What happened to all of this #(@&!+ money ?
We deserve a big explanation!
MORTGAGES PAID - TIP OF THE ICEBERG!

    1. Summary of significant accounting policies

    The consolidated financial statements of Maliseet Nation at Tobique are the representations
    of management prepared in accordance with Canadian generally accepted accounting
    principles for local governments, as recommended by the Public Sector Accounting Board
    (PSAB) of the Canadian Institute of Chartered Accountants.

    The focus of PSAB financial statements is on the financial position of the Maliseet Nation
    and the changes thereto. The consolidated statement of financial position includes all the
    assets and liabilities of the Maliseet Nation at Tobique.

    Significant aspects of the accounting policies adopted are as follows:

    Amortization

    Amortization is calculated using the following methods and annual rates:

    Buildings and engineering structures                         5% declining balance
    Social housing                                                            same rate as the principal reduction on the loan
    Furniture, fixtures and equipment                               5 and 20% declining balance
    Equipment - education                                                5% straight line
    Computer equipment                                                   30% declining balance
    Automotive equipment                                                 30% declining balance

    Capital assets

    Capital assets acquired after March 31, 1986 are valued at acquisition cost. Assets acquired
    prior to April 1, 1986 have been charged to operations in the year acquired.

    Cash and cash equivalents

    Cash and cash equivalents include cash on hand, balances with banks and short term deposits
    with original maturities of three months or less. Bank borrowings are considered to be
    financing activities.

    Consolidation

    These consolidated financial statements include all of the funds reported on herein and the
    operations of Tobique High Stakes VT. These funds and this enterprise have been fully
    consolidated. Tobique High Stakes Bingo Ltd., Maliseet Gas Bar Ltd., Maliseet Supermarket
    Ltd., Maliseet Forest Services Inc., Maliseet Farms Ltd., Tobique Forestry Inc., Tobique
    Economic Development Corp., Maliseet I.T. Inc., Maliseet Capital Construction Ltd., Tobique
    Truck Stop Ltd. and Negoot Gook Fisheries Inc. have been disclosed using the modified equity
    method.

    Economic dependence and going concern

    These financial statements have been prepared on the basis of generally accepted
    accounting principles applicable to a going concern. The ability of the Band to continue as a
    going concern and realize its assets and discharge its liabilities, including contingencies, in
    the normal course of business is dependant on its continued arrangement with Indian and
    Northern Affairs Canada.

    1. Summary of significant accounting policies (Cont’d)

    Financial instruments

    The Band’s financial instruments consist of cash, receivables and payables and long term debt.
    Unless otherwise noted, it is management’s opinion that the Band is not exposed to significant
    interest, currency or credit risks arising from these financial instruments although some of the
    long term debt is at a variable rate which may expose the Band to interest rate risk. The fair
    value of these financial instruments approximate their carrying values, unless otherwise noted.

    Revenue recognition
    Funding received under the terms of agreements is recognized as revenue when related
    expenditures are made. Funding received but not yet expended is included in the statement
    of financial position as deferred revenue.

    Translation of foreign currencies
    Monetary items on the balance sheet denominated in a foreign currency are translated at the
    rates of exchange prevailing at the year end. Revenues and expenses are translated at the
    rate of exchange on the transaction date. Gains/losses on the translation of foreign
    currencies are taken into income in the year that they occur.

    Use of estimates
    Under Generally Accepted Accounting Principles, management is required to make estimates
    and assumptions to prepare financial statements. These estimates are based on
    management’s best knowledge of current events and actions that the Band may undertake in
    the future. These estimates and assumptions may affect the amount of assets and liabilities
    presented as at the reporting date and the reported amount of revenue and expenses during
    the fiscal period. Actual results may be different from the estimates and assumptions used.

    2. Capital assets 2007 2006

    Accumulated Net Book Net Book
    Cost Amortization Value Value
    Land $ 100,000 $ - $ 100,000 $ 100,000
    Buildings 30,973,032 10,851,614 20,121,418 21,083,269
    Equipment 2,554,358 2,166,936 387,422 498,707
    Computer equipment 246,866 203,493 43,373 61,959
    Automotive equipment 1,496,709 1,354,321 142,388 114,040
    $35,370,965 $14,576,364 $20,794,601 $21,857,975


    Maliseet Nation At Tobique
    Notes to the Consolidated Financial Statements
    Year Ended March 31, 2007





















































































































    
      


Estimated repayments required to meet loan obligations over the
     next five years are as follows:
    2008         $3,958,452
    2009         $1,859,339
    2010         $2,419,184
    2011         $2,172,275
    2012         $4,170,050

    Estimated repayments include loans maturing in the fiscal year indicated.

