SHANE HENRY

Councillor

SANDRA HUDSON

Councillor

RALPH LEON

Councillor

RANDY LEON

Hereditary Chief

KWAW-KWAW-APILT FIRST NATION FINANCIAL SUMMARY
Fiscal Year 2024-2025 (Ending March 31, 2025)

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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 Manning Elliott LLP.

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EXECUTIVE SUMMARY

Kwaw-kwaw-Apilt First Nation generated total revenue of $4,114,846, down 36.0%
from the prior year, primarily due to reduced Indigenous Services Canada funding.
The Nation achieved an annual surplus of $1,507,463, down 66.3% from the prior
year, representing an operating margin of 36.6%. Accumulated surplus increased
8.1% to $20,067,532, while net financial assets declined from $2,330,377 to a
net debt position of $1,865,470, driven by $6,039,550 in capital investments.
Cash reserves decreased 51.4% to $2,630,781. The Nation added $3,221,723 in
callable construction debt but reduced long-term debt by $757,247. Revenue
diversification improved with land lease revenue, property taxes, and business
partnerships contributing 32.6% of total revenue. The Nation maintains a strong
financial position with substantial tangible capital assets of $21,918,259.

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FINANCIAL POSITION

Total Assets: $85,798,682
- Financial Assets: $62,865,679 (includes Cash: $2,630,781)
- Tangible Capital Assets: $21,918,259
- Prepaid Expenses: $14,744

Total Liabilities: $64,731,149
- Long-term Debt: $2,174,068
- Callable Debt: $3,221,723
- Deferred Revenue: $59,198,904
- Accounts Payable: $136,454

Net Financial Assets: ($1,865,470) (down from $2,330,377 prior year)
Accumulated Surplus: $20,067,532 (up 8.1% from prior year)

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REVENUE & OPERATIONS

Total Revenue: $4,114,846 (down 36.0% from prior year)

Major Revenue Sources:
- Indigenous Services Canada: $1,341,739 (32.6%)
- Project Revenue: $1,041,249 (25.3%)
- Land Lease Revenue: $400,000 (9.7%)
- First Nations Goods and Services Tax: $315,063 (7.7%)
- Property Tax Revenue: $287,415 (7.0%)
- First Nations Gaming Revenue Sharing LP: $260,028 (6.3%)
- Interest Revenue: $235,990 (5.7%)
- Seabird Island Band: $109,510 (2.7%)
- Forest Consultation and Revenue Sharing: $51,145 (1.2%)
- Ministry of Children and Family Development: $30,000 (0.7%)
- Other Revenue: $42,707 (1.0%)

Total Expenditures: $2,607,383 (up 33.4% from prior year)

Major Program Expenditures:
- Community Operations: $2,267,813 (87.0%)
- Amortization of Tangible Capital Assets: $339,570 (13.0%)

Annual Surplus: $1,507,463 (down 66.3% from prior year)
Operating Margin: 36.6%

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KEY FINANCIAL METRICS

- Financial Assets to Liabilities Ratio: 0.97:1
- Debt-to-Assets Ratio: 6.3%
- Self-Generated Revenue: 67.4% of total
- Cash Reserves: 12.1 months of operating expenses
- Business Entity Profits: $42,707 from partnerships

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CHIEF & COUNCIL REMUNERATION

Name Position Remuneration Expenses Total
------------------------------------------------------------------------------
Randy Leon Chief $90,000 $49,055 $139,055
Sandra Hudson Councillor $63,700 $132,794 $196,494
Shane Henry, Jr. Councillor $63,700 $23,840 $87,540
Ralph Leon Councillor $63,700 $14,074 $77,774

Total Governance Compensation: $500,863 (12.2% of total revenue)

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Source: Audited consolidated financial statements, Manning Elliott LLP,
December 2, 2025