COMMUNITY FUTURES CROWSNEST PASSalbertacf.com/sites/default/files/crowsnest... · KPMG .a-aca...
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Financial Statements of
COMMUNITY FUTURESCROWSNEST PASS
Year ended March 31, 2017
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I (IKPMG LLP Telephone (403) 380-5700500 Lethbridge Centre TDW6r Fax (403) 380-5760400- 4th Avenue South Internet wwwkpmg caLei’±r dge AS TIJ 4E1Canada
INDEPENDENT AUDITORS’ REPORT
To the Board of Directors of Community Futures Crowsnest Pass
We have audited the accompanying financial statements of Community Futures Crowsnest Passwhich comprise the statement of financial position as at March 31, 2017, the statements of operations,changes in fund balances and cash flows for the year then ended, and notes comprising a summaryof significant accounting policies and other explanatory information.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements inaccordance with Canadian Accounting Standards for Not-For-Profit Organizations, and for suchinternal control as management determines is necessary to enable the preparation of financialstatements that are free from material misstatement, whether due to fraud or error
Auditors’ Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. Weconducted our audit in accordance with Canadian generally accepted auditing standards. Thosestandards require that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosuresin the financial statements. The procedures selected depend on our judgment, including theassessment of the risks of material misstatement of the financial statements, whether due to fraud orerror In making those risk assessments, we consider internal control relevant to the entity’spreparation and fair presentation of the financial statements in order to design audit procedures thatare appropriate in the circumstances, but not for the purpose of expressing an opinion on theeffectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of accounting estimates made by management, aswell as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basisfor our audit opinion.
Opinion
In our opinion, the financial statements present fairly, in all material respects, the financial position of
Community Futures Crowsnest Pass as at March 31, 2017, and its results of operations, changes in
fund balances and its cash flows for the year then ended, in accordance with Canadian accountingstandards for not-for-profit organizations.
k’FAT’á %LP
Chartered Professional Accountants
June 23, 2017Lethbridge, Canada
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COMMUNITYFUTURESCR0W
SNESTPASS
StatementofFinancialPosition
March31,2017,withcomparativeinformationfor2016
LoanInvestmentFunds
Conditionally
Entrepreneurs
Repayable
with
Administration
InvestmentInvestment
Disabilities
2017
2016
Fund
Fund
Fund
Fund
Total
Total
Assets
Currentassets:
Cashandshort-terminvestments(note2)
$219,035
$364,933
$311,431
5317,336
$1212735
$1133,668
Accountsreceivable
27,370
264
—45
27,679
60,827
Interestreceivable
—40,502
--
--
40,502
27,342
Prepaidexpenses
6,762
--
--
--
6,762
7,216
Currentportionofloansreceivable(note3)
--
394,841
--
—394,841
465,162
253,167
800,540
311,431
317,381
1,682,519
1,694,215
Capitalassets(note4)
8,566
--
--
--
8,566
11,859
Loansreceivable,net
ofallowanceforloanimpairment(note3)
--
1,963,026
—--
1,963,026
1,853,131
S261,733
S2,763,566
$311,431
$317,381
53,654,111
$3,559,205
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LoanInvestmentFunds
Conditionally
Entrepreneurs
Repayable
with
Administration
InvestmentInvestment
Disabilities
2017
2016
Fund
Fund
Fund
Fund
Total
Total
LiabilitiesandFundBalances
Currentliabilities:
Accountspayableandaccruedliabilities
$13624
$--
$--
$—
$13624
$11,903
Inter-fundpayable
——
—--
--
--
Deferredcontributions
24,129
——
—24129
24129
37,753
——
—37753
36032
Unamortizeddeferredcapitalcontributions
465
——
—465
698
Netassets:
Fundbalances(note10)
223515
2763566
311,431
317381
3,615,893
3,522475
$261,733
$2,763,566
$311,431
$317,381
53,654,111
$3,559,205
Seeaccompanyingnotestofinancialstatements.
