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First Nations / Fort Alexander / 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 7

FA − FL = Net FA: matchedNet FA + NFA = Acc. surplus: matched
20252024
Cash27,426,85114,863,425
Accounts receivable (Note 4)n47,536,1772,473,348
Investments (Note 5)n5270,506247,566
Inventory for resale (Note 6)n6432,251420,957
Restricted cash (Note 7)n71,824,6781,799,102
[Total Financial assets]37,490,46319,804,398
Accounts payable and accruals (Note 8)n84,562,5083,994,469
Deferred revenue (Note 9)n927,397,27324,569,483
Long-term debt (Note 10)n1024,132,06124,634,555
[Total Liabilities]56,091,84253,198,507
Net debt(18,601,379)(33,394,109)
Tangible capital assets (Schedule 1)100,426,83281,240,326
Construction-in-progress (Note 12)n124,620,11920,871,786
Prepaid expenses12,133124,706
[Total Non-financial assets]105,059,084102,236,818
Accumulated surplus (Note 13)n1386,457,70568,842,709

Consolidated Statement of Operations and Accumulated Surplus

FY 2024-2025 · PDF page 8

Rev − Exp = Surplus: matched
Schedules(other)20252024
Indigenous Services Canada ("ISC") (Note 15)n15⚑77,558,46770,993,745
Canada Mortgage and Housing Corporation (CMHC)⚑1,032,712999,759
Province of Manitoba⚑743,845189,000
Superstore sales⚑11,955,08913,046,752
Other revenue⚑6,367,9834,211,825
Service Canada⚑1,869,1991,809,177
VLT revenue (net of payouts)⚑2,726,3772,890,366
Bingo revenues (net of payouts)⚑26,414143,918
Rental income⚑742,322818,230
Assembly of Manitoba Chiefs revenue⚑1,739,312323,937
First Nations Confederacy of Cultural Education Centre⚑4,33486,675
Deferred revenue - prior year (Note 9)n9⚑24,569,48319,552,616
Deferred revenue - current year (Note 9)n9⚑(27,397,273)(24,569,483)
[Total Revenue]⚑101,938,26490,496,517
Administration416,325,99314,083,548
Education523,491,48820,034,701
Housing and Public Works66,194,0184,856,235
Employment and Training and Daycare72,229,4722,413,741
Social Assistance86,517,7898,687,097
CMHC Housing91,489,3991,688,902
Gaming101,614,1791,431,794
Wellness1114,315,67914,630,721
Economic Development1212,028,64913,632,420
Telecommunications13116,602135,822
Total segment expenses (Schedule 2)⚑84,323,26881,594,981
Annual surplus⚑17,614,9968,901,536
Accumulated surplus, beginning of year⚑68,842,70959,941,173
Accumulated operating surplus, end of year⚑86,457,70568,842,709

Consolidated Statement of Change in Net Debt

FY 2024-2025 · PDF page 9

20252024
Annual surplus17,614,9968,901,536
Purchases of tangible capital assets(4,307,213)(3,279,554)
Amortization of tangible capital assets5,156,3224,755,129
Acquisition of construction in progress(3,783,948)(5,383,057)
Acquisition of accumulated amortization-⚑339,131
Use of prepaid expenses112,573977,488
Change in net debt14,792,7306,310,673
Net debt, beginning of year(33,394,109)(39,704,782)
Net debt, end of year(18,601,379)(33,394,109)

Consolidated Statement of Cash Flows

FY 2024-2025 · PDF page 10

20252024
Cash receipts from contributors99,703,22694,584,757
Cash paid to suppliers(47,351,988)(47,771,530)
Cash paid to employees(30,006,781)(26,938,551)
Interest on long-term debt(1,190,012)(1,394,499)
[Total Operating activities]21,154,44518,480,177
Advances of long-term debt698,305678,568
Repayment of long-term debt(1,200,799)(1,096,059)
[Total Financing activities](502,494)(417,491)
Purchases of tangible capital assets(4,307,213)(3,279,554)
Purchases in construction in progress(3,783,948)(5,383,057)
[Total Capital activities](8,091,161)(8,662,611)
Increase in investments(22,940)(23,282)
Change in restricted cash25,576158,077
[Total Investing activities]2,636134,795
Increase in cash resources12,563,4269,534,870
Cash resources, beginning of year14,863,4255,328,555
Cash resources, end of year27,426,85114,863,425

