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First Nations / Bingwi Neyaashi Anishinaabek / 2024-2025

Audited consolidated financial statementsFY 2024-2025

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Statements as published · FY 2024-2025

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Consolidated Statement of Financial Position

FY 2024-2025 · PDF page 6

FA − FL = Net FA: matchedNet FA + NFA = Acc. surplus: matched
20252024
Cash and cash equivalents (Note 3)n35,870,1033,488,743
Accounts receivable (Note 4)n41,009,620560,141
Due from government and other government organizations (Note 5)n52,477,0332,042,809
Inventory held for resale (Note 6)n6538,377588,416
Investment in government business enterprise (Note 7)n7688,135423,898
[Total Financial assets]10,583,2687,104,007
Accounts payable and accruals (Note 9)n91,904,3792,282,569
Due to government and other government organizations (Note 10)n10312,715337,015
Deferred revenue (Note 11)n115,841,0322,489,032
Due to related First Nation entities (Note 12)n12152,130113,765
Long-term debt (Note 13)n137,361,4396,555,861
[Total Liabilities]15,571,69511,778,242
Net debt(4,988,427)(4,674,235)
Tangible capital assets (Note 15) (Schedule 1)n1524,425,00021,997,489
Prepaid expenses9,948100,027
[Total Non-financial assets]24,434,94822,097,516
Accumulated surplus19,446,52117,423,281

Consolidated Statement of Operations and Accumulated Surplus

FY 2024-2025 · PDF page 7

Rev − Exp = Surplus: matched
Budget 2025(budget)20252024
Indigenous Services Canada (Note 16)n165,502,5823,923,2963,685,928
FedNor (Note 16)n161001,139,666288,077
Crown-Indigenous Relations and Northern Affairs Canada (Note 16)n16650,444341,15735,153
Canada Mortgage and Housing Corporation (Note 16)n161,212,600302,832174,606
Ministry of Indigenous Affairs (Note 16)n161,229,5501,602,0861,122,375
Ministry of Children, Community and Social Services (Note 16)n16475,625485,656501,195
Natural Resources Canada (Note 16)n164,607,2093,596,94725,000
Other government funding416,131292,469460,884
Administration fees-⚑489,523361,554
Anishinabek Employment & Training9,89322,5119,155
First Nations Land Management-⚑-⚑4,817
Independent Electricity System Operator590,000594,12167,848
Independent First Nations171,135173,228383,998
Thunder Bay DSSAB157,200157,300157,300
OFNLP20081,584,000856,040689,783
Rental income98,929277,752263,202
Investment income-⚑283,1816,167
Wood sales-⚑160,579173,294
Interest income-⚑71,10088,932
Own source revenue281,434235,493401,990
Other revenue64,140147,259479,012
Recovery of funding-⚑(35,750)-⚑
Deferred revenue - prior year (Note 11)n111,072,8502,489,0313,920,940
Deferred revenue - current year (Note 11)n11818,688(5,841,032)(2,489,031)
[Total Revenue]18,942,51011,764,44510,812,179
Governance and Administration1,746,0253,513,2112,851,481
Employment, Education and Training786,925548,559996,630
Health and Social Services3,211,0873,017,1632,304,542
Planning and Development3,246,6872,704,4452,713,474
COVID-19 Pandemic16,72010,6356,668
[Total Expenses]9,007,4449,794,0138,872,795
Surplus before other items9,935,0661,970,4321,939,384
Gain on disposal of tangible capital assets-⚑18,205-⚑
Allocations to replacement reserve-⚑34,60321,968
[Total Other income]-⚑52,80821,968
Surplus9,935,0662,023,2401,961,352
Accumulated surplus, beginning of year-⚑17,423,28115,461,929
Accumulated surplus, end of year-⚑19,446,52117,423,281

Consolidated Statement of Change in Net Financial Assets (Net Debt)

FY 2024-2025 · PDF page 8

Budget 2025(budget)20252024
Annual surplus9,935,0662,023,2401,961,352
Purchases of tangible capital assets(8,440,502)(3,762,384)(8,035,186)
Amortization of tangible capital assets-⚑1,313,5091,158,569
Gain on sale of tangible capital assets-⚑(18,205)-⚑
Amortization adjustment on disposals-⚑-⚑(62,296)
Proceeds on disposal of tangible capital assets-⚑39,569-⚑
[Total](8,440,502)(2,427,511)(6,938,913)
Use of prepaid expenses-⚑90,07955,679
Decrease in net financial assets1,494,564(314,192)(4,921,882)
Net financial assets (net debt), beginning of year-⚑(4,674,235)247,647
Net financial assets (net debt), end of year1,494,564(4,988,427)(4,674,235)