Director
Director
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COMMUNITYFUTURESCROWSNESTPASS
StatementofOperations
YearendedMarch
31,2017,withcomparativeinformationfor2016
LoanInvestmentFunds
Conditionally
Entrepreneurs
Repayable
with
Administration
Investment
Investment
Disabilities
2017
2016
Fund
Fund
Fund
Fund
Total
Total
Revenue:
Interestonloans
receivable
$--
$140421
$—
$--
$140,421
S136,710
Investmentincome
471
11,347
14,422
14,422
40,662
14,081
Contributions(note6)
289,550
--
--
--
289,550
289,550
Recoveryofbaddebts
—3,692
--
--
3692
10,717
Amortizationofdeferred
capitalcontributions
233
——
—233
574
Other
1,599
—--
1,599
483
291,853
155,460
14,422
14,422
476,157
452,115
Expenses(schedule)
310,582
72,157
——
382,739
376,575
Excessofrevenueover
expenses
$(18,729)
$83,303
$14,422
$14,422
S93,418
$75,540
Seeaccompanyingnotestofinancialstatements.
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COMMUNITYFUTURES
CROWSNESTPASS
StatementofChanges
inFundBalances
YearendedMarch
31,2017,withcomparativeinformationfor2016
LoanInvestmentFunds
Conditionally
Entrepreneurs
Repayable
with
Administration
Investment
Investment
Disabilities
2017
2016
Fund
Fund
Fund
Fund
Total
Total
Netassets:
Invested
incapitalassets,
-
beginningofyear
$11,161
$—
$—
$—
$11,161
$15,195
Deficiencyofrevenue
overexpenses
(3,059)
——
—(3,059)
(4,034)
Transfers
--
——
——
--
Netassetsinvested
incapital
assets,endofyear
8,102
——
—8,102
11,161
Externallyrestricted
funds,beginningof
year
—2,680,263
297,009
302,959
3,280,231
3,194,117
Excessofrevenue
overexpenses
—83,303
14,422
14,422
112,147
86,114
Externallyrestrictedfunds,endofyear
--
2,763,566
311,431
317,381
3,392,378
3,280,231
Unrestrictedfunds,beginningofyear
231,083
——
--
231,083
237,623
Excessofrevenueoverexpenses
(15,670)
——
—(15,670)
(6,540)
Transfers
——
——
——
Unrestrictedfunds,endofyear
215,413
——
—215,413
231,083
5223,515
$2,763,566
$311,431
$317,381
$3,615,893
$3,522,475
Seeaccompanyingnotestofinancialstatements.
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COMMUNITYFUTURES
CROWSNESTPASS
StatementofCashFlows
YearendedMarch31, 2017,withcomparativeinformationfor2016
LoanInvestmentFunds
Conditionally
Entrepreneurs
Repayable
with
Administration
Investment
Investment
Disabilities
2017
2016
Fund
Fund
Fund
Fund
Total
Total
Cashprovided
by(usedin):
Operations:
Excess(deficiency)of
revenueoverexpenses
$(18,729)
$83303
$14422
$14,422
$93418
S75,540
Itemsnotinvolvingcash:
Provisionforcreditlosses
—71850
--
--
71850
74,523
Amortizationofunamortized
deferredcapitalcontributions
(233)
--
——
(233)
(574)
Amortization
3,292
——
—3292
4,608
Changeinnon-cash
operatingworkingcapital(note8)
2,176
19,988
--
--
22,164
28,993
(13,494)
175,141
14,422
14,422
190,491
183,090
Investments:
Increase
inshort-terminvestments
(393)
——
—(393)
(455)
Changeinloanportfolio
—(111,425)
——
(111,425)
31,026
.(393)
(111,425)
——
(111,818)
30,571
Increase
incashandcashequivalents
(13,887)
63,716
14,422
14,422
78,673
213,661
Cashandcashequivalents,
beginningofyear
134,218
323,812
274,411
302,914
1,035,355
821,694
Cashandcashequivalents,endofyear(note2)
$120,331
$387,528
$288,833
$317,336
$1,114,028
$1,035,355
Seeaccompanyingnotestofinancialstatements.
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COMMUNITY FUTURES CROWSNEST PASSNotes to Financial Statements
Year ended March 31, 2017
Community Futures Crowsnest Pass. a Community Futures Development Corporation (the“Corporation). is a community-based organization that provides community economic developmentand strategic planning, business advisory services, access to financial assistance (loan funds) anddelivery of special economic adjustment programs as required within the Municipality of CrowsnestPass, Alberta. The Corporation was incorporated under the Alberta Companies Act as a non-profitorganization in October 1998. It is exempt from income taxes under the Income Tax Act as a nonprofit organization.
1. Summary of significant accounting policies:
The significant accounting policies adopted by the Corporation include:
(a) Fund accounting:
The Corporation follows the restricted fund method of accounting for contributions and usesthe following funds:
Administration fund:
The administration fund is charged with providing administration services to other fundswithin the control of the Corporation.
