First Nations / Munsee-Delaware Nation / 2023-2024
Audited consolidated financial statementsFY 2023-2024
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Statements as published · FY 2023-2024
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Consolidated Statement of Financial Position
FY 2023-2024 · PDF page 6
FA − FL = Net FA: matchedNet FA + NFA = Acc. surplus: matched
| 2024 | 2023 | |
|---|---|---|
| Cash | 15,133,793 | 11,774,262 |
| Trust funds in Ottawa (Note 2)n2 | 93,725 | 90,768 |
| Restricted assets (Note 3)n3 | 242,673 | 205,030 |
| Accounts receivable (Note 4)n4 | 3,954,858 | 1,734,987 |
| [Total Financial Assets] | 19,425,049 | 13,805,047 |
| Accounts payable and accrued liabilities (Note 9)n9 | 2,856,564 | 2,685,793 |
| Deferred revenue (Note 6)n6 | 6,358,171 | 5,201,884 |
| Deposits | 19,800 | 18,800 |
| Long-term debt (Note 7)n7 | 890,469 | 1,049,205 |
| [Total Liabilities] | 10,125,004 | 8,955,682 |
| Net Financial Assets | 9,300,045 | 4,849,365 |
| Capital assets (Note 8)n8 | 9,908,983 | 10,289,739 |
| Prepaid expenses | 11,519 | 14,370 |
| [Total Non-Financial Assets] | 9,920,502 | 10,304,109 |
| Accumulated Surplus (Note 10)n10 | 19,220,547 | 15,153,474 |
Consolidated Statement of Operations and Accumulated Surplus
FY 2023-2024 · PDF page 7
Rev − Exp = Surplus: matched
| 2024 Budget(budget) | 2024 | 2023 | |
|---|---|---|---|
| Indigenous Services Canada | 3,088,844 | 1,663,026 | 1,895,327 |
| Health Canada | 484,173 | 411,464 | 502,118 |
| Canadian Mortgage and Housing Corporation | 124,689 | 109,172 | 181,661 |
| Province of Ontario | 1,050,088 | 1,008,036 | 1,120,588 |
| Southern First Nation Secretariat | 386,289 | 354,413 | 373,636 |
| Ontario First Nations Limited Partnership | 400,000 | 821,301 | 576,647 |
| Anishinabek Nation | 434,907 | 661,398 | 660,043 |
| Stepping Stones | 545,000 | 844,796 | 807,488 |
| Kinomaadswin Education Body Inc. | 5,195,371 | 1,302,847 | 1,479,615 |
| Ministry of Indigenous Affairs | 176,037 | 17,093 | 28,081 |
| Rental income | 559,427 | 448,878 | 488,302 |
| Interest income | 318,500 | 622,602 | 296,489 |
| Other income | 1,629,197 | 5,553,147 | 2,458,145 |
| [Total Revenue] | 14,392,522 | 13,818,173 | 10,868,140 |
| Administration and Governance - Schedule 1 | 2,882,275 | 5,183,642 | 4,681,862 |
| Education - Schedule 2 | 1,477,693 | 1,245,084 | 1,425,098 |
| Health and Social Services - Schedule 3 | 3,235,945 | 3,333,534 | 3,567,717 |
| [Total Expenses] | 7,595,913 | 9,762,260 | 9,674,677 |
| Excess of revenue over expenses from operations before replacement reserve | 6,796,609 | 4,055,913 | 1,193,463 |
| Replacement reserve | -⚑ | 11,160 | 14,160 |
| Annual surplus for the year | 6,796,609 | 4,067,073 | 1,207,623 |
| Accumulated surplus, beginning of year (Note 10)n10 | -⚑ | 15,153,474 | 13,945,851 |
| Accumulated surplus, end of year (Note 10)n10 | 6,796,609 | 19,220,547 | 15,153,474 |
Consolidated Statement of Change in Net Financial Assets
FY 2023-2024 · PDF page 8
| 2024 Budget(budget) | 2024 | 2023 | |
|---|---|---|---|
