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  • AUSTIN CREDIT UNION LIMITED Summary Statement of Comprehensive Income

    For the year ended December 31 2016 2015

    Revenue Interest on loans to members

    Lines of credit $ 1,640,490 $ 1,546,863 Term loans 5,969,653 5,935,223

    Investment income Liquidity deposits 498,524 226,757 CUCM shares 40,102 13,580

    8,148,769 7,722,423 Cost of Funds

    Interest paid to members 2,765,169 2,361,217 Interest on borrowings - 74

    2,765,169 2,361,291

    Gross financial margin 5,383,600 5,361,132

    Operating Expenses Personnel 2,975,089 2,819,150 Administrative 1,486,873 1,500,059 Occupancy 659,643 638,072 Members' security 233,003 184,450 Organizational 346,564 141,784

    Gross operating expenses 5,701,172 5,283,515

    Less other income 1,804,946 1,623,502

    3,896,226 3,660,013

    Gross operating income 1,487,374 1,701,119

    Provision for (recovery of) impaired loans 390,409 (37,563)

    Income before income taxes 1,096,965 1,738,682

    Provision for Income Taxes Current 181,222 248,063 Deferred (82,500) (12,800)

    98,722 235,263

    Net and total comprehensive income for the year $ 998,243 $ 1,503,419

    The accompanying notes are an integral part of these summary financial statements.

  • AUSTIN CREDIT UNION LIMITED Summary Statement of Changes in Members' Equity

    For the year ended December 31, 2016

    Members' Shares

    Provision for Issue of

    Surplus Shares Retained Earnings Total

    Balance at December 31, 2014 $ 2,288,780 $ - $ 10,535,886 $ 12,824,666

    Net income for the year - - 1,503,419 1,503,419

    Adjustment to provision - - (4,600) (4,600)

    Issue of members' shares 116,810 - - 116,810

    Redemption of members' shares (36,665) - - (36,665)

    Balance at December 31, 2015 2,368,925 - 12,034,705 14,403,630

    Net income for the year - - 998,243 998,243

    Distributions to members - - (21,757) (21,757)

    Issue of members' shares 497,730 - - 497,730

    Redemption of members' shares (93,902) - - (93,902)

    Balance at December 31, 2016 $ 2,772,753 $ - $ 13,011,191 $ 15,783,944

    The accompanying notes are an integral part of these summary financial statements.

  • AUSTIN CREDIT UNION LIMITED Summary Statement of Cash Flows

    For the year ended December 31 2016 2015

    Cash Flows from Operating Activities Net income for the year $ 998,243 $ 1,503,419 Adjustments for

    Interest and investment revenue (8,148,769) (7,722,423) Interest expense 2,765,169 2,361,291 Depreciation expense 290,795 297,837 Provision for (recovery of) impaired loans 390,409 (37,563) Loss on disposal of property, plant and equipment (7,400) 8,845 Deferred taxes (82,500) (12,800)

    (3,794,053) (3,601,394)

    Change in other assets and liabilities 342,424 (120,238) Change in income taxes payable 99,295 242,254

    441,719 122,016 Changes in member activities (net)

    Change in loans to members (7,381,195) (5,647,512) Change in members' deposits 14,303,013 16,702,509

    6,921,818 11,054,997 Cash flows related to interest, dividends, and income taxes

    Interest received on loans to members 7,547,859 7,559,868 Interest received on investments 540,122 244,822 Interest paid on members' deposits (2,863,918) (2,290,981) Interest paid on borrowings - (74) Income taxes paid (229,710) (225,543)

    4,994,353 5,288,092

    Total cash flows from operating activities 8,563,837 12,863,711

    Cash Flows from Investing Activities Increase in investments (663,760) (315,550) Purchase of property, plant and equipment (312,336) (163,219) Purchase of intangible assets - (24,069) Proceeds on disposal of property, plant and equipment 10,000 1,000

    Total cash flows from investing activities (966,096) (501,838)

    Cash Flows from Financing Activities Issue of common, surplus and preference shares 497,730 116,810 Redemption of common and surplus shares (93,902) (36,665) Dividends on shares (21,757) (4,600)

    Total cash flows from financing activities 382,071 75,545

    Net increase in cash and cash equivalents 7,979,812 12,437,418

    Cash and cash equivalents, beginning of year 29,381,809 16,944,391

    Cash and cash equivalents, end of year $ 37,361,621 $ 29,381,809

    Comprised of the following: Funds on hand and on deposit $ 37,361,621 $ 22,381,809 Credit Union Central of Manitoba deposits - 7,000,000

    $ 37,361,621 $ 29,381,809

    The accompanying notes are an integral part of these summary financial statements.

  • AUSTIN CREDIT UNION LIMITED Notes to Summary Financial Statements

    For the year ended December 31, 2016

    1. Basis of Presentation

    Management is responsible for the preparation of summary financial statements. The summary presented includes only the summary balance sheet, summary statement of comprehensive income, summary statement of changes in members' equity and summary statement of cash flows. It does not include any notes to the financial statements. The summary balance sheet, summary statement of comprehensive income, summary statement of changes in members' equity and summary statement of cash flows are presented in the same detail as the audited financial statements except the note referencing has been removed.

    Copies of the December 31, 2016 audited financial statements are available at the Credit Union's head office at 24 - 2nd Avenue, Austin Manitoba or online at www.austincreditunion.com.

    2. Compliance with Minimum Capital and Liquidity Requirements

    The Credit Union is in compliance with the capital and liquidity reserve requirements at December 31, 2016 established by the Regulations to The Credit Union's and Caisses Populaires Act of Manitoba.

    Readers of the summary financial statements are advised that in order to appropriately interpret the Credit Union's capital and liquidity reserve requirements, the reader must refer to the audited financial statements including notes for the year ended December 31, 2016, which contain the information detailing the calculations.