Schedules as published

Schedule 1 Consolidated Schedule of Tangible Capital Assets - CostPDF p. 23
Vehicles and heavy equipment CostComputers Cost(other)Equipment and furniture Cost(other)Community Buildings Cost(other)Infrastructure Cost(other)Land Cost(other)Subtotal Cost(other)Housing Cost(other)2025 Cost(other)2024 Cost(other)
Balance, beginning of year9,147,589856,3225,522,54674,396,22743,483,467142,587133,548,73837,015,926170,564,664165,129,166
Acquisition of tangible capital assets705,875160,221203,6983,027,419210,000-⚑4,307,213-⚑4,307,2133,279,554
Construction-in-progress: completed projects-⚑-⚑-⚑-⚑-⚑-⚑-⚑20,035,61620,035,6162,155,944
Balance, end of year9,853,4641,016,5435,726,24477,423,64643,693,467142,587137,855,95157,051,542194,907,493170,564,664
Schedule 1 Consolidated Schedule of Tangible Capital Assets - Accumulated amortizationPDF p. 23
Vehicles and heavy equipment AccumComputers Accum(other)Equipment and furniture Accum(other)Community Buildings Accum(other)Infrastructure Accum(other)Land Accum(other)Subtotal Accum(other)Housing Accum(other)2025 Accum(other)2024 Accum(other)
Balance, beginning of year7,308,811699,2755,152,23139,186,68014,580,347-⚑66,927,34422,396,99589,324,33884,230,078
Annual amortization599,56778,829157,8301,776,426764,116-⚑3,376,7681,779,5545,156,3224,755,129
Acquisition of accumulated amortization-⚑-⚑-⚑-⚑-⚑-⚑-⚑-⚑-⚑339,131
Balance, end of year7,908,378778,1045,310,06140,963,10615,344,463-⚑70,304,11224,176,54994,480,66189,324,338
Net book value of tangible capital assets1,945,086238,439416,18336,460,54028,349,004142,58767,551,83932,874,993100,426,83281,240,326
Net book value of tangible capital assets 20241,838,778157,047370,31535,209,54728,903,121142,58766,621,39514,618,93181,240,326-⚑
Schedule 2 Consolidated Schedule of Expenses by ObjectPDF p. 25
20252024
Salaries and benefits30,006,78126,938,551
Cost of goods sold9,577,12911,341,166
Programming and activities6,661,0014,934,972
Basic needs6,415,1538,355,814
Repairs and maintenance6,284,6884,667,871
Amortization5,156,3224,755,129
Training and professional development3,771,7063,954,262
Supplies2,617,4321,745,377
Professional fees and contract work2,164,8281,949,956
Tuition1,804,6751,160,926
Telephone and utilities1,352,7131,502,089
Council, elders and board travel and honoraria1,267,7421,606,211
Travel1,264,606991,124
Interest on long-term debt1,190,0121,394,499
Automotive, fuel and insurance1,124,7941,059,062
Insurance989,199952,814
Community donations and support903,994548,689
Rent - equipment and buildings630,236619,758
Contracted services294,662155,040
Bank charges and interest210,992192,937
Shoreline repairs187,227254,138
Economic development grants169,69276,659
VLT lease and licensing134,16598,556
Special needs101,918315,167
Property tax34,79831,882
Bad debts (recovery)6,8042,959
COVID-19 expenses-⚑1,989,370
[Total]84,323,26881,594,981
Schedule 3 Consolidated Schedule of Segment Revenue and ExpensesPDF p. 26
SchTotal Revenues(other)Total Expenses(other)2025 Surplus (Deficit)(other)2024 Surplus (Deficit)(other)
Administration418,535,03516,325,993141,187(3,000,717)
Education527,711,42123,491,4884,219,9334,812,100
Housing and Public Works69,998,8016,194,0183,804,783472,835
Employment and Training and Daycare73,038,1802,229,472808,7081,449,089
Social Assistance89,011,3036,517,7891,284,242912,302
CMHC Housing91,230,3331,489,39962,253(170,203)
Gaming102,820,4201,614,1791,027,4291,314,007
Wellness1117,203,59314,315,6795,843,7223,043,333
Economic Development1212,446,91412,028,649597,07732,972
Telecommunications13(57,735)116,602(174,337)35,817
Total⚑101,938,26484,323,26817,614,9968,901,536
Schedule 4 Administration - Schedule of Revenue and ExpensesPDF p. 27
20252024
Indigenous Services Canada18,334,42915,479,863
Province of Manitoba743,845189,000
Other revenue5,036,6112,660,052
Deferred revenue - prior year15,496,92711,511,224
Deferred revenue - current year(21,076,777)(15,496,927)
[Total Revenue]18,535,03514,343,212
Salaries and benefits4,139,4643,696,262
