Release of the 2012 Financial Statements

2012 ICF Financial Statements
The Island Corridor Foundation approved the 2012 Financial Statements following a presentation by the auditors of MNP LLP at the Annual General Meeting in April 2013.
This is the first year the Financial Statements have been prepared on an audit basis. Prior years were prepared under a ‘Review’ engagement.
Readers will note the second loan payment to Canadian Pacific Railway was made in 2012. The loan will be fully discharged with the final payment in 2013, (Note 2).
As well, the Foundation has successfully negotiated permissive property tax exemption for the Wellcox property at Nanaimo. This combined with the retired CP debt will improve cash flows by approximately $100,000 for 2014.
The newly reconstructed Nanaimo Heritage Station opened in June 2012. The principle tenant has a triple net lease for a ten year term. Minimum annual rent per the lease agreement is $81,238 in the first year and increases to $100,964 by the fifth year. Lease revenues contribute a net return after mortgage interest and occupancy costs.
Total 2012 revenue of $575,299 compared to 2011 revenue of $444,428 has increased $130,871. New land use agreements and licenses of occupation are projected to continue to increase revenues.
Operating fund revenues over operating fund expenses provided a net excess of $48,416 for 2012.
Graham Bruce
Chief Executive Officer
To view the complete Financial Statements click here

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