Wasausink Lands Inc.

Community Report-WLI Financial Report 2001-2002

WLI accounts are audited annually by Herlihey, Newsome, Natale Chartered Accountants. This financial report is based on their audit of the WLI general operating accounts from April 1, 2001 through March 31, 2002.

WLI Assets
WLI ended the year with $950,227 in net assets, which consisted primarily of cash in the bank, savings, and accounts receivable, such as arrears owing by cottagers. In view of the litigation between WLI and Chief and Council, $139,376 that WLI loaned to the First Nation was written off as uncollectible.

WLI Liabilities
WLI’s liabilities of $29,792 were made up of bills outstanding at year-end and others that are due within the next twelve months. WLI Income WLI’s total revenues for the year amounted to $842,325: $801, 272 in cottage rents, plus $33,478 in interest on investments and $7,575 from other sources.

WLI Expenses
WLI’s total expenses f or t he year were $644,767. WLI operates on an annual budget, set at the beginning of the fiscal year. The pie chart above shows the distribution of expenses by category:

• Over $200,000, or one-third of expenses, were spent on the litigation between WLI and Chief and Council. ($500,000 was spent on litigation in the previous year.)
• $80,127 (10% of rental) income was paid to Indian and Northern Affairs under the terms of the Head Lease for the cottages. These funds are held in trust on behalf of Wasauksing First Nation.
• Maint enance and improvement of the roads providing access to the leased lands cost WLI $80,223.
• Salaries and benefits of staff amounted to $71,307.
• Board expenses, including board and committee meetings and honouraria were $56,000.
• Expenses for auditing, and accounting, consulting and legal advice were $50,073.
• Office supplies, amortization of capital assets, donations, travel and training made up the remainder of expenses of $93,144.