HomeMy WebLinkAboutThe Goderich Signal-Star, 2009-02-18, Page 10Page A10 - Goderich Signal -Star, Wednesday, February 18, 2009
Public smay see a wind
and Mitchell will soon find out more.
According to a report delivered to trustees
on Tuesday, Feb. 10 by business superinten-
dent Janet Baird -Jackson, the idea came from
the Greater Essex school board. Working on
new school construction in the Windsor area,
the board discovered that attaching a "theme"
to a new school "supports your desire to have
kids get a feeling of why their school exists
SUM_ Stater
special to the signal -star
Community members in Goderich and
St. Marys have already become aware
of the Avon Maitland District School
Board's emphasis on "theming" its new-
ly -constructed or newly -consolidated
schools. And the communities on Clinton
and water theme renovation
and, really, why their community is there."
With major changes to student accom-
modation in the works in Goderich and St.
Marys, the board needed to act quickly if it
wanted to include "theming" in those proj-
ects. So, in the interest of time, they looked
close by to find someone to oversee the initia-
tive: recently -retired top administrator Geoff
Williams of Stratford.
West Wawanosh Mutual Insurance Company
Financial Statements December 31, 2008
.AUDITOR'S REPORT
the of
Weat eiverosh Mutual
i Inatxance Company
We have audited the balance sheet of West Wawanosh Mutual Insurance Company as at December 31, 200E
and the statements of income, comprehensive income, retained earnings, accumulated other comprehensive
income and cash films for the year then ended. These financial statements are the responsibility of the
company's management. Our responsibility is to express an opinion on these financial statements based or
our audit.
We conducted our audit In accordance with Canadian generally accepted auditing standards. Those standards
requke that we plan and perform an audit to obtain reasonable assurance whether the financial statements are
free from material misstatement. An audit Includes examining, on a test basis. evidence supporting the
arnounts and disclosures in the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as wog as evacuating the overall financial
statement presentation.
In our caution, these financial statements present flirty, in alt material respects. the financial position of the
company as at December 31, 2008 and the results of its operations and its cash flows for the year then ended
in accordance with Canadian generally accepted accounting principles.
Chartered rets
Licensed Public Accountants
Clinton, Ontario
January 10, 2009
WEST WAWANOSH MUTUAL. INSURANCE COMPANY
BALANCE SHEET
Asn December 31
2008 2007
ASSETS
Cash
investments
Accrued investment income
Premiums receivable
Due from re to rers
Reineure?a share of provision for unpaid claims
Due from Facility Association
Other accounts rex ivable
lucerne taxes recoverable
Deferred policy act#u iisitiort expenses
Capital assets
Future Income taxes
now 4
note 6
note 5
1.599,838 1.409.239
24,837,676 25,297,202
212,495 175.365
2,581,771 2,344.912
205.744 291.283
12,457,473 8,899,694)
443,773 527,026
441.520 19.835
279,058 307,741
1,037.400 981,300
389,1104 344,449
33,100
$ 44,299,650 1140,658,061
ummi ima
Provision for unpaid claims and adjusting note 6 22,050,381 17,749.436
Unearned premixes 8,144.200 6.981.300
Due to FacMty Association • 540.225 603,240
Accounts payable and accrued liabilities 255,612 339,607
Total Liabilities 29,999,419 24.673.583
POLICYHOLDERS' EQUITY
15,570,581 15.152.970
Accumulated
Retained earnings _
,M,co,muleM,ed othercomprehensive income (fogs) 270.349) 831.508
15,300,232 15.9 8 4,476
$ 44,299.050 5 40,858,061
The areomOsnying pores are en tntepraf pari of these financial statements
Director
^f'•4-, 't Meclor
WEST WAWANOSH MUTUAL INSURANCE COMPANY
STATEMENT OF INCOME
Foe the Y. Ended Dsewntbsr 31
4
2006
2607
Premiums writim
Reinsurance ceder!
Decrease (increase) in unearned premiums
Net peseduene .arae
Payment plan einvice tees
Total amedennteng revenue
Mimi' and expenses ,mss 9,450.197
Ones alibis inclined Atiuseng 1270,016 769,524
•7,106^940 2,017, 04
lees: R.In.l.�.ltoe feeewefiea 7222.517list debits and seposeng
9.283.001 Commissions 2101.185 2.36$.009
Solarise, lase, Irani end taring 1111,4311
fisp.o9one prevention
$21,033600,466
110,463
Admitting and promotion 48.046 38,199
Vii! seseemants64,64 76,724
wood aelwoes 72,010 76,900
Postage and Msphens 210131,750
Mu supplies
111,181171,264
OccoPli+cy coeds 41,1112 43,115
Amofrlfallon oi°'°Ns' "set' 1 36,303
10.000,212
Tid1 aspens*, moon (1.1340,464}
tiandunairMlsr 1N goes) (421.210 96i,1fi4 1,403,204
Li aliment inseam03,20
MUM a premars Mets neslnleHnr -
Net iaeonte edlrw /was --- ...- 100,206
LOIS: Irseama Wee 101,061 75,406
Caroni incense Was
Rains Mame tams 1
111,366 750405
Net i a s_fe Nlsr year essusgsmissum_ 417,011 x'143
12,517,753 12,314.250
(3,0611.3110) t+i (2.969.643)
474,600
9,255✓Ns 9,820,207
135„9911 139,021
9,424,692 9.958,228
WEST WAWANOSH MUTUAL. INSURANCE COMPANY
STATEMENT OF COMPREHENSIVE INCOME (LOSS)
For the Year Ended December 31 2008
2007'
Net income for year 417,611
Other comprehensive income (loss)
Change in unrealzed gains (losses)
on available -for -sale securities
Reciasslfictat:on adjustment for loss (gain)
included in incorne158,952
(1,457,057)
