BROCK PETERS

Chief

DUSTIN FRENCH

Councillor

TRINA PAUL

Councillor

ALEXIS RAVEN PAULL

Councillor

SAMAHQUAM FINANCIAL SUMMARY
Fiscal Year 2021-2022 (Ending March 31, 2022)

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DISCLAIMER: This financial summary was generated using artificial intelligence
based on publicly available audited financial statements and has been reviewed
by a human analyst. While care has been taken to ensure accuracy, users should
verify critical information against the original audited financial statements
prepared by Reid Hurst Nagy Inc.

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EXECUTIVE SUMMARY

Samahquam generated total revenue of $4,249,311 in fiscal 2021-2022,
representing a 31.2% increase from the prior year. The First Nation achieved
an annual surplus of $1,396,915, substantially improved from the prior year
surplus of $247,611. Cash position more than tripled to $1,517,567 from
$458,191, while restricted cash decreased slightly to $969,364 from $1,062,639.
Net financial assets increased to $3,363,873 from $2,845,820. Long-term debt
increased to $844,091 from $138,040, primarily due to a new mortgage of
$740,027 for capital projects. Revenue diversification improved with Canada
Mortgage and Housing Corporation funding reaching $775,348 and BC First Nations
Gaming Revenue contributing $327,735. Accumulated surplus increased to
$7,087,142 from $5,690,227, reflecting strong financial position growth.

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FINANCIAL POSITION

Total Assets: $8,460,298
- Financial Assets: $4,737,029 (includes Cash: $1,517,567)
- Restricted Cash: $969,364
- Accounts Receivable: $164,757
- Marketable Securities (Samahquam Community Trust): $1,549,298
- Ottawa Trust Funds: $442,124
- Tangible Capital Assets: $3,704,627
- Prepaid Expenses: $18,642

Total Liabilities: $1,373,156
- Accounts Payable and Accrued Liabilities: $455,011
- Long-term Debt: $844,091
- Replacement Reserve Fund: $74,054

Net Financial Assets: $3,363,873 (up 18.2% from prior year)
Accumulated Surplus: $7,087,142 (up 24.5% from prior year)

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REVENUE & OPERATIONS

Total Revenue: $4,249,311 (up 31.2% from prior year)

Major Revenue Sources:
- Indigenous Services Canada: $1,847,964 (43.5%)
- Canada Mortgage and Housing Corporation: $775,348 (18.2%)
- BC First Nations Gaming Revenue: $327,735 (7.7%)
- Province of BC: $234,680 (5.5%)
- St'at'imc Trust: $234,506 (5.5%)
- Investment Income: $141,936 (3.3%)
- Other Revenue: $372,890 (8.8%)
- First Nations Health Authority: $89,059 (2.1%)
- Rental Income: $77,825 (1.8%)
- Southern Stl'alt'imx Health Society: $66,637 (1.6%)
- Wage Recovery: $33,455 (0.8%)
- Remaining sources: $47,276 (1.1%)

Total Expenditures: $2,852,396 (down 4.6% from prior year)

Major Program Expenditures:
- Band Programs: $1,328,639 (46.6%)
- Capital Projects: $674,735 (23.7%)
- Social Services: $303,046 (10.6%)
- Education: $174,008 (6.1%)
- Health: $127,925 (4.5%)
- Capital Fund: $115,453 (4.0%)
- Social Housing Fund: $85,442 (3.0%)
- Community Trust Fund: $43,148 (1.5%)

Annual Surplus: $1,396,915 (up 464.2% from prior year)
Operating Margin: 32.9%

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KEY FINANCIAL METRICS

- Financial Assets to Liabilities Ratio: 3.45:1
- Debt-to-Assets Ratio: 10.0%
- Self-Generated Revenue: 50.9% of total (excluding federal transfers)
- Cash Reserves: 6.4 months of operating expenses
- Marketable Securities: $1,549,298 (fair market value)
- Due from Former Employee: $93,919 (recoverable per court ruling)

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CHIEF & COUNCIL REMUNERATION

Name Position Remuneration Expenses Total
------------------------------------------------------------------------------
Brock Peters Chief $23,000 $1,615 $24,615
William Schneider Chief $24,769 $361 $25,130
Allison Asapace Councillor $23,000 $1,295 $24,295
Dustin French Councillor $23,000 $786 $23,786
Magnus Turner Councillor $49,112 $2,690 $51,802
Brenda Lester Councillor $24,675 $488 $25,163
Dianna Purcell Councillor $24,562 $1,905 $26,467

Total Governance Compensation: $201,258 (4.7% of total revenue)

Note: Remuneration includes both elected official compensation and SSNI
(Samahquam Shared Nations Initiative) payments. Months served as elected
officials varied during the fiscal year due to elections.

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SPECIAL NOTES

Legal Recovery:
As of March 31, 2022, the First Nation has $93,919 due from a former employee
representing unauthorized expenditures. A Supreme Court of British Columbia
ruling on October 5, 2018 determined this full amount is recoverable.

Tangible Capital Assets:
The First Nation has $1,108,404 in assets under construction not yet available
for use and therefore not being amortized.

Economic Dependence:
Samahquam receives significant funding through the Comprehensive Funding
Arrangement with Indigenous Services Canada and major funding from First
Nations Health Authority, both expected to be renewed annually.

Replacement Reserve Fund:
In accordance with Canada Mortgage and Housing Corporation agreements, the
Housing Program maintains separate reserve accounts ($21,840) for future
repairs, maintenance and asset replacement.

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Source: Audited consolidated financial statements, Reid Hurst Nagy Inc.,
September 20, 2024