Amortization3,353,3523,131,128
Professional fees and contract work1,470,0501,247,436
Council, elders and board travel and honoraria1,100,4031,448,922
Interest on long-term debt921,5601,110,378
Programming and activities711,72584,691
Repairs and maintenance706,656445,692
Supplies689,501398,762
Travel601,096425,417
Community donations and support563,915175,950
Insurance453,340436,891
Telephone and utilities371,949403,719
Contracted services294,662155,040
Rent - equipment and buildings289,961237,808
Shoreline repairs187,227254,138
Economic development grants169,69276,659
Automotive, fuel and insurance109,718113,537
Bank charges and interest89,93992,442
Training and professional development66,985116,794
Property tax34,79831,882
[Total Expenses]16,325,99314,083,548
Surplus (deficit) before transfers2,209,042259,664
Transfers between segments(2,067,855)(3,260,381)
Surplus (deficit)141,187(3,000,717)
Schedule 5 Education - Schedule of Revenue and ExpensesPDF p. 28
20252024
Indigenous Services Canada26,692,42624,922,231
Assembly of Manitoba Chiefs500,801-⚑
Other revenue290,18961,566
First Nations Confederacy of Cultural Education Centre4,33486,675
Deferred revenue - prior year223,671-⚑
Deferred revenue - current year-⚑(223,671)
[Total Revenue]27,711,42124,846,801
Salaries and benefits13,147,36411,234,111
Training and professional development2,945,2653,176,746
Programming and activities2,598,8921,956,538
Tuition1,545,6291,103,974
Repairs and maintenance869,118623,798
Supplies792,729367,805
Telephone and utilities398,125498,768
Automotive, fuel and insurance391,032338,798
Travel268,843185,932
Professional fees and contract work218,325216,347
Rent - equipment and buildings171,122202,714
Elders and board travel and honoraria83,20063,429
Insurance59,74663,063
Bank charges and interest2,0982,678
[Total Expenses]23,491,48820,034,701
Surplus4,219,9334,812,100
Schedule 6 Housing and Public Works - Schedule of Revenue and ExpensesPDF p. 29
20252024
Indigenous Services Canada7,386,1056,027,470
Other revenue55,51379,112
Deferred revenue - prior year2,557,1831,779,671
Deferred revenue - current year-⚑(2,557,183)
[Total Revenue]9,998,8015,329,070
Repairs and maintenance3,933,3432,916,074
Salaries and benefits1,578,7021,225,650
Supplies143,383163,252
Professional fees and contract work135,591182,938
Automotive, fuel and insurance132,988156,855
Telephone and utilities103,023123,888
Insurance62,05155,706
Training and professional development36,705838
Programming and activities29,1628,769
Travel22,6976,327
Rent - equipment and buildings14,51313,923
Bank charges and interest1,8602,015
[Total Expenses]6,194,0184,856,235
Surplus3,804,783472,835
Schedule 7 Employment and Training and Daycare - Schedule of Revenue and ExpensesPDF p. 30
20252024
Indigenous Services Canada176,757113,966
Service Canada1,869,1991,809,177
Assembly of Manitoba Chiefs619,255323,937
Other revenue372,969677,686
Deferred revenue - prior year-⚑938,064
[Total Revenue]3,038,1803,862,830
Salaries and benefits1,000,5011,205,966
Training and professional development368,789367,461
Programming and activities348,982517,663
Tuition259,04756,952
Rent - equipment and buildings89,38080,765
Supplies62,83661,309
Repairs and maintenance30,43452,601
Travel30,12026,823
Telephone and utilities17,98025,074
Insurance8,9608,960
Bank charges and interest5,0674,853
Professional fees and contract work4,3395,014
Elders and board travel and honoraria3,037300
[Total Expenses]2,229,4722,413,741
Surplus808,7081,449,089
Schedule 8 Social Assistance - Schedule of Revenue and ExpensesPDF p. 31
20252024
Indigenous Services Canada9,011,3039,599,399
[Total Revenue]9,011,3039,599,399
Basic needs6,415,1538,355,814
Special needs101,918315,167
Bank charges and interest71813,458
Travel-⚑2,658
[Total Expenses]6,517,7898,687,097
Surplus before transfers2,493,514912,302
Transfers between segments(1,209,272)-⚑
Surplus1,284,242912,302
Schedule 9 CMHC Housing - Schedule of Revenue and ExpensesPDF p. 32