Income tax effect _353,200
Other comprehensive Income (toss) for year (1,101,857)
(S 884,246)
(1,818,009)
Comprehensive Income (loss) for year
WEST WAWANOSH MUTUAL INSURANCE COMPANY
STATEMENT OF RETAINED EARNINGS
404.743
(245,459)
(42.039)
(287.498)
(287.408)
$ 117.245
For the Year Ended December 31
• 2008
2007
Retained earnings beginning of year
Not income for year
Retained earnings end of year
15,152,970
417,611
S 15,570,581
WEST WAWANOSH MUTUAL INSURANCE COMPANY
STATEMENT OF ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
14,748 22
404.743
S 15,152,970
For tate Year Eroded December 31
2008 2007
Accumulated other comprehensive tpcome
beginning of year
Other comprehensive Income (loss) for year
Accumulated other comprehensive income (lose)
end of year
631,508
(1,101,857)
($ 270,349)
The accompanying notes are an integre`• part of these financial statements
WEST WAWANOSH MUTUAL INSURANCE COMPANY
STATEMENT OF CASH FLOWS
Far the Year Ended December 31
Operating sadvIltais
Net income for the year
Adjuelnwits lo convert earnings 10 cosh beets:
Monnation of capitet i ss%s
Annizatia, d bond discounts
Loss (pain) on irweetnments
Failte income taxes
Mon* lex noovery on comprehensive loss
Champs in:
Accrued investment income
Premiums raceMabte
Receivable from reinsurers
Accounts payable
income twee recoverable t payable
Del rmd policy aogu idiom simpan•es
Provision for unpaid dime
Unearned premiums
Dos so Fedi* Assocation
CIO provided from (used tor) °pasting a tiNless
URm eeetent emillllre8
Bei d ineermutb
Panama* of inemmenis
Podium of cepa/ seeNeseeNe
Cath pesviesd Sam (used fon rwes.nsnt ecwt11ee
N.ileesrsese (+Y maaael *0 telt
417,811
37,838
7,225
151,1162
(33,100)
MUM
368.200
(31.130)
(210.010)
13.390.882)
MAN
SUM
(56,1001
1•• a1
Aio
03.011
1,231,111111
Caelt *,Miming et year • 1,490,30
Geek Mimeo end d year $ 1.000,136
Sopplem rdofy cosh sore odonneeion
inniael pea
Mow isles pew
The eooenlpenong noses are tion Minya pint of ease I(neno et atetrneral
93,176
404,743
36,383
(6,116)
(42,039)
390.591
(5.747)
199.969
. 1,043.481
661,717
(117.496)
(708.312)
74(300
(42.666)
((1,234)
1,019;076
3,096
(4,133.163)
(14,725)
103.283
1.
_.:.1
794.777
.11!!,0'X;
(287.498)
S 831,508
If you require a full copy of the financial statement
including the notes disclosure please visit the
company website at www.wwmic.com or request a
hard copy at the head office -
81 Southampton St, Dungannon (519-529-7921).
lososeesamommeememelissolk
•
a
Already, under the direction of Williams,
discussions have highlighted some key char-
acteristics of the two communities.
In Goderich, Baird -Jackson reported, there
has been strong support for incorporating im-
ages of wind and water into the renovated
and expanded Kindergarten -to -Grade 6 facil-
ity that will stand on the current location of
Robertson Memorial Public School. .
She added that the theme is in keeping with
the Goderich school community's desire to
attract support and funding for a renewable
energy-related Specialized High Skills Major
program at Goderich District Collegiate In-
stitute.
Next up for the New School Themes Com-
mittee are projects in Clinton and Mitchell. In
Clinton, major upgrades are planned for the
high school, while all of Mitchell's elemen-
tary students will gradually be consolidated
into an expanded Upper Thames Elementary
School.
Technology held
up by popularity
- Steyr .Slater
special to the signal -star
In numerous Avon Maitland District School
Board classrooms, the installation of a highly -
anticipated piece of learning technology is
being delayed partly due - according to edu-
cation superintendent Mike Ash - to the inter-
national popularity of the Canadian -designed
product.
"Smart Boards," manufactured by Calgary -
based Smart Technologies, have gradually
been making their way into Ontario's class-
rooms over the past 10 years.
At a regular meeting Tuesday, February
10, however, trustees learned that an unspeci-
fied number of the recently -purchased Smart
Boards remain in pieces, waiting for assembly
by qualified technicians.
Listowel District Secondary School (LDSS)
student trustee Luke McIntosh brought the is-
sue forward, informing senior trustees that he
had been told about the backlog at a recent re-
gional school council meeting.
"We are aware of the concern," Ash replied.
'Me issue is that the interest has outstripped
our capacity in terms of installation."
He said the Smart Boards were ordered
last summer and, in August, the board was
informed by Smart Technologies that they
would be delayed due to strong demand for
the technology anound the world. Then, in Oc-
tober, parts began arriving. •
Generally, installation requires complete
overhauls of the classroom's electrical and
communications wiring.
Asked by board chair Jenny Versteeg about
a possible timeline for installation, business
superintendent Janet Baird -Jackson would not
give a fur date. "We're going to be keeping
people busy for the next number of months,"
was all she would say.
In the case of new constriction, Ash ex-
plained, the board always tries to incorporate
all electrical and communications irdrastruc-
ture that may be required for new technolo-
gies. But he * noted that doesn't necessarily
mean every newly -constructed classroom au-
tomatically includes a Smart Board. That, as in
the past, depends on funding levels.
M - .