The administration fund accounts for the Corporation’s operating costs and general
revenues. This fund reports unrestricted resources and restricted operating grants.
Investment fund:
The investment fund is charged with providing financing to qualifying businesses in theCrowsnest Pass.
Conditionally Repayable Investment fund:
The conditionally repayable investment fund is charged with providing loan financing toqualifying youth to start business ventures in the Crowsnest Pass. Funds can also beaccessed upon depletion of the investment fund.
Entrepreneurs with Disabilities fund:
The entrepreneurs with disabilities fund (“EDP’) is charged with providing loan financing tobusinesses who are starting up or expanding in the Crowsnest Pass and whose owners
have a disability.
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COMMUNITY FUTURES CR0WSNEST PASSNotes to Financial Statements
Year ended March 31, 2017
1. Summary of significant accounting policies (continued):
(b) Revenue recognition:
Restricted contributions where a restricted fund exists are recognized in the year received asrevenue if the amount to be received is reasonably estimated and collection is reasonablyassured.
Restricted contributions where a restricted fund does not exist are recognized as revenue ofthe administration fund in the year in which the related expenses are incurred.
Unrestricted contributions are recognized as revenue of the administration fund in the yearreceived or receivable if the amount to be received can be reasonably estimated andcollection is reasonably assured.
(c) Capital assets:
Capital assets are recorded at cost. Contributed capital assets are recorded at fair value atthe date of contribution. Amortization is provided on a declining balance basis at the followingannual rates:
Asset Rate
Furniture and fixtures 20%Computer equipment . 30%General equipment 20%Leasehold improvements 20%Website 30%
Capital assets are reviewed for impairment whenever events or changes in circumstancesindicate that the asset no longer has any long-term service potential to the corporation. Anysuch impairment is measured by a comparison of the carrying amount of an asset toestimated residual value.
(d) Donated materials:
Donated goods and services that are not capital in nature are included in other revenues. TheCorporation does not recognize the value of donated office space. There were no otherdonated materials in the current or prior year.
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COMMUNITY FUTURES CR0WSNEST PASSNotes to Financial Statements
Year ended March 31, 2016
1. Summary of significant accounting policies (continued):
(e) Financial instruments;
Financial instruments are recorded at fair value on initial recognition. Freestanding derivativeinstruments that are not in a qualifying hedging relationship and equity instruments that arequoted in an active market are subsequently measured at fair value. All other financialinstruments are subsequently recorded at cost or amortized cost, unless management haselected to carry the instruments at fair value. The Corporation has not elected to carry anysuch financial instruments at fair value.
Transaction costs incurred on the acquisition of financial instruments measured subsequentlyat fair value are expensed as incurred. All other financial instruments are adjusted bytransaction costs incurred on acquisition and financing costs, which are amortized using thestraight-line method.
Financial assets are assessed for impairment on an annual basis at the end of the fiscal yearif there are indicators of impairment. If there is an indicator of impairment, the Corporationdetermines if there is a significant adverse change in th& expected amount or timing of futurecash flows from the financial asset. If there is a significant adverse change in the expectedcash flows, the carrying value of the financial asset is reduced to the highest of the presentvalue of the expected cash flows, the amount that could be realized from selling the financialasset or the amount the Corporation expects to realize by exercising its right to any collateral.If events and circumstances reverse in a future period, an impairment loss will be reversed tothe extent of the improvement, not exceeding the initial carrying value.
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COMMUNITY FUTURES CROWSNEST PASSNotes to Financial Statements
Year ended March 31, 2017
1. Summary of significant accounting policies (continued):
(0 Capital disclosures:
The Corporation defines Capital as follows:
• For operating purposes, the Corporation defines capital as working capital, unrestrictedfunds and internally restricted funds restricted for operating purposes.
• For capital purposes, the Corporation defines capital as deferred capital contributions,unrestricted funds and internally restricted funds restricted for capital purposes.
• For lending purposes, the Corporation defines capital as externally restricted funds.
The Corporation’s objectives for managing capital are as follows:
• To safeguard the Corporation’s ability to continue to provide an appropriate level ofservices to its stakeholders.
• To create and maintain an appropriate level of funds to provide loans where appropriate.
• To provide an appropriate return on capital employed to continue to build capacity for thefuture.
The Corporation must maintain capital to ensure that its externally restricted funds areavailable to provide loans as appropriate. A portion of the Corporation’s capital is alsorestricted in that it is required to meet certain requirements to utilize the funding included indeferred contributions and deferred capital contributions.
