the First Nation as a beneficiary of the Trust has guaranteed borrowings in proportion to its beneficial interest in the Trust in the amount of $282,750 (2018 - $282.750). As of March 31, 2019, its proportional outstanding loan balance as part of the Trust is $281.821 (2018-$281821). 11. Accumulated surplus: Accumulated surplus consists of individual fund surplus and reserves as follows: 2019 2018 Surplus Invested in tangible capital assets Consolidated revenue trust Ontario First Nations Limited Partnership CMHC Housing operations Operations $ 21,6 32,388 14,671 3,474,421 (339,628) 308,716 25,090,568 $ 20,811,841 14,671 6,140,443 (312,841) 176,661 26,830,775 M'tigo Min Trust Replacement reserves Committed reserves 2,815,007 115,205 1.667 184 167,878 842,747 $ 29,687,964S 27 841,400 12. Reconciliation of Indigenous Services Canada Revenue ("ISC"); ISC revenue is comprised of the following Funding per confirmation Add: opening deferred revenue Less ending deferred revenue Less: set contribution funding payable $ 3,101,157 1,414,930 (726,050) (4.480) Revenue per consolidated financial statements $ 3.785,557 13. Budget information: The budget data presented in these consolidated financial statements is based upon the operating and capital budgets approved by Council. The reconciliation of the approved budget to the budget figures reported on these consolidated financial statements is listed below $ 11,988,277 Approved expense budget Total expenses per budget Less Capital acquisitions Principal payments on long-term debt Principal payments on obligations under capital leases (429,393) (81.825) (65.392) 11,411,666 Add Amortization of tangible capital assets 1,251,014 Expense budget per consolidated financial statements $ 12,662,680 14. Comparative information: Certain 2019 comparative information have been reclassified where necessary to conform with the presentation adopted in 2018 15. Segmented information: The First Nation is a diversified governmental institution that provides a wide range of services to its Members, including band support, health services, education, social assistance, capital projects and business operations in addition to also managing specific funds from others. For management reporting purposes the First Nation's operations and activities are organized and reported by fund. Funds were created for the purpose of recording specific activities to attain certain objectives in accordance with special regulations, restrictions or limitations Services are provided by functional areas and their activities are reported in these funds. Certain functional areas that have been separately disclosed in the segmented information along with the services they provide, are as follows: Band Support The band support functional area oversees the delivery of all governmental services. The department is responsible for ensuring that there are adequate policies and procedures in place to safeguard assets and to properly report financial activities. In addition, this department includes the governance activities of chief and council and management and assistance for the related departments within the First Nation, as well as administration of all land claims on behalf of the First Nation. 15. Segmented information (continued): Community Infrastructure The community infrastructure functional area provides public services that contribute to sustainability through the provision of maintenance and operating services such as roads, water and sanitation, fire protection, street lighting and community buildings Economic Development The economic development functional area develops employment and training opportunities, along with identification of economic development initiatives for the First Nation and its members, including the First Nation's marina operations Health The health services functional area provides a diverse bundle of services directed toward the well- being of the Members including such activities as patient transportation, early childhood development and various other health related activities Education The education functional area administers tuition agreements with various school boards, manages the post-secondary program for its members, provides local transportation for the students and delivers various other educational initiatives. Community Property The community property department provides services for the longevity of the First Nation by the acquisition or construction of equipment, roads and buildings. Revenue and expenses included in the community property department are generally of long-term in nature, capitalized in the accounts of the First Nation and amortized over their useful life. Social Services The social services functional area delivers a variety of programming including Ontario Works employment support services, homemakers and national child benefit programs. The department also includes day care operations, library services and native child welfare initiatives Housing The housing functional area manages the operations of the various rental housing owned by the First Nation including both CMHC and other social housing. This includes tenant identification, rent collection and maintenance management. WASAUKSING FIRST NATION Notes to Consolidated Financial Statements Year ended March 31, 2019 15. Segmented information (continued): Other The First Nation's activities related to its participation with the Ontario First Nations Limited Partnership are identified and managed by this department For each reported segment, revenues and expenses include amounts that are directly attributable to the segment and amounts that are allocated on a reasonable basis. Therefore, certain allocations methodologies are employed in the preparation of segmented financial information, including transfers that have been apportioned based on a percentage of budgeted expenses. The accounting policies used in these segments are consistent with those followed in the preparation of the consolidated financial statements as disclosed in the summary of significant accounting policies
