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Saskatchewan Indian Gaming Authority Inc.
Notes to the Financial Statements
Year ended March 31, 2009
048
12. Commitments (continued)
Sponsorships
SIGA has previously committed to providing sponsorship funding to various agencies subject to annual budget approval.
Commitments for ongoing sponsorships as at March 31, 2009 is $100,000 which relates to sponsorship of the SIGA
Enchanted Forest. Payment is due in November of 2009.
Letters of credit
During the year, SIGA entered into two letters of credit with First Nations Bank of Canada, $52,500 payable to the
City of Swift Current, and $200,000 payable to the City of Yorkton.
Other
The Casino Operating Agreement requires SIGA, upon receiving direction from SLGA, to pay to Indigenous Gaming
Regulators Inc. (“IGR”) the amount of IGR’s annual operating budget. SLGA has directed SIGA to pay IGR $2,911,824
for 2009-2010 (2008-2009 – $2,607,128).
SIGA entered into an agreement with Saskatoon Prairieland Park Corporation (“SPPC”) regarding the maintenance
of a certain level of SPPC’s income when SPPC closed its casino. SIGA agreed to pay SPPC $2,600,000 annually
for 30 years payable in monthly installments of $216,667. SIGA’s obligation under this agreement was effective
August 10, 2007.
SIGA entered into an agreement for a three year promotional event. SIGA’s commitment is $150,000 per year for each
year of the agreement. The agreement ends in June, 2010.
13. Related Party Transactions
Significant related parties to SIGA include the FSIN, holder of the Class A membership in SIGA, and entities
related to the FSIN (including Saskatchewan Indian Institute of Technologies, National Indian Financial Corporation,
the First Nations University of Canada and Indigenous Gaming Regulators Inc.). Related parties also include the
Tribal Councils of Saskatchewan (and their related entities) that hold Class B memberships in SIGA. Transactions
with related parties are recorded at exchange amounts agreed upon between the parties.
The following are balances outstanding with related parties at March 31, 2009 with comparison to the previous year:
2009
2008
Accounts receivable
$
41,343
$
73,915
Accounts payable and accrued liabilities
162,458
557,170
Significant transactions with related parties throughout the year with comparison to the previous year are as follows:
2009
2008
Other revenue
$
76,556
$
91,495
Advertising, promotion and sponsorships
1,223,754
1,699,977
Building rent and occupancy
5,306,875
1,681,709
Consulting
138,284
302,346
Other operating expenses
196,696
167,074
Travel and sustenance
40,145
32,887
Indigenous Gaming Regulators Inc.
(Note 12)
2,607,128
2,925,230
Other transactions with related parties and amounts due to/from them are described separately in these financial
statements and the notes thereto.