| Annual surplus | 6,796,609 | 4,067,073 | 1,207,623 |
| Acquisition of tangible capital assets | -⚑ | (344,240) | (683,645) |
| Amortization of tangible capital assets | 550,000 | 724,993 | 692,465 |
| [Subtotal] | 7,346,609 | 4,447,826 | 1,216,443 |
| Utilization of prepaid assets | -⚑ | 2,854 | 369 |
| Net change in financial assets | 7,346,609 | 4,450,680 | 1,216,812 |
| Net Financial Assets, Beginning of Year | 13,516,262 | 4,849,365 | 3,632,553 |
| Net Financial Assets, End of Year | 20,862,871 | 9,300,045 | 4,849,365 |
Consolidated Statement of Cash Flows
FY 2023-2024 · PDF page 9
| 2024 | 2023 | |
|---|---|---|
| Annual surplus | 4,067,073 | 1,207,623 |
| Amortization | 724,996 | 692,465 |
| [Subtotal Items not affecting cash:] | 4,792,069 | 1,900,088 |
| Accounts receivable | (2,219,871) | (247,742) |
| Deposits | 1,000 | 350 |
| Prepaid expenses | 2,854 | 370 |
| Accounts payable and accrued liabilities | 170,768 | 674,232 |
| Deferred revenue | 1,156,287 | (203,916) |
| [Total Cash flows from operating activities] | 3,903,107 | 2,123,382 |
| Repayment of long-term debt | (158,736) | (149,066) |
| Increase in trust funds in Ottawa | (2,957) | (2,231) |
| Investment in restricted assets | (37,643) | (82,802) |
| [Total Cash flows from financing activities] | (199,336) | (234,099) |
| Acquisition of tangible capital assets | (344,240) | (683,645) |
| [Total Cash flows from capital activities] | (344,240) | (683,645) |
| Change in Cash | 3,359,531 | 1,205,638 |
| Cash, beginning of the year | 11,774,262 | 10,568,624 |
| Cash, end of the year | 15,133,793 | 11,774,262 |
Notes to the financial statements
Verbatim, as published. Statement lines above link to their notes.
Note 1Tangible Capital Assets rates
| Method | Rate | |
|---|---|---|
| CMHC Housing | ||
| Water treatment plant | ||
| Multiplex and royal homes | ||
| Buildings | ||
| Furniture and fixtures | ||
| Parking Lots | ||
| Machinery and equipment | ||
| Vehicles | ||
| Computer Hardware | ||
| Roads | ||
| Signs | ||
Note 2Trust Funds in Ottawa
| 2024 | 2023 | |
|---|---|---|
| Revenue trust fund | 88,585 | 85,628 |
| Capital trust fund | 5,140 | 5,140 |
| [Total] | 93,725 | 90,768 |
Note 3Restricted Assets
| 2024 | 2023 | |
|---|---|---|
| Cash | 147,698 | 126,130 |
| Due from operating account - replacement reserve | 23,253 | 27,121 |
| Due from operating account - operating reserve | 71,722 | 51,779 |
| [Total] | 242,673 | 205,030 |
Note 4Accounts receivable
| 2024 | 2023 | |
|---|---|---|
| Federal Government | 975,110 | 502,362 |
| Provincial Government programs | 49,182 | 37,586 |
| Kinomaadswin Education Body Inc. | 20,963 | 97,526 |
| Ontario First Nations Limited Partnership | 547,329 | 375,248 |
| City of Toronto | 1,115,829 | -⚑ |
| Southern First Nations Secretariat | 255,452 | 25,312 |
| Stepping Stones | 74,021 | 124,797 |
| Anishinabek Nation | 769,136 | 480,561 |
| Other | 147,836 | 91,595 |
| [Total Other funders] | 2,930,566 | 1,195,039 |
| [Total] | 3,954,858 | 1,734,987 |
Note 5Loans to Band Members
| 2024 | 2023 | |