    During 1999, the Band negotiated a repayment plan with the Province of New Brunswick for
    tuition fees in arrears. The plan provides that the interest will be forgiven once the original
    principal loan amount of $1,668,897 has been paid. This loan balance as at March 31, 2007
    is $159,625. The loan is presently in default. Refer to Note 7 to these financial statements.

    4. Deficiency in Band enterprises 2007 2006











    5. Economic relationship
    Indian and Northern Affairs Canada

    In return for annual funding and under agreement with the Minister of Indian and Northern
    Affairs Canada (INAC), the Band through its Council is obligated to provide various programs
    and services such as Band administration, education and social services.
    The Council has agreed to act on its own behalf and not as an agent of INAC and is
    responsible for complying with any applicable standards related to health, safety and the
    environment. Funds may be transferred from one program or service to another without
    restrictions, except for funds provided for capital purposes, which must be spent for such
    purposes.


    Health and Welfare Canada

    The Band has entered into a multi year agreement with the Minister of National Health and
    Welfare (Minister) to control the health services of its members. Under the agreement, the
    Band shall design health programs, establish health services, allocate funds according to
    community health priorities, and ensure public health and safety is maintained through
    mandatory health programs.

    In recognition of the financial cost that the Band will incur in the discharge of its health care
    obligations, the Minister has agreed to fund the Band specified amounts over a three year
    term to March 31, 2008. The funds are to be spent on budgeted program items within an
    overall health care directive.

    Unspent balances of this funding may be used to fund other health related programs as well
    as related moveable equipment and vehicles. Surplus funds may not be spent on renovation
    or construction of capital assets.

    6. Commitments

    The Band has entered into agreements to lease office equipment, emergency services
    equipment and vehicles for various periods. The annual lease payments in aggregate are
    approximately $85,063.

    Pursuant to a management services contract dated July 25, 2006, the Band has committed
    to pay to Calumet International Inc. the greater of 20% of the net profits of Tobique High
    Stakes VT or $125,000 per year. This contract is for a 10 year period beginning April 1,
    2006.

    7. Contingencies

    Guarantee

    a) The Band has provided a loan guarantee and a postponement agreement for $50,000
    dated November 12, 2002 on behalf of Negoot Gook Fisheries Inc. As at March 31,
    2007, the amount outstanding was $50,291.

    b) The Band has provided a loan guarantee and a postponement agreement for $660,000
    dated February 24, 2004 on behalf of Negoot Gook Fisheries Inc. As at March 31, 2007,
    the amount outstanding was $588,687.

    c) The Band has provided a loan guarantee and a postponement agreement for $1,164,731
    dated September 18, 2002 on behalf of Tobique Forestry Inc. As at March 31, 2007, the
    amount outstanding was $118,708.

    Litigation

    a) The Band is defending various legal actions. The likelihood of success is not
    determinable.

    b) The Band has taken the position, based on a recent court decision, that the Province of
    New Brunswick Department of Education is responsible for the provision of educational
    services to Band children at no cost. As at March 31, 2007 the Department of Education
    indicates the amount of $10,533,527 is owed by the Band. This balance includes
    interest charges of $4,006,983. The financial statements include a provision for principal
    of $159,625 as indicated in Note 3.

    8. Comparative figures
    Certain of the comparative figures have been reclassified to conform with the presentation
    adopted for the year ended March 31, 2007.

    9. Subsequent events
    Subsequent to year end, Maliseet Nation At Tobique was placed into third party
    management.
    Subsequent to year end, Tobique Truck Stop Ltd. was placed into receivership.
EMAIL for more info!
Capitol Assests $20,794,601 2007 Net Book Value
Long term debt
2007
2006
Prime plus 2% term loan, payable to Peace Hills Trust
Company, payable in monthly installments of principal
and interest of $870,407. Security is by way
of assignment of INAC funding, maturing April, 2011.

6.5% term loan, payable to Peace Hills Trust Company,
payable in monthly installments of principal and interest
of $2,466, maturing January, 2009.

12.75% term loan, payable to Ulnooweg Development
Group Inc., payable in monthly installments of principal
and interest of $1,400 until September, 2007 then
$2,296 until maturity. Maturing March 31, 2009. ($44,419
in arrears at March 31, 2007).

Prime plus 2% term loan, payable to Peace Hills Trust
Company, balance of loan payable in April, 2007.

6.6% mortgage, payable to Bank of Nova Scotia in
monthly installments of $2,354 including interest, due
February, 2008. Housing number 15-302-714-013.

