Page 60 - SIGA Annual Report 2013

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Saskatchewan Indian Gaming Authority Inc.
Notes to the Financial Statements
year ended March 31, 2013
60
20. FINANCIAL RISK MANAGEMENT (CONTINUED)
CLASSIFICATION AND FAIR VALUE OF FINANCIAL INSTRUMENTS (CONTINUED)
Derivatives are carried at their fair value. Derivative instrument fair value is calculated using pricing models that incorporate current
market prices and the contractual prices of the underlying instruments, the time value of money and yield curves.
The fair value of long-term debt, which is classified as other financial liabilities, is addressed in Note 11.
21. 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, First Nations University of Canada, Indigenous Gaming Regulators Inc., Saskatchewan
Indian Cultural Centre, and Saskatchewan Indian Equity Foundation). Related parties also include the Tribal Councils of Saskatchewan
(and their related entities) that hold Class B memberships in SIGA. All transactions with related parties were made in the normal course
of business and have been recorded at exchange amounts agreed upon between the parties.
The following are balances outstanding with related parties:
Amounts owed by related parties
March 31, 2013
March 31, 2012
$
26,253
$
7,010
Amounts owed to related parties
March 31, 2013
March 31, 2012
$
1,100
$
1,350
Significant transactions with related parties throughout the year are as follows:
Purchases of goods and services
March 31, 2013
March 31, 2012
Finance lease payments (principal and interest)
$ 7,486,241
$ 6,521,522
Building rent and occupancy
8,022,074
9,843,632
Sponsorship
230,406
333,735
Other
1,356,400
2,750
Indigenous Gaming Regulators Inc.
3,312,398
3,257,728
KEY MANAGEMENT PERSONNEL COMPENSATION
In addition to salaries, SIGA provides non-cash benefits to key management personnel, defined as the President, Vice-Presidents and
Board members of SIGA. Key management personnel compensation is comprised of:
March 31, 2013
March 31, 2012
Employee compensation and benefits
$ 1,906,627
$ 2,313,319
Post-employment benefits
68,155
91,405
$ 1,974,782
$ 2,404,724
Other transactions with related parties and amounts due to/from them are described separately in these financial statements and the
notes thereto.