2007 Annual Report - Manitoba Pork Council

notes to fi nancial statementsDecember 31, 20077. BOARD MEMBERS’ REMUNERATION AND DISBURSEMENTSBoard members’ remuneration and disbursements consist of the following:2007 2006Annualstipend andDays per diem Expenses Total Total$ $ $ $District 1 [chairman] 114.5 38,390 23,920 62,310 69,480District 2 [executive] 48.5 14,100 7,250 21,350 27,869District 3 [executive] [a] 62.0 13,754 18,795 32,549 41,237District 4 [vice-chairman] 100.0 26,600 17,323 43,923 35,118District 5 [executive] [b] 71.5 17,515 8,395 25,910 21,197District 6 29.5 5,900 6,957 12,857 6,988District 7 28.5 5,700 3,803 9,503 5,606District 8 7.5 1,500 3,764 5,264 4,515District 9 10.5 2,100 1,372 3,472 6,929District 10 31.5 6,300 3,959 10,259 10,775District 11 34.5 6,900 5,907 12,807 7,278District 12 9.0 1,800 1,486 3,286 945District 13 15.5 3,100 1,446 4,546 1,351District 15 36.0 7,200 10,478 17,678 7,410599.0 150,859 114,855 265,714 246,698[a] Executive from January 1 to April 4[b] Executive from April 5 to December 31The Board consists of thirteen directors and a chairman. The chairman’sremuneration is a combination of a $13,200 annual stipend, plus a perdiem. The per diem rate is $220. Director per diem rate is $200.8. SWINE RESEARCH AND DEVELOPMENT CORPORATIONThe vice-chairman receives an annual stipend of $6,600 and executivemembers receive an annual stipend of $4,400 in addition to per diems.The executive committee is comprised of the chairman, vice-chairmanand two executive members.Manitoba Pork Council 2007 Annual Report27The Swine Research and Development Corporation [“SRDC”] wasincorporated in 2006 and the Council is the sole shareholder. The SRDCis a not-for-profit, non-taxable organization and its undertakings arelimited to providing or facilitating research or development initiatives ofbenefit to the breeding, raising or marketing of hogs, and to researching,investigating, gathering and distributing educational information onmatters of interest to hog producers. In the event that the SRDC shouldat any time be wound up or dissolved, the remaining property and/orassets of the SRDC, after payment of all debts and liabilities, shall bedistributed to the University of Manitoba, Faculty of Agricultural andFood Sciences for use in research relating to hogs by the Department ofAnimal Science. In 2005 and prior years, this entity was a consortiumwhich had been established by the Council, the Government of Manitoba,and the University of Manitoba, Faculty of Agricultural and Food Sciences.The operations were wound up on March 31, 2007 and the SRDC is in theprocess of settling its net assets.In the current year, the Council contributed $17,600 [2006 - $75,000]to the SRDC. At December 31, 2007, there was a balance of $49,996owing from SRDC to the Council. This amount is included in the Council’saccounts receivable.The SRDC has not been consolidated in the Council’s financial statements.Financial summaries of this unconsolidated entity as at December 31 andfor the years then ended are as follows:2007 2006$ $Financial positionTotal assets 63,484 18,670Total liabilities 65,396 16,662Net assets (1,912) 2,008Results of operationsTotal revenue 99,649 232,325Total expenses 103,570 224,503Excess of revenue over expenses (3,921) 7,822