21 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 S TATE M EN T S Y ear ended A ugus t 31 201 4 7 Du e t o fr om Na t i o n a l A b o r igin al Capi t al Co r p o r ati o n A ss o cia t ion NA CC A T he Cor p ora ti on has en ter ed i nto ag r ee m en t s wi t h NA CC A th e p ur p os e of wh i c h is to prov i de l o a ns to Ab or i g i n al s f or hi gh r is k or s tart up bu s i ne s s es o uts i de of the Co m m un i ty F utu r e s A gree m en t T he s ub s tan c e of the ag r ee me nt is that the Cor po r ati o n is di s bu r s ed f u n ds to ad m i ni s te r the ab ov e no t ed l oa ns T h is debt is non i nte r e s t be a r i ng and is r e pa y ab l e to NA CCA wh e n i the un de r l y i ng l oa ns r ec ei v ab l e are r ep ai d by th e ap pl i c an t ii w h e n it has been de ter m i ne d that the l o an proc ee d s wi l l not be di s bu r s ed to the ap pl i c an t or iii w he n the f un ds are not uti l i z e d in a m an ne r c on s i s ten t wi t h t he f un d i ng ap pl i c ati on s As l oa ns b e c om e un c ol l e c ti bl e thi s po r ti on b e c om es non r e pa y a bl e by t he Cor po r ati on to NA CC A In c on ne c ti on wi t h th es e l oa ns the Cor po r ati on r e c ei v es a non r e pa y ab l e ad m i ni s t r ati on f ee whi c h is us ed to c ov er the c o s t o f adm i ni s t er i n g the s e l oa ns to the app l i c an t s T he c u rre n t po r ti on r ep r e s en ts the po r t i on r el ati ng to an ti c i p ate d prin c i pa l r ep a y m en t s and an y f un di ng r ec ei v ed w hi c h h a s not be e n d i s bu r s ed to the ap pl i c an t 20 1 4 2013 Note pay abl e 3074219 3346779 Les s porti on due wi thi n one y ear 418665 647839 2655554 2698940 P r i nc i pa l p a y m en ts du e w i t hi n e ac h of the n ex t f i ve y e ars on the debt to NA CC A are as f ol l ow s 2015 418665 2016 311966 2017 230746 2018 253860 2019 26186 Dur i ng the ye a r the Cor p orati on i den t i f i ed wr i t e offs n et r ec o v er i e s f r om l o a ns prev i ou s l y w r i tt en off of 49820 2 0 13 4 20 5 In a c c or d a nc e wi t h t he a gree m en t s an ac c u m ul ate d am o u nt r ec ei v ab l e fr o m NA CCA i n t he a m ou nt o f 5 45 58 6 20 13 495766 h as been r ef l ec t e d