20252024
Canada Mortgage and Housing Corporation (CMHC)1,032,712999,759
Rental income197,621298,446
[Total Revenue]1,230,3331,298,205
Amortization775,580734,867
Interest on long-term debt268,453284,121
Insurance242,382229,148
Repairs and maintenance129,640155,501
Salaries and benefits48,186245,549
Professional fees and contract work24,08829,088
Bank charges and interest653-⚑
Supplies41710,628
[Total Expenses]1,489,3991,688,902
Deficit before transfers(259,066)(390,697)
Transfers between segments321,319220,494
Surplus (deficit)62,253(170,203)
Schedule 10 Gaming - Schedule of Revenue and ExpensesPDF p. 33
20252024
VLT revenue (net of payouts)2,726,3772,890,366
Bingo revenues (net of payouts)84,149(6,515)
Other revenue9,89429,632
[Total Revenue]2,820,4202,913,483
Salaries and benefits821,051726,167
Community donations and support274,497247,504
Amortization149,200140,000
VLT lease and licensing134,16598,556
Repairs and maintenance63,33792,796
Supplies62,56118,462
Telephone and utilities56,19652,113
Professional fees and contract work24,85218,057
Bank charges and interest11,46313,298
Insurance9,3129,312
Elders and board travel and honoraria7,2759,815
Travel2703,069
Training and professional development-⚑2,495
Rent - equipment and buildings-⚑150
[Total Expenses]1,614,1791,431,794
Surplus before transfers1,206,2411,481,689
Transfers between segments(178,812)(167,682)
Surplus1,027,4291,314,007
Schedule 11 Wellness - Schedule of Revenue and ExpensesPDF p. 34
20252024
Indigenous Services Canada15,957,44714,850,816
Assembly of Manitoba Chiefs619,255-⚑
Rental income406,450376,217
Future Generations Foundation Grant150,000-⚑
Other revenue99,235375,180
Deferred revenue - prior year6,291,7025,323,657
Deferred revenue - current year(6,320,496)(6,291,702)
[Total Revenue]17,203,59314,634,168
Salaries and benefits7,839,0037,202,530
Programming and activities2,967,7912,362,515
Supplies749,799600,028
Amortization747,774611,787
Automotive, fuel and insurance416,435400,232
Training and professional development353,962282,963
Travel296,068312,202
Telephone and utilities262,933264,829
Professional fees and contract work221,009175,658
Repairs and maintenance203,152151,955
Elders and board travel and honoraria73,82683,744
Insurance61,47272,139
Rent - equipment and buildings59,76078,399
Bank charges and interest29,3906,566
Community donations and support26,93235,484
Bad debts6,373320
COVID-19 expenses-⚑1,989,370
[Total Expenses]14,315,67914,630,721
Surplus (deficit) before transfers2,887,9143,447
Transfers between segments2,955,8083,039,886
Surplus5,843,7223,043,333
Schedule 12 Economic Development - Schedule of Revenue and ExpensesPDF p. 35
20252024
Superstore sales11,955,08913,046,752
Other revenue353,573307,391
Rental income138,252143,567
[Total Revenue]12,446,91413,497,710
Cost of goods sold9,577,12911,341,166
Salaries and benefits1,379,7591,350,082
Repairs and maintenance349,008229,454
Telephone and utilities137,132128,461
Amortization130,416137,348
Supplies102,835115,614
Insurance91,93677,595
Automotive, fuel and insurance74,62149,639
Bank charges and interest66,64457,628
Professional fees and contract work59,32974,080
Travel36,51219,550
Community donations and support22,89742,199
Bad debts (recovery)4312,639
Training and professional development-⚑6,965
[Total Expenses]12,028,64913,632,420
Surplus (deficit) before other items418,265(134,710)
Transfers between segments178,812167,682
Surplus597,07732,972
Schedule 13 Telecommunications - Schedule of Revenue and ExpensesPDF p. 36
20252024
Other revenue-⚑21,206
Bingo revenues (net of payouts)(57,735)150,433
[Total Revenue](57,735)171,639
Salaries and benefits52,74752,232
Community donations and support15,75347,552
Supplies13,3729,517
Travel9,0009,146
Professional fees and contract work7,2451,338
Rent - equipment and buildings5,5006,000
Telephone and utilities5,3765,237
Programming and activities4,4504,800
Bank charges and interest3,159-⚑
[Total Expenses]116,602135,822
Surplus (deficit)(174,337)35,817