Consolidated Statement of Cash Flows

FY 2024-2025 · PDF page 9

20252024
Surplus2,023,2401,961,352
Amortization1,313,5091,158,569
Gain on disposal of tangible capital assets(18,205)-⚑
Income from investment in government business enterprise(264,237)(1,112)
Amortization adjustment on disposals-⚑(62,294)
[Total Non-cash items]3,054,3073,056,515
Accounts receivable(449,479)197,016
Due from government and other government organizations(434,224)(48,336)
Inventory held for resale50,039220,692
Accounts payable and accruals(378,190)1,145,577
Due to government and other government organizations(24,300)(12,792)
Deferred revenue3,352,000(1,431,908)
Prepaid expenses90,07955,679
[Total Changes in working capital accounts]5,260,2323,182,443
Advances of long-term debt1,069,3324,240,000
Repayment of long-term debt(263,754)(175,870)
Advances to related First Nation entities38,365-⚑
Repayment of advances to related First Nation entities-⚑(38,843)
[Total Financing activities]843,9434,025,287
Purchases of tangible capital assets(3,762,384)(8,035,186)
Proceeds on disposal of tangible capital assets39,569-⚑
[Total Capital activities](3,722,815)(8,035,186)
Increase (decrease) in cash resources2,381,360(827,456)
Cash resources, beginning of year3,488,7434,316,199
Cash resources, end of year5,870,1033,488,743

