Table of Contents Table of Contents
Previous Page  63 / 80 Next Page
Information
Show Menu
Previous Page 63 / 80 Next Page
Page Background

61

20. FINANCIAL RISK MANAGEMENT (CONTINUED)

Classification and Fair Value of Financial Instruments

Classification Fair Value Level

March 31, 2016

March 31, 2015

Cash and cash equivalents

L & R

N/A

$

22,113,742

$

24,877,957

Short-term investments

L & R

N/A

41,080,000

46,282,500

Accounts receivable

L & R

N/A

2,454,511

2,140,125

Due to SLGA

OL

N/A

57,571,703

61,418,839

Accounts payable and

accrued liabilities

OL

N/A

19,481,422

18,712,551

Long-term debt

OL

N/A

41,780,141

47,497,747

Interest rate swap liability

FVTPL

2

5,443,107

6,231,550

FVTPL – Fair value through profit and loss, L&R – Loans and receivables, OL – Other liabilities.

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 approximates carrying value due to its floating interest rates.

The fair value of the remaining financial instruments classified as loans and receivables or other liabilities approximates carrying

value due to their current nature.

21. RELATED PARTY TRANSACTIONS

Significant related parties to SIGA include the FSIN, holder of a 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 A 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, 2016

March 31, 2015

$

101,696

$

22,561

Amounts owed to related parties

March 31, 2016

March 31, 2015

$

7,368

$

100

Significant transactions with related parties throughout the year are as follows:

Purchases of goods and services

March 31, 2016

March 31, 2015

Building rent and occupancy

$

6,794,068

$

6,798,314

Finance lease payments (principal and interest)

8,638,171

9,022,371

Indigenous Gaming Regulators Inc.

3,330,900

3,330,900

Other

1,326,851

1,576,278

Sponsorship

330,692

441,748

NOTES TO THE FINANCIAL STATEMENTS

Year Ended March 31, 2016