Unless otherwise disclosed, the Corporation does not have any other external restrictions onits capital. The Corporation has processes in place to ensure that restrictions are met prior tothe utilization of any restricted capital.
Management and the Board of Directors monitor financial performance and the capitalrequirements of the Corporation to ensure that it will be able to meet its capital objectives.
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COMMUNITY FUTURES CROWSNEST PASSNotes to Financial Statements
Year ended March 31, 2017
1. Summary of significant accounting policies (continued):
(g) Impaired loans and allowances for loan impairment;
Loans are stated at principal amounts including accrued interest receivable, net of allowancefor loan impairment. Interest on loans is recorded as income on an accrual basis except forloans that are considered impaired.
Loans are classified as impaired when there is deterioration in credit quality to the extent thatthe Corporation no longer has reasonable assurance that the full amount of principal andinterest will be collected. When a loan becomes impaired, recognition of interest incomeceases and any previously accrued interest that is unpaid is reversed against interest income.Any interest received on impaired loans is applied to the carrying amount of the loan unlessthe loan is fully secured and does not require a specific allowance, in which case interestincome is recognized on a cash basis.
For impaired loans measured on the basis of expected future cash flows, as explained underallowance for loan impairment, the increase in present value attributable to the passage oftime is recorded as interest income.
(h) Allowance for loan impairment:
The allowance for loan impairment is maintained at a level considered adequate to absorb thecredit losses existing in the Corporation’s portfolio. It reflects management’s best estimate oflosses existing in the loan portfolio at the balance sheet date. The allowance is increased byan annual provision for credit losses, which is charged against income and reduced by writeoffs, net of recoveries.
The allowance for loan impairment comprises specific allowances.
Specific allowances are established on a loan-by-loan basis for impaired loans. The carryingamount of an impaired loan is reduced to its estimated realizable value by discounting theexpected future cash flows at the effective interest rate inherent in the loan or, if cash flowscannot be reasonably determined, by using the estimated fair value of any underlying security,
net of realization costs. Initial allowances as well as subsequent changes thereto arerecorded through the provision for credit losses as an adjustment to the specific allowance.
(i) Foreclosed assets:
Foreclosed assets held for sale are recorded at the lower of cost and estimated net realizablevalue. Cost is comprised of the balance of the loan plus interest accrued to the date on whichthe Corporation first determines the loan to be impaired, plus subsequent disbursementsrelated to the property less any revenues or lease payments received.
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COMMUNITY FUTURES CROWSNEST PASSNotes to Financial Statements
Year ended March 31, 2017
1. Summary of significant accounting policies (continued):
(fl Use of estimates:
The preparation of the financial statements requires management to make estimates andassumptions that affect the reported amounts of assets and liabillties, disclosure of contingentassets and liabilities at the dates of the financial statements and the reported amounts ofrevenues and expenses during the reporting periods. Significant items subject to estimatesand assumptions include the carrying value of short-term investment, loan portfolio andcapital assets, Actual results could differ from those estimates.
2. Cash and short-term investments:
Cash and short-term investments consist of:
2017 2016
Cash $ 246215 $ 207,602Guaranteed Investment Certificates 98706 98,313Funds on deposit with the Community FuturesLending and Investment Pool (“CFLIP”) 867,814 827,753
Cash and short-term investments $ 1,212,735 $ 1,133,668
CFLIP is a professionally managed pooled investment and lending fund, where CommunityFutures Development Corporations in Alberta may deposit funds in excess of current needs. TheFund invests in a diverse mixture of high quality fixed income securities. The CFLIP investmentsare recorded at fair value.
Cash and cash equivalents are defined as cash and investments with original maturity dates ofless than 90 days.
Cash and cash equivalents consist of:
2017 2016
Cash and short-term investments $ 1,212,735 $ 1,133,668Less short-term investments with originalmaturities greater than 90 days (98,707) (98,313)
Cash and cash equivalents S 1,114,028 $ 1,035,355
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COMMUNITY FUTURES CROWSNEST PASSNotes to Financial Statements
Year ended March 31, 2017
3. Loans receivable:
Outstanding loans to entrepreneurs are interest bearing at fixed rates varying from 6.5% to 10.5%and are comprised of flexible lines of credit which require interest to be paid monthly and termloans which require monthly blended principal and interest repayments amortized between 12 to180 months The flexible lines of credit are reviewed periodically for credit worthiness. Secvrity istaken on these loans as appropriate to the situation and includes personal guarantees! generalsecurity agreements covering business assets and mortgages on land and buildings.