Notes to the financial statements

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

Note 4Accounts receivable

20252024
Trade and other1,888,3501,241,474
Indigenous Services Canada5,789,6911,481,827
CMHC subsidy assistance receivable86,29385,592
Members488,099429,173
Tax receivables94,95746,495
[Total]8,347,3903,284,561
Less: Allowance for doubtful accounts - members, trade and other811,213811,213
[Total]7,536,1772,473,348
Note 5Investments

20252024
Guaranteed investment certificates - interest @ 2% renewed April 2025115,000115,000
10040629 Manitoba Ltd. (25% ownership)2525
Treaty One Development Corporation (14.28% ownership)11
Sun Life Financial155,480132,540
[Total]270,506247,566
Note 6Inventory for resale

20252024
Gaming - supplies11,23611,236
Economic Development - fuel and grocery421,015409,721
[Total]432,251420,957
Note 7Restricted cash

20252024
CMHC replacement reserve1,443,5621,431,570
CMHC operating reserve16,427
Fort Alexander Health Centre Moveable Asset Reserve181,195171,263
Sagkeeng First Nation Consolidated Revenue Trust Fund195,426185,519
Ottawa Trust Fund4,4944,323
[Total]1,824,6781,799,102
Note 8Accounts payable and accruals

20252024
Trade payables4,144,9183,669,869
Wages and source deductions payable417,590324,600
[Total]4,562,5083,994,469
Note 9Deferred revenue

20252024
Administration - ISC (Schedule 4)21,076,77715,496,927
Education - ISC (Schedule 5)-⚑223,671
Public Works - ISC (Schedule 6)-⚑2,557,183
Wellness - ISC (Schedule 11)6,320,4966,291,702
[Total]27,397,27324,569,483
Note 10Long-term debt