|---|---|---|
| Housing loans | 280,108 | 301,068 |
| Royal home loans | 616,451 | 634,451 |
| [Total Loans] | 896,559 | 935,519 |
| Less: allowance for doubtful loans | (896,559) | (935,519) |
| [Total] | ||
Note 6Deferred Revenue
| 2024 | 2023 | |
|---|---|---|
| Southern First Nations Secretariat | 242,542 | 197,240 |
| Indigenous Services Canada | 2,147,926 | 1,665,088 |
| Kinoomaadziwin Education Body | 3,627,710 | 3,186,369 |
| Ministry of Indigenous Affairs | 173,944 | 41,037 |
| Other | 119,331 | 105,444 |
| Anishinabek Nation | 11,718 | 6,706 |
| Stepping Stones | 35,000 | -⚑ |
| [Total] | 6,358,171 | 5,201,884 |
Note 7Long-term Debt
| 2024 | 2023 | |
|---|---|---|
| Residential Housing Loan by Canada and Mortgage Housing Corporation - 0.68%, repayable in blended monthly installments of $2,634, repaid in the year - Phase 1 | -⚑ | 23,657 |
| Residential Housing Loan by Canada and Mortgage Housing Corporation - 0.76%, repayable in blended monthly installments of 2,886, due August 2025 - Phase 2 | 48,843 | 82,968 |
| Residential Housing Loan by Canada and Mortgage Housing Corporation - 1.12%, repayable in blended monthly installments of $1,339, due October 2026 - Phase 3 | 320,836 | 333,236 |
| Residential Housing Loan by Canada and Mortgage Housing Corporation - 1.30%, repayable in blended monthly installments of $3,878, due April 2026 - Phase 4 | 520,790 | 560,282 |
| COVID-19 Emergency Relief Loan from Tecumseh Community Development Corporation - 0%, repayable at various amounts as determined by the Nation, repaid in the year. | -⚑ | 26,562 |
| COVID-19 Emergency Relief Loan from Tecumseh Community Development Corporation - 0%, repayable at various amounts as determined by the Nation, repaid in the year. | -⚑ | 11,875 |
| COVID-19 Emergency Relief Loan from Tecumseh Community Development Corporation - 0%, repayable at various amounts as determined by the Nation, repaid in the year. | -⚑ | 10,625 |
| [Total] | 890,469 | 1,049,205 |
| Amount | |
|---|---|
| 2025 | 88,034 |
| 2026 | 67,638 |
| 2027 | 734,797 |
| [Total] | 890,469 |
Note 8Tangible Capital Assets
| Land | CMHC Buildings(other) | Water Treatment Plant(other) | Multiplex and Royal Homes(other) | Buildings(other) | Furniture and Fixtures(other) | Parking Lots(other) | Machinery and Equipment(other) | Vehicles(other) | Computer Hardware(other) | Roads/ Infrastructure(other) | Signs(other) | 2024 Total(other) | 2023 Total(other) | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cost, beginning of year | 117,831 | 2,321,603 | 2,937,554 | 1,633,118 | 11,404,923 | 713,646 | 215,315 | 505,986 | 380,636 | 87,876 | 560,798 | 90,563 | 20,969,849 | 20,286,208 |
| Additions | -⚑ | -⚑ | -⚑ | -⚑ | -⚑ | 54,582 | -⚑ | 611 | 70,483 | 40,336 | 178,228 | -⚑ | 344,240 | 683,641 |
| Transfer of CMHC units | ||||||||||||||
| Cost, end of the year | 117,831 | 2,321,603 | 2,937,554 | 1,633,118 | 11,404,923 | 768,228 | 215,315 | 506,597 | 451,119 | 128,212 | 739,026 | 90,563 | 21,314,089 | 20,969,849 |