6.7% mortgage, payable to Bank of Nova Scotia in
monthly installments of $1,134 including interest, due
February, 2008. Housing number 15-302-714-012.

6.15% mortgage, payable to Bank of Nova Scotia in
monthly installments of $681 including interest, due
November, 2008. Housing number 15-302-714-014.

4.74% mortgage, payable to Royal Bank of Canada in
monthly installments of $1,008 including interest, due
March, 2009. Housing number 15-302-714-002.

4.99% mortgage, payable to Royal Bank of Canada in
monthly installments of $3,722 including interest, due
July, 2010. Housing number 15-302-714-004.   

5.619% mortgage, payable to Royal Bank of Canada in
monthly installments of $2,120 including interest, due
April, 2007. Housing number 15-302-714-011.  

4.84% mortgage, payable to Royal Bank of Canada in
monthly installments of $7,959 including interest, due
February, 2011. Housing number 15-302-714-005.

5.64% mortgage, payable to Royal Bank of Canada in
monthly installments of $6,324 including interest, due
December, 2007. Housing number 15-302-714-006.     

4.74% mortgage, payable to Royal Bank of Canada in
monthly installments of $1,291 including interest, due
March, 2009. Housing number 15-302-714-008.   

4.99% mortgage, payable to Royal Bank of Canada in
monthly installments of $5,011 including interest, due
July, 2010 . Housing number 15-302-714-009.  

4.99% mortgage, payable to Royal Bank of Canada in
monthly installments of $1,978 including interest, due
July, 2010. Housing number 15-302-714-003.   

4.741% mortgage, payable to Royal Bank of Canada in
monthly installments of $1,904 including interest, due
December, 2010. Housing number 15-302-714-010.  

5.8% mortgage, payable to Peace Hills Trust Company in
monthly instalments of $2,477 including interest, due
March, 2009. Housing number 15-302-714-001.  

5.8% mortgage, payable to Peace Hills Trust Company in
monthly installments of $2,886 including interest, due
March, 2009. Housing number 15-302-714-007.    

6% mortgage, payable to Peace Hills Trust Company in
monthly installments of $3,990 including interest, due
August 2009.  

6% mortgage, payable to Peace Hills Trust Company in
monthly installments of $6,430 including interest, due
February, 2010.

3.59% mortgage, payable to CMHC in monthly
installments of $1,516 including interest, due April, 2009.
Housing number 17-914-474-1.  

4.04% mortgage, payable to CMHC in monthly
installments of $1,584 including interest, due December,
2010. Housing number 17-914-4742.  

4.26% mortgage, payable to CMHC in monthly
installments of $1,813 including interest, due October,
2011.
Housing number 17-914-474-3.    

4.31% mortgage, payable to CMHC in monthly
installments of $444 including interest, due March, 2012.
Housing number 17-914-474-4.   

4.88% mortgage, payable to CMHC in monthly
installments of $1,298 including interest, due September,
2007. Housing number 17-914-474-5.      

4.76% mortgage, payable to CMHC in monthly
installments of $2,656 including interest, due June, 2008.
Housing number 17-914-474-6.     

7.75% loan, payable to Province of New Brunswick in
annual installments of $330,000 plus interest on May 1
of each year (Note 21).    

7.25% term loan, payable to Peace Hills Trust Company
in monthly installments of principal and interest of
$1,533, maturing September, 2007. 9,112 26,173

$ 5,758,442



$122,019




$100,035



$1,500,000



$ 279,489



$133,851



$83,710



$ 71,044



$413,974



$ 258,596



$690,972



$600,335



$135,138



$389,150



$153,993



$224,887



$171,885



$301,513



$595,461



$956,306



$232,428



$ 249,464




$288,587



$ 72,060



$202,571



$424,653



$159,625



$9,112


$14,579,300

$ 4,910,600



$142,927




$97,461



$1,500,000



$287,618



$137,618



$86,250



$79,588



$437,561



$269,363



$751,664



$641,564



$144,066



$428,993



$169,710



$236,889



$191,289



$318,503



$607,909



$975,063



$242,173



$258,341




$297,294



$73,921



$208,246



$ 436,291



$159,625



$26,173


$14,116,700
Deficiency in Band enterprises
2007
2006
Deficiency in Band enterprises
$ 5,657,987
$ 3,416,842
Advances receivable from
non-consolidated enterprises
(1,047,362)
(896,990)
 
$ 4,610,625
$ 2,519,852
Maliseet Nation at Tobique
Consolidated Financial Statements
March 31, 2007
~~~ KEEP IN MIND ~~
This is written by people
who do not live here or
know the history!
Managers track
records are
perplexing!
For Discussion Only