Impaired loans included in loans receivable and the related allowance for loan impairment are asfollows:
2017 2016
Net NetRecorded Specific carrying carrying
loan allowance value value
Loans to small business:Investment Fund $2,357,867 S — $2,357,867 $2,318,293
Current portion 394,841 -- 394,841 465,162
$1,963,026 $ -- $1,963,026 $1,853,131
The breakdown of the loan portfolio is as lollows:
2017 2016
Flexible fines of credit $ 137,121 $ 174,187Term loans 2,220,746 2,144,106
S 2,357,867 $ 2,318,293
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COMMUNITY FUTURES CROWSNEST PASSNotes to Financial Statements
Year ended March 31, 2017
4. Capital assets:
2017 2016
Accumulated Net book Net bookCost amortization value value
Administration fund:Furniture and fixtures S 91,756 S 89,635 S 2,121 $ 2,651Computer equipment 90,554 54,373 6181 8,831Leasehold improvements 2607 2,607 — --
Website 5040 4,776 264 377
S 189957 $ 181,391 $ 8,566 $ 11859
5. Externally restricted net assets:
These net assets are restricted by Western Economic Diversification and are required to bemaintained in the particular fund where they have been generated so these funds are availablesolely for the mandate of each fund.
In prior years, Western Economic Diversification provided two contributions of $200,000 toimprove access to capital for qualifying businesses. These amounts are included in the fundbalances of the Conditionally Repayable Investment Fund and the EDP fund in the amount of$200000 each. Upon notice of the Minister of Western Economic Diversification (the “Minister”),the Corporation must repay the lesser of the uncommitted cash balance within each of thesefunds and $200,000. As of March 31, 2017, no such notice has been given by the Minister.
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COMMUNITY FUTURES CROWSNEST PASSNotes to Financial Statements
Year ended March 31, 2017
6. Contributions:
2017 2016
Operating funding from Western Economic Diversification $ 289550 $ 289550
The Corporation is economically dependent on Western Economic Diversification for its operatingfunding. The Corporation is currently party to an agreement with Western EconomicDiversification to provide services through to March 31, 2018.
Operating funding from Western Economic Diversification are contributions provided under acontribution agreement to fund community economic development, marketing and visibility,general administration and governance expenses to operate the Corporation.
7. Nature and extent of risks arising from financial instruments:
The Corporation has exposure resulting from its financial instruments: credit risk, liquidity risk andinterest rate risk.
a) Risk management:
The Corporation has established policies and procedures for managing exposure to each ofthe above risks. Further quantitative disclosures are included throughout these financialstatements.
The Board of Directors have the overall responsibility for the establishment and oversight ofthe Corporations risk management.
b) Credit risk:
Credit risk is the risk of financial loss to the Corporation if a counterparty to a financialinstrument fails to meet its contractual obligations and arises principally from the loansreceivable. For risk management purposes, the Corporation considers all elements ofcredit risk exposure.
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COMMUNITY FUTURES CROWSNEST PASSNotes to Financial Statements
Yearended March 31, 2017
7. Nature and extent of risks arising from financial instruments (continued):
c) Management of credit risk:
The Board of Directors is responsible for the management of credit risk. Managementworks with the Board of Directors to provide oversight on the Corporation’s credit riskincluding the approval of all loans and the review of risk related to each loan.
d) Liquidity risk:
Liquidity risk is the risk that the Corporation wiN encounter difficulty in meeting obligationsarising from financial liabilities.
e) Management of liquidity risk:
The Corporation’s approach to managing liquidity is to ensure that it will always havesufficient liquidity to meet its liabilities when due, under both normal and stressedconditions, without incurring unacceptable losses or risking damage to the Corporation’sreputation. The Corporation utilizes its cash and its short-term investments to manage itsliquidity position.
f) Market risk:
Market risk is the risk that changes in market prices, such as interest rate will affect theCorporation’s income or the value of its holdings of financial instruments. The objective ofmarket risk management is to manage and control market risk exposures where possibleand to optimize return.
Management is responsible for monitoring market risks and mitigating them as they arise.
g) Interest rate risk:
Interest rate risk arises from the possibility that the value of, or cash flows related to afinancial instrument will fluctuate as a result of changes in market interest rates. TheCorporation is exposed to financial risk arising from interest rates as a result of its loansreceivable and its short term investments
h) Loans receivable.