| Accumulated amortization, beginning of the year | -⚑ | 1,278,017 | 876,563 | 578,129 | 6,505,768 | 534,286 | 148,876 | 395,800 | 155,046 | 49,787 | 63,487 | 94,351 | 10,680,110 | 9,987,645 |
| Amortization | -⚑ | 59,631 | 146,878 | 65,325 | 285,123 | 33,122 | 10,766 | 27,786 | 42,592 | 35,295 | 18,478 | -⚑ | 724,996 | 692,465 |
| Transfer of CMHC units | ||||||||||||||
| Accumulated amortization, end of year | -⚑ | 1,337,648 | 1,023,441 | 643,454 | 6,790,891 | 567,408 | 159,642 | 423,586 | 197,638 | 85,082 | 81,965 | 94,351 | 11,405,106 | 10,680,110 |
| Net carrying amount, end of year | 117,831 | 983,955 | 1,914,113 | 989,664 | 4,614,032 | 200,820 | 55,673 | 83,011 | 253,481 | 43,130 | 657,061 | (3,788) | 9,908,983 | 10,289,739 |
Note 9Accounts Payable and Accrued Liabilities
| 2024 | 2023 | |
|---|---|---|
| Accounts payable | 812,932 | 636,505 |
| Repayable to funders | 1,383,878 | 1,360,496 |
| Accrued liabilities | 564,779 | 609,892 |
| Due to CMHC Reserve | 94,975 | 78,900 |
| [Total] | 2,856,564 | 2,685,793 |
Note 10Accumulated Surplus
| 2024 | 2023 | |
|---|---|---|
| Investment in tangible capital assets | 9,018,514 | 9,289,596 |
| Unrestricted accumulated surplus - Nation | 1,786,771 | 1,251,886 |
| Bingo and Charity | 1,139,982 | 655,191 |
| Greenlane | 2,412,905 | -⚑ |
| [Total Operating reserves] | 14,358,172 | 11,196,673 |
| Trust Funds in Ottawa | 93,725 | 90,768 |
| CMHC | 170,951 | 153,251 |
| OFNLP - Gaming | 4,597,699 | 3,712,782 |
| [Total Restricted reserves] | 4,862,375 | 3,956,801 |
| [Total] | 19,220,547 | 15,153,474 |
Note 13Classification of Expenditure by Object (Type of Expense)
| 2024 | 2023 | |
|---|---|---|
| Housing Replacement reserve | 11,160 | 14,160 |
| Amortization | 724,993 | 692,465 |
| Bad Debts (recovered) | (38,960) | (90,082) |
| Bank Charges and interest | 40,862 | 43,698 |
| Other | 1,122,850 | 998,644 |
| COVID-19 Relief | -⚑ | 397 |
| Employee benefits | 241,811 | 224,535 |
| Equipment | 9,066 | 14,883 |
| Garbage collection and recycling | 22,945 | 15,044 |
| Council | 167,600 | 100,809 |
| Staff | 35,525 | 16,762 |
| [Total Honoraria] | 203,125 | 117,571 |
| Infrastructure services | -⚑ | 5,080 |
| Insurance | 136,821 | 122,431 |
| Office administration | 307,196 | 323,511 |
| Purchased Services - Daycare | 676,372 | 764,337 |
| Professional services | 441,767 | 558,563 |
| Program Resources | 900,863 | 1,281,075 |
| Rent | 10,132 | 7,777 |
| Buildings | 413,829 | 344,596 |
| Vehicles and equipment | 290,654 | 298,715 |
| CMHC enhanced | ||
| [Total Repairs and maintenance] | 704,483 | 643,311 |
| Salaries and wages | 1,735,084 | 1,630,258 |
| Social Assistance benefits | 1,296,772 | 952,102 |
| Student transportation | 179,681 | 145,367 |
| Training and professional development | 761 | 1,729 |
| Community | 18,327 | 17,692 |
| Council | 112,019 | 79,886 |
| Staff | 95,982 | 116,927 |
| [Total Travel] | 226,328 | 214,505 |
| Tuition fees | 672,873 | 846,137 |
| Utilities | 127,481 | 149,686 |
| Program administration | 7,794 | (2,507) |
| Total expenses by object | 9,762,260 | 9,674,677 |