annual report 2011/12 - Manitoba Agricultural Services Corporation

More documents

Recommendations

Info

Vacation pay liabilityThe amount recorded as a receivable from the Province of Manitoba for vacation pay expenses was initially based on theestimated value of the corresponding liability as of March 31, 1999. Subsequent to that date, the Province of Manitoba hasincluded in its ongoing annual funding to MASC, an amount equal to its share of the current year’s expense for vacationpay entitlements. As of March 31, 2012, the receivable for vacation pay liability was $169,000 (2011 - $169,000).10. RECEIVABLES FROM THE GOVERNMENT OF CANADA2012 2011AgriInsurance Program $ 1,364 $ 4,157Wildlife Damage Compensation Program 10 389Other programs 4,285 2,392$ 5,659 $ 6,93811. INVESTMENTSMASC’s investments as of March 31, 2012 consist of the following:2012average agriInsurance Hail Insurance Farmland School otherMaturity Terms interest Rate Program Program tax Rebate Program Programs Total90 days or less 0.893% $ 19,962 $ 29,000 $ 3,594 $ 15,590 $ 68,1461 year 1.074% 30,021 10,396 1,146 14,682 56,2452 years 1.738% 40,000 - - - 40,0003 years 1.413% - 13,000 - - 13,0005 years 3.033% - 13,600 - - 13,6001.311% 89,983 65,996 4,740 30,272 190,991Accrued Interest 209 238 3 34 484$ 90,192 $ 66,234 $ 4,743 $ 30,306 $ 191,475average agriInsurance Hail Insurance Farmland School otherMaturity Terms interest Rate Program Program tax Rebate Program Programs total90 days or less 0.919% $ 49,261 $ 16,046 $ 5,079 $ 3,114 $ 73,5001 year 1.045% 193,739 24,768 - 1,308 219,8152 years 1.738% 40,000 - - - 40,0003 years 2.225% - 5,000 - - 5,0005 years 3.513% - 11,100 - - 11,10020111.193% 283,000 56,914 5,079 4,422 349,415Accrued Interest 605 195 5 7 812$ 283,605 $ 57,109 $ 5,084 $ 4,429 $ 350,22744Manitoba Agricultural SeRVICes Corporation – 2011/12 Annual Report
12. LOANS RECEIVABLEMASC’s loans receivable as of March 31, 2012 consist of the following:2012 2011regular Special regular specialProgram Loans Assistance Loans* Total Program Loans assistance Loans* totalRecorded investment $ 291,273 $ 48,318 $ 339,591 $ 268,268 $ 63,159 $ 331,427Specific provision (4,017) (15,107) (19,124) (5,782) (10,479) (16,261)General provision (2,879) (6,857) (9,736) (5,238) (7,062) (12,300)284,377 26,354 310,731 257,248 45,618 302,866Accrued interest 6,432 1,084 7,516 6,578 1,241 7,819Loan discounts - - - - (237) (237)Net carrying value $ 290,809 $ 27,438 $ 318,247 $ 263,826 $ 46,622 $ 310,448*Includes Manitoba Hog Assistance, BSE Recovery, Producer Recovery, Flood Proofing Assistance and Enterprise Development Loans.Impaired loans included in the preceding schedule:2012 2011regular Special regular specialProgram Loans Assistance Loans* Total Program Loans assistance Loans* totalImpaired loan balance $ 20,510 $ 18,380 $ 38,890 $ 22,227 $ 14,865 $ 37,092Specific provision (4,017) (15,107) (19,124) (5,782) (10,479) (16,261)$ 16,493 $ 3,273 $ 19,766 $ 16,445 $ 4,386 $ 20,831*Includes Manitoba Hog Assistance, BSE Recovery, Producer Recovery, Flood Proofing Assistance and Enterprise Development Loans.A loan becomes impaired as a result of deterioration in credit quality to the extent that MASC no longer has reasonableassurance of timely collection of the full amount of principal and interest. The table above provides the amount ofimpaired loans and the specific provision for credit losses on these loans as of March 31, 2012. A total of $2,241,000(2011 - $1,889,000) of interest on impaired loans was included in revenue for the year ended March 31, 2012.Provisions for impaired loans:2012 2011regular Special regular specialProgram Loans Assistance Loans* Total Program Loans assistance Loans* totalBeginning provision balance $ 11,020 $ 17,541 $ 28,561 $ 12,280 $ 18,690 $ 30,970Write-offs, net of recoveries (1,220) (519) (1,739) (510) (438) (948)Provision (recovery) expense (2,904) 4,942 2,038 (750) (711) (1,461)Ending provision balance $ 6,896 $ 21,964 $ 28,860 $ 11,020 $ 17,541 $ 28,561*Includes Manitoba Hog Assistance, BSE Recovery, Producer Recovery, Flood Proofing Assistance and Enterprise Development Loans.Included in loans receivable is a specific provision of $19,124,000 (2011 - $16,261,000) and a general provision of$9,736,000 (2011 - $12,300,000) that are subject to measurement uncertainty. The amount established for specific andgeneral provisions of $28,860,000 (see Note 2 (G)) could change substantially in the future, if factors considered bymanagement in establishing these estimates were to change significantly.Loans receivable are secured by tangible assets consisting predominantly of land followed by buildings, livestock andother assets. The estimated values of such tangible securities are $733,756,000 (2011 - $ 734,757,000).Manitoba Agricultural SeRVICes Corporation – 2011/12 Annual Report 45
Page 1: 2011/12Annual ReportLENDING AND INS
Page 4 and 5: The Honourable Philip S. Lee, C.M.,
Page 6: Chair’s MessageThere can be no do
Page 9 and 10: Corporate GovernanceMandate of the
Page 11 and 12: Strategic Plan ReviewMASC’s visio
Page 13 and 14: • Progress on MASC’s corporate-
Page 16 and 17: expected grazing period and the num
Page 18 and 19: Table 1: Summary of 2011/12 AgriIns
Page 20 and 21: Table 2 - Five Year Insurance Stati
Page 22 and 23: Also included in this category are
Page 24 and 25: Rural Entrepreneur Assistance (REA)
Page 26 and 27: Farmland School Tax RebateSince 200
Page 28 and 29: Lake Dauphin Emergency FloodProtect
Page 30 and 31: Responsibility for Financial Statem
Page 32 and 33: Original signed by30MANITOBA AGRICU
Page 34 and 35: Statement of OperationsFor the Year
Page 36 and 37: Statement of Cash FlowsFor the Year
Page 38 and 39: (C)Claims PayableClaims payable is
Page 40 and 41: (N) Measurement UncertaintyThe prep
Page 42 and 43: 5. WILDLIFE DAMAGE COMPENSATION PRO
Page 44 and 45: of the program‘s administrative e
Page 48 and 49: Remaining terms to maturities are a
Page 50 and 51: The Operating Credit Guarantee for
Page 52 and 53: The estimated farm loan incentives
Page 54 and 55: The Board of Directors is responsib
Page 56 and 57: 2012Scheduled Repaymentsnot Interes
Page 58 and 59: In addition to the financial protec
Page 60 and 61: Schedule 2:Schedule Of OPERATIONS A
Page 62: LENDING CORPORATE OFFICEUnit 100-15

annual report 2011/12 - Manitoba Agricultural Services Corporation

Create successful ePaper yourself

Delete template?

Save as template?