Schedules as published

Schedule 1 - Consolidated Schedule of Tangible Capital AssetsPDF p. 21,22
AutomobilesEquipment(other)Computer hardware(other)Computer software(other)Land(other)Infrastructure(other)Subtotal(other)Buildings(other)Leasehold improvements(other)Heavy equipment(other)2025 Total(other)2024 Total(other)
Cost: Balance, beginning of year687,5041,953,381191,46355,3041,993,0359,740,24214,620,92910,742,677752,286231,64726,347,53918,312,353
Cost: Acquisition of tangible capital assets8,0481,734,94625,37714,708-⚑347,1652,130,2441,226,1616,259245,6203,608,2845,227,960
Cost: Construction-in-progress-⚑-⚑-⚑-⚑-⚑-⚑-⚑154,100-⚑-⚑154,1002,865,828
Cost: Disposal of tangible capital assets(49,850)-⚑-⚑-⚑-⚑-⚑(49,850)-⚑-⚑-⚑(49,850)(58,602)
Cost: Balance, end of year645,7023,688,327216,84070,0121,993,03510,087,40716,701,32312,122,938758,545477,26730,060,07326,347,539
Accumulated amortization: Balance, beginning of year303,7891,272,583136,58246,263-⚑918,2002,677,4171,220,935305,271146,4274,350,0503,253,777
Accumulated amortization: Annual amortization72,181322,14040,57013,944-⚑336,243785,078384,80381,04462,5841,313,5091,158,569
Accumulated amortization: Accumulated amortization on disposals(28,486)-⚑-⚑-⚑-⚑-⚑(28,486)-⚑-⚑-⚑(28,486)(62,296)
Accumulated amortization: Balance, end of year347,4841,594,723177,15260,207-⚑1,254,4433,434,0091,605,738386,315209,0115,635,0734,350,050
Net book value of tangible capital assets298,2182,093,60439,6889,8051,993,0358,832,96413,267,31410,517,200372,230268,25624,425,00021,997,489
2024 Net book value of tangible capital assets383,715680,79854,8819,0411,993,0358,822,04211,943,5129,521,742447,01585,22021,997,489-⚑
Schedule 2 - Consolidated Schedule of Expenses by ObjectPDF p. 23
Budget 2025(budget)20252024
Administration685,475452,902460,386
Advertising12,31020,85114,603
Amortization-⚑1,313,5091,158,569
Band support794,214680,145462,066
Bank charges and interest-⚑11,54912,707
Honouraria452,732411,424390,877
Insurance58,913154,412126,568
Interest on long-term debt-⚑296,910146,360
Materials-⚑248,237447,723
Occupancy costs610,319299,840277,107
Office supplies and expenses139,497359,157178,450
Professional development89,25462,77962,608
Professional fees2,107,5871,812,6482,003,710
Program expense882,285365,911268,331
Property tax-⚑31,03833,218
Repairs and maintenance42,546116,979107,644
Salaries and benefits2,574,4382,686,2682,354,807
Travel and meetings557,874394,017301,070
Utilities-⚑75,43765,991
[Total]9,007,4449,794,0138,872,795
Schedule 3 - Consolidated Schedule of Revenue and Expenses and Surplus (Deficit)PDF p. 24
ISC RevenueOther Revenue(other)Total Revenue(other)Total Expenses(other)Adjustments/ Transfers From (To)(other)Current Surplus (Deficit)(other)
Governance and Administration201,6652,352,9372,554,6023,513,211(250,604)(1,209,213)
Employment, Education and Training335,605232,296567,901548,55969220,034
Health and Social Services2,014,1991,020,8973,035,0963,017,163214,703232,636
Planning and Development1,367,2784,136,7655,504,0432,704,445177,9932,977,591
COVID-19 Pandemic4,549151,062155,61110,635(142,785)2,191
Total3,923,2967,893,95711,817,2539,794,013(1)2,023,239
Schedule 4 - Consolidated Schedule of Revenue and Expenses - Governance and AdministrationPDF p. 25
20252024
Indigenous Services Canada201,665427,336
Ministry of Indigenous Affairs880,450750,000
Natural Resources Canada22,197-⚑
CIRNAC341,15735,153
Additional government funding14,65314,910
Administration fees489,523379,486
First Nations Land Management-⚑1,532
Independent Electricity System Operator4,1211,975
Independent First Nations2,0933,549
Interest income70,57585,170
Investment income283,1816,167
OFNLP2008-⚑98,490
Other revenue2,25061,372
Own source revenue121,724294,465
Repayment of funding(35,750)-⚑
Deferred revenue - prior year104,538-⚑
Deferred revenue - current year-⚑(104,538)
[Total Revenue]2,502,3772,055,067
Administration91,70447,267
Advertising13,1403,156
Amortization1,102,510910,225
Band support5,6016,174
Bank charges and interest7,5329,304
Honouraria252,918212,332
Insurance25,21710,143
Occupancy costs77,76277,182
Office supplies and expenses172,896132,986
Professional development20,52916,099
Professional fees974,911696,319
Program expense10,996(1,638)
Repairs and maintenance10,3472,251
Salaries and benefits639,029686,385
Travel and meetings103,20439,831
Utilities4,9153,465
[Total Expenses]3,513,2112,851,481
Capital reserve allocation52,22534,603
Deficit before transfers(958,609)(761,811)
Transfers between programs(250,604)(2,113,054)
Deficit(1,209,213)(2,874,865)
Schedule 5 - Consolidated Schedule of Revenue and Expenses - Employment, Education and TrainingPDF p. 26
20252024
Indigenous Services Canada335,605475,728
Additional government funding22,70254,165
Anishinabek Employment & Training22,5119,155
OFNLP2008-⚑41,686
Own source revenue4,7704,280
Other revenue30,80044,025
Deferred revenue - prior year397,354908,361
Deferred revenue - current year(245,841)(397,354)
[Total Revenue]567,9011,140,046
Administration26,85663,571
Advertising-⚑813
Band support164,259151,598
Honouraria26,61343,733
Insurance1,9681,968
Occupancy costs6,671842
Office supplies and expenses9,7587,671
Professional development8,980399
Professional fees75,983513,037
Program expense3,2084,149
Repairs and maintenance7,3312,743
Salaries and benefits194,139184,039
Travel and meetings21,48920,602
Utilities1,3041,465
[Total Expenses]548,559996,630
Surplus before transfers19,342143,416
Transfers between programs69257,729
Surplus20,034201,145
Schedule 6 - Consolidated Schedule of Revenue and Expenses - Health and Social ServicesPDF p. 27
20252024
Indigenous Services Canada2,014,1991,324,967
Ministry of Indigenous Affairs121,536113,375
MCCSS485,656501,195
Additional government funding134,71298,561
Independent First Nations171,135380,449
OFNLP2008-⚑145,902
Thunder Bay DSSAB157,300157,300
Own source revenue1,212-⚑
Other revenue107,459-⚑
Deferred revenue - prior year543,859139,033
Deferred revenue - current year(720,177)(543,859)
[Total Revenue]3,016,8912,316,923
Administration180,008227,370
Advertising4,5779,788
Band support475,459247,024
Bank charges and interest1,058849
Honouraria84,75490,662
Insurance9,5488,983
Occupancy costs108,655111,943
Office supplies and expenses112,9939,903
Professional development30,78341,308
Professional fees214,42470,007
Program expense342,418257,749
Repairs and maintenance23,21819,614
Salaries and benefits1,228,0561,066,002
Travel and meetings190,066133,736
Utilities11,1469,604
[Total Expenses]3,017,1632,304,542
Surplus (deficit) before other items(272)12,381
Gain on disposal of capital assets18,205-⚑
Surplus before transfers17,93312,381
Transfers between programs214,703(38,380)
Surplus (deficit)232,636(25,999)
Schedule 7 - Consolidated Schedule of Revenue and Expenses - Planning and DevelopmentPDF p. 28
20252024
Indigenous Services Canada1,367,2781,453,557
Ministry of Indigenous Affairs600,100259,000
FedNor1,139,666288,077
Natural Resources Canada3,574,75025,000
Canada Mortgage and Housing Corporation302,832174,606
Additional government funding120,402293,248
Administration fees (recovery)-⚑(17,932)
First Nations Land Management-⚑3,286
Independent Electricity System Operator590,00065,873
OFNLP2008856,040403,705
Rental income277,752263,202
Sales160,579173,294
Interest income5253,762
Own source revenue107,786103,245
Other revenue6,750373,615
Deferred revenue - prior year1,232,5792,659,188
Deferred revenue - current year(4,815,374)(1,232,579)
[Total Revenue]5,521,6655,292,147
Administration154,053121,175
Advertising3,135847
Amortization210,999248,344
Band support34,82555,050
Bank charges and interest2,9602,555
Honouraria45,39044,151
Insurance117,679105,474
Interest on long-term debt296,910146,360
Materials248,237447,723
Occupancy costs106,57887,140
Office supplies and expenses63,50927,891
Professional development2,4874,803
Professional fees547,329724,347
Program expense6,0844,626
Property tax31,03833,218
Repairs and maintenance75,94183,035
Salaries and benefits625,043418,377
Travel and meetings74,175106,901
Utilities58,07351,457
[Total Expenses]2,704,4452,713,474
Capital reserve allocation(17,622)(12,635)
Surplus before transfers2,799,5982,566,038
Transfers between programs177,9932,099,625
Surplus2,977,5914,665,663
Schedule 8 - Consolidated Schedule of Revenue and Expenses - COVID-19 PandemicPDF p. 29
20252024
Indigenous Services Canada4,5494,340
Deferred revenue - prior year210,702214,359
Deferred revenue - current year(59,640)(210,702)
[Total Revenue]155,6117,997
Administration2801,002
Band support-⚑2,221
Honouraria1,750-⚑
Occupancy costs174-⚑
Program expense3,2063,445
Repairs and maintenance141-⚑
Travel and meetings5,084-⚑
[Total Expenses]10,6356,668
Surplus before transfers144,9761,329
Transfers between programs(142,785)(5,921)
Surplus (deficit)2,191(4,592)