The loans receivable all have a fixed rate or return and as such the interest rate specific tothe loan portfolio is limited. The average yield for the loans receivable for the year was 6.0%(2016— 5.7%)
i) Short term investments:
The short-term investments consist of guaranteed investment certificates with a fixed rate ofreturn and the CFLIP investment which provides a variable rate of return. The average yieldfor the short term investments for the year was 3.5% (2016— 2.2%).
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COMMUNITYFUTURESCR0 W
SNESTPASS
NotestoFinancialStatements
YearendedMarch
31,2017
8.Changeinnon-cashoperatingworkingcapital:
LoanInvestmentFunds
Conditionally
Entrepreneurs
Repayable
with
Administration
Investment
Investment
Disabilities
2017
2016
Fund
Fund
Fund
Fund
Total
Total
Accountsreceivable
S—
$33.148
$—
$—
$33,148
S(30,023)
Interestreceivable
—(13,160)
——
(13,160)
43,125
Deferredcontributions
——
——
—24,129
Accountspayableandaccruedliabilities
1,721
——
—1721
(2,972)
Prepaidexpenses
455
——
—455
(5,266)
$2,176
$19,988
$—
$—
$22.164
$28,993
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COMMUNITY FUTURES CROWSNEST PASSNotes to Financial Statements
Year ended March 31, 2017
9. Related party:
I) In 2013, the Crowsnest Pass Economic Development Board became the sole shareholderof the Community Futures Crowsnest Pass.
Included in the accounts receivable of the Corporation as at March 31, 2017 is $26,250(2016 - $26,250) receivable from the Crowsnest Pass Economic Development Board forcosts incurred on their behalf.
U) In the year ended March 31, 2015, the Corporation provided a line of credit of $100,000 anda term loan of $150,000 with interest rates of 6% to an entity in which employees have afinancial interest in and which they could exercise significant influence. At March 31, 2017,the aggregate outstanding balance of the loans were $172103 (2016 - $193,543). Bothloans were in good standing at March 31, 2017. These transactions were carried out in thenormal course of operations and were measured at fair value.
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COMMUNITYFUTURESCR0W
SNESTPASS
NotestoFinancialStatements
YearendedMarch
31,2017
10.Fundbalances:
Fundbalancesconsistofthefollowing:
LoanInvestmentFunds
Conditionally
Entrepreneurs
Repayable
with
Administration
Investment
Investment
Disabilities
2017
Fund
Fund
Fund
Fund
Total
Invested
incapitalassets
$8102
$--
$--
$—
$8102
Externallyrestrictedfunds
--
2,763566
311,431
317,381
3,392,378
Unrestrictedfunds
215,413
--
—--
215,413
S223,515
$2,763,566
$311,431
$317,381
$3,615,893
LoanInvestmentFunds
Conditionally
Entrepreneurs
Repayable
with
Administration
Investment
Investment
Disabilities
2016
Fund
Fund
Fund
Fund
Total
Invested
incapitalassets
$11,161
$—
$—
$--
s11,161
Externallyrestrictedfunds
—2,680,263
297,009
302,959
3,280,231
Unrestrictedfunds
231,083
——
--
231.083
$242,244
$2,680,263
$297,009
$302,959
$3,522,475
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COMMUNITYFUTURES
CROWSNESTPASS
ScheduleofExpenses
YearendedMarch31,2017,withcomparativeinformationfor2016
LoanInvestmentFunds
Conditionally
Entrepreneurs
Repayable
with
Administration
Investment
Investment
Disabilities
2017
2016
Fund
Fund
Fund
Fund
Total
Total
Provisionforcreditlosses
$—
$71,850
$—
$—
$71,850
$74,523
Salariesandbenefits
224,223
--
——
224,223
193,181
Travel
13,567
——
—13,567
14748
Office
10,631
——
--
10631
8,744
Professionalfees
10,035
——
—10,035
9,776
Telephoneandinternet
1,059
——
—1,059
4,914
Businessdevelopment
15,741
——
—15,741
23,345
Trainingandboarddevelopment
4,854
——
—4,654
8,343
Insurance
2,280
——
—2280
2,304
Advertisingandpromotion
6,698
——
—6,698
4,197
Duesandmemberships
653
——
—653
559
Interestandbankcharges
475
307
——
782
396
Consulting
15,000
——
—15,000
26,753
Other
2,074
——
—2,074
184
Amortization
3,292
——
—3,292
4,608
$310,582
$72,157
$—
$—
$382,739
$376,575