20252024
BMO demand loan repayable in monthly payments of `$85,286 at prime plus 1%, due on demand. Loan is secured by a band council resolution approved up to a maximum of `$10,500,000, assignment of tobacco tax rebate revenues, fuel tax rebate revenues and gaming revenues.8,015,3398,440,559
Loan payable in interest only payments at prime plus .50%, due when claim is settled. The loan is authorized up to a combined amount of `$5,976,320 with the surrender claim and is secured by an insurance policy. The loan is for professional services incurred to pursue a financial claim against the Government of Canada. The First Nation expects to settle the loan by either a successful legal settlement with the Government of Canada or through an insurance policy in the case of an unsuccessful legal settlement. No assets have been recorded related to this matter.3,717,4843,717,484
Loan in regards to 1923-1926 surrender claim payable in interest only payments at prime plus .50%, due when claim is settled. The loan is authorized up to a combined amount of `$5,976,320 with the land settlement claim and is secured by an insurance policy. The loan is for professional services incurred to pursue a financial claim against the Government of Canada. The First Nation expects to settle the loan by either a successful legal settlement with the Government of Canada or through an insurance policy in the case of an unsuccessful legal settlement. No assets have been recorded related to this matter.2,298,5982,298,598
Phase 1, Post 1996 - CMHC mortgage repayable in monthly payments of `$9,176 including interest at 4.18%, maturing August 1, 2033, with the next scheduled renewal on December 1, 2028, secured by a Ministerial guarantee for a 25-unit rental housing project and assignment of fire insurance.781,141857,225
Phase 2 - CMHC mortgage repayable in monthly payments of `$8,767 including interest at 3.58%, maturing November 1, 2033, with the next scheduled renewal on January 1, 2029, secured by a Ministerial guarantee for a 25-unit rental housing project and assignment of fire insurance.783,628859,573
Phase 3 - CMHC mortgage repayable in monthly payments of `$9,704 including interest at 4.18%, maturing December 1, 2034, with the next scheduled renewal on December 1, 2028, secured by a Ministerial guarantee for a 15-unit rental housing project and assignment of fire insurance.932,6101,008,774
Phase 4 - CMHC mortgage repayable in monthly payments of `$3,748 including interest at 0.68%, maturing August 1, 2035, with the next scheduled renewal on August 1, 2025, secured by a Ministerial guarantee for an 8-unit rental housing project and assignment of fire insurance.452,127493,883
Phase 5 - CMHC mortgage repayable in monthly payments of `$3,936 including interest at 0.74%, maturing February 1, 2036, with the next scheduled renewal on February 1, 2026, secured by a Ministerial guarantee for a 7-unit rental housing project and assignment of fire insurance.495,159538,564
Phase 6 - CMHC mortgage repayable in monthly payments of `$6,359 including interest at 2.27%, maturing March 1, 2037, with the next scheduled renewal on April 1, 2027, secured by a Ministerial guarantee for a 10-unit rental housing project and assignment of fire insurance.801,410858,946
Phase 7 - CMHC mortgage repayable in monthly payments of `$5,380 including interest at 4.18%, maturing September 1, 2038, with the next scheduled renewal on December 1, 2028, secured by a Ministerial guarantee for a 7-unit rental housing project and assignment of fire insurance.666,618702,799
Phase 8 - CMHC mortgage repayable in monthly payments of `$7,863 including interest at 3.58%, maturing July 1, 2033, with the next scheduled renewal on January 1, 2029, secured by a Ministerial guarantee for a 6-unit rental housing project and assignment of fire insurance.679,591748,515
Phase 9 - CMHC mortgage repayable in monthly payments of `$8,066 including interest at 3.64%, maturing August 1, 2034, with the next scheduled renewal on August 1, 2029, secured by a Ministerial guarantee for a 6-unit rental housing project and assignment of fire insurance.771,562842,234
Phase 10 - CMHC mortgage repayable in monthly payments of `$8,442 including interest at .96%, maturing March 1, 2036, with the next scheduled renewal on March 1, 2026, secured by a Ministerial guarantee for a 7-unit rental housing project and assignment of fire insurance. Loan has been renewed until August 1, 2029.1,057,2321,147,956
Phase 11 - CMHC mortgage repayable in monthly payments of `$8,777 including interest at 1.88%, maturing February 1, 2037, with the next scheduled renewal on February 1, 2027, secured by a Ministerial guarantee for a 6-unit rental housing project and assignment of fire insurance.1,123,9321,207,399
Phase 12 - CMHC mortgage repayable in monthly payments of `$6,971 including interest at 3.29%, maturing September 1, 2037, with the next scheduled renewal on September 1, 2027, secured by a Ministerial guarantee for a 5-unit rental housing project and assignment of fire insurance.857,324912,044
CMHC Phase 13 and 14 mortgage advance698,305-⚑
[Total]24,132,06124,634,555
Amount
20267,379,000
20271,417,000
20281,476,000
20291,400,000
20301,442,000
Note 12Construction in progress

20252024
Pitambara Housing Project-⚑20,035,615
Housing Project - Disability Program3,567,982823,436
Education Administration Building325,755-⚑
CMHC Phase 13 and 14713,647-⚑
CMHC Women's Shelter12,73512,735
[Total]4,620,11920,871,786
Note 13Accumulated operating surplus

20252024
Equity in Ottawa Trust Funds4,4944,323
CMHC replacement reserve1,562,4061,435,729
Equity in tangible capital assets94,946,31083,217,411
Unrestricted accumulated deficit(10,698,054)(16,387,434)
Moveable asset reserve642,549572,680
[Total]86,457,70568,842,709