Notes to the financial statements

Verbatim, as published. Statement lines above link to their notes.

Note 2Amortization

MethodRate
Buildings
Equipment
Infrastructure
Computer hardware and software
Heavy equipment
Automobiles
Leasehold improvements
Note 3Cash and cash equivalents

20252024
Operating accounts5,641,5553,460,195
CMHC Replacement Reserve (restricted)28,50728,507
Capital Asset Reserve (restricted)200,000-⚑
Funds held in trust with Indigenous Services Canada4141
[Total]5,870,1033,488,743
Note 4Accounts receivable

20252024
Trade receivables1,009,620560,141
Note 5Due from government and other government organizations

20252024
Federal Government: Indigenous Services Canada826,243804,762
Federal Government: Canada Revenue Agency - HST recoverable218,933287,870
Federal Government: Canada Mortgage and Housing Corporation33,93213,041
Federal Government: Crown-Indigenous Relations and Northern Affairs Canada43,403-⚑
Federal Government: Human Resources Development Canada1,2161,216
Federal Government: FedNor-⚑305,743
Federal Government: Natural Resources Canada407,19735,000
[Total Federal Government]1,530,9241,447,632
Provincial Government: Ministry of Children, Community and Social Services141,444127,172
Provincial Government: Ministry of Indigenous Affairs795,823218,005
Provincial Government: Ministry of Natural Resources-⚑250,000
Provincial Government: Ministry of Transportation8,842-⚑
[Total Provincial Government]946,109595,177
[Grand Total]2,477,0332,042,809
Note 6Inventory held for resale

20252024
Raw materials inventory15,329107,605
Finished goods389,843332,788
Aggregate133,205148,023
[Total]538,377588,416
Note 7Investment in government business enterprise

