15 WAUBET EK BU SIN ES S DEVEL O PM E N T CORPO RA TIO N N O TE S T O FINAN CIA L ST ATEM EN T S Y ear ended A ugus t 31 201 4 W aub e t e k Bu s i n es s Dev e l op m en t Cor po r ati on the Co r po r ati on wa s i n c o r po r ate d w i th ou t s h ar e c a pi tal under P art II of the Cana d a Cor po r a ti on Ac t RS C 19 70 c C32 T he Cor po r ati on s pr i nc i p a l pu r po s e is to en c ou r ag e j ob c r ea ti on in the F ir s t Nati on c om m u n i t i es If the C or por a t i on w ere to di s s ol v e af t e r t he pa y m en t of a ll de bt s the r e m ai ni ng as s ets of the Cor po r ati on wo u l d be di s t r i bu t ed or di s po s ed of to an o the r organi z ati on wi th s im ila r go al s and ob j ec ti v es as ap prov ed by Ind us tr y Cana da T he Co r po r ati on i s e x em pt f r om i nc om e ta x e s un d er th e I nc o m e T a x A c t RS C 1 98 5 c 1 1 S ign i f ica n t a c c ount i ng p o lic i e s a B a s is of ac c ou nti ng T h es e f i na nc i al s tat e m en t s h a ve been prepa r ed by m an ag e m e nt in a c c ord an c e wi t h Cana di a n ac c ou nti ng s tan da r d s for not f or pro f i t organi z ati on s in P a rt III of the C PA Cana da Hand bo o k A c c ou nti ng T h e Co r po r a ti on us es f un d ac c ou n ti ng to r ec or d the tr an s a c ti on s f or ea c h f u nd es ta bl i s he d by l eg al c ont r ac t u a l or v ol un tar y ac ti on s T he Co r po r ati on m ai nt ai ns the f ol l ow i ng f un d s i O pe r a ti ng F und T he op erati ng f u nd r ep or t s the Cor po r ati on s pr o g r am de l i v ery a nd ad m i ni s t r at i v e ac ti v i t i es T he r es tr i c ted f u n ds co n si st of funds s et as i de by m a na ge m e nt sp e ci f i ca l l y f or the c o ns t r u c ti on of a new ad m i ni s t r ati on b u ild in g ii Inv es t m en t F und T he i nv es t m en t f u nd re p o rt s r es o u r c es that are us e d to prov i de f in a n c in g to new and e x is t in g A bo r i gi na l s m al l bu s i ne s s e s in order to pro te c t e x i s ti ng or c r e ate ne w j ob s