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AUSTIN CREDIT UNION LIMITEDSummary Statement of Comprehensive Income
For the year ended December 31 2016 2015
RevenueInterest on loans to members
Lines of credit $ 1,640,490 $ 1,546,863Term loans 5,969,653 5,935,223
Investment incomeLiquidity deposits 498,524 226,757CUCM shares 40,102 13,580
8,148,769 7,722,423Cost of Funds
Interest paid to members 2,765,169 2,361,217Interest on borrowings - 74
2,765,169 2,361,291
Gross financial margin 5,383,600 5,361,132
Operating ExpensesPersonnel 2,975,089 2,819,150Administrative 1,486,873 1,500,059Occupancy 659,643 638,072Members' security 233,003 184,450Organizational 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 181,222 248,063Deferred (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 LIMITEDSummary Statement of Changes in Members' Equity
For the year ended December 31, 2016
Members'Shares
Provision forIssue of
Surplus SharesRetainedEarnings 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 LIMITEDSummary Statement of Cash Flows
For the year ended December 31 2016 2015
Cash Flows from Operating ActivitiesNet income for the year $ 998,243 $ 1,503,419Adjustments for
Interest and investment revenue (8,148,769) (7,722,423)Interest expense 2,765,169 2,361,291Depreciation expense 290,795 297,837Provision for (recovery of) impaired loans 390,409 (37,563)Loss on disposal of property, plant and equipment (7,400) 8,845Deferred 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
441,719 122,016Changes 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 11,054,997Cash flows related to interest, dividends, and income taxes
Interest received on loans to members 7,547,859 7,559,868Interest received on investments 540,122 244,822Interest 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 ActivitiesIncrease 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 ActivitiesIssue of common, surplus and preference shares 497,730 116,810Redemption 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 $ 22,381,809Credit 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 LIMITEDNotes 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 summarypresented 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 doesnot include any notes to the financial statements. The summary balance sheet, summary statementof comprehensive income, summary statement of changes in members' equity and summarystatement of cash flows are presented in the same detail as the audited financial statements exceptthe note referencing has been removed.
Copies of the December 31, 2016 audited financial statements are available at the Credit Union'shead 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 December31, 2016 established by the Regulations to The Credit Union's and Caisses Populaires Act ofManitoba.
Readers of the summary financial statements are advised that in order to appropriately interpret theCredit Union's capital and liquidity reserve requirements, the reader must refer to the auditedfinancial statements including notes for the year ended December 31, 2016, which contain theinformation detailing the calculations.