Investment cost(budget)Net advances and cumulative share of earnings2025 Total investment
First Nation Business Entities - Modified Equity: Papasay Management Limited Partnership100688,035688,135
As at March 31, 2025 (Unaudited)As at March 31, 2024 (Unaudited)
Assets: Cash7,10840,440
Assets: Accounts receivable498,911165,318
Assets: Prepaid expenses-⚑374
Assets: Investments1,4261,426
Assets: Due from related parties263,122244,635
Assets: Property, plant and equipment88,96992,142
Total assets859,536544,335
Liabilities: Accounts payable and accruals64,9333,378
Liabilities: Advances from related parties109,707122,991
Total liabilities174,640126,369
Partners' Capital684,896417,966
Total revenue479,483241,645
Total expenses210,198227,103
Net income269,28514,542
Note 9Accounts payable and accruals

20252024
Trade payables1,669,6401,787,794
Wages, vacation and benefits payable229,200205,598
Holdbacks payable5,539289,177
[Total]1,904,3792,282,569
Note 10Due to government and other government organizations

20252024
Federal Government: Canada Revenue Agency - payroll deductions33,40757,707
Federal Government: Indigenous Services Canada279,308279,308
[Total]312,715337,015
Note 11Deferred revenue

Balance, beginning of yearContributions received(other)Revenue recognized(other)Balance, end of year(other)
Indigenous Services Canada1,668,2992,514,2512,544,4341,638,116
Independent First Nations344,707138,439387,17895,968
FedNor314,6231,139,6661,075,140379,149
TBDSSAB56,232157,300157,30056,232
Natural Resources Canada35,7923,750,000288,0893,497,703
Ministry of Indigenous Affairs-⚑141,536-⚑141,536
Other69,37960,00097,05132,328
[Total]2,489,0327,901,1924,549,1925,841,032
Note 12Related party transactions

20252024
Equipment rental expense from Papasay Management Limited Partnership, a controlled First Nation business enterprise.-⚑62,800
20252024
Due to: Papasay Management Limited Partnership, a government business enterprise. The advance is unsecured, bears no interest and has no fixed terms of repayment.152,130113,765
Note 13Long-term debt

20252024
CMHC term loan, repayable in monthly instalments of $5,746 including interest at 3.18%, maturing March 2035. Secured by a ministerial guarantee from Indigenous Services Canada.590,536644,239
BMO term loan, repayable in monthly instalments of $1,979 plus interest at prime plus 1.65% (6.60% per annum at year-end, 2024 - 8.35%), maturing August 2025 and secured by land and building having a net book value of $459,135.223,646247,396
RBC demand loan, repayable in monthly instalments of $2,220 plus interest at prime plus 1.75% (6.70% per annum at year-end; 2024 - 8.35%), maturing April 2033 and secured by land and building having a net book value of $388,520.215,902242,539
CMHC term loan, repayable in monthly instalments of $5,216 including interest at 1.12%, maturing October 2036. Secured by a ministerial guarantee from Indigenous Services Canada.679,710734,388
NADF unsecured loan, repayable in monthly instalments of $725 including interest at 5.0%, maturing April 2025.6889,129
FNFA promissory note, repayable in monthly instalments of $13,779 including interest at 4.47%, maturing June 2054. Secured by the First Nation's OFNLP revenue.2,459,8372,500,001
CMHC term loan, repayable in monthly instalments of $6,660 including interest at 4.18%, maturing December 2028. Secured by a ministerial guarantee from Indigenous Services Canada.836,510880,837
CMHC term loan, repayable in monthly instalments of $6,659 including interest at 3.58%, maturing January 2029. Secured by a ministerial guarantee from Indigenous Services Canada.872,028920,078
CMHC term loan, repayable in monthly instalments of $10,435 including interest at 3.23%, maturing February 2030. Secured by a ministerial guarantee from Indigenous Services Canada.1,482,582377,254
[Total]7,361,4396,555,861
Principal
2026371,953
2027382,996
2028395,282
2029407,952
2030420,999
[Total]1,979,182
Thereafter5,382,257
Note 16Government transfers

OperatingCapital(other)2025(other)2024(other)
Federal government transfers: Indigenous Services Canada3,670,974252,3223,923,2963,685,928
Federal government transfers: CIRNAC341,157-⚑341,15735,153
Federal government transfers: Natural Resources Canada96,9473,500,0003,596,94725,000
Federal government transfers: FedNor-⚑1,139,6661,139,666288,077
Federal government transfers: Canada Mortgage and Housing Corporation302,832-⚑302,832174,606
[Total Federal government transfers]4,411,9104,891,9889,303,8984,208,764
Provincial government transfers: Ministry of Children, Community and Social Services485,656-⚑485,656501,195
Provincial government transfers: Ministry of Indigenous Affairs1,602,086-⚑1,602,0861,122,375
[Total Provincial government transfers]2,087,742-⚑2,087,7421,623,570
[Grand Total]6,499,6524,891,98811,391,6405,832,334