THE LAW SOCIETY OF MANITOBA Notes to the Financial Statements March 31, 2002
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1 1. PURPOSE OF THE ORGANIZATION The Law Society of Manitoba is a not-for-profit organization incorporated by a special act of the Manitoba Legislature. Its purpose is to ensure a public well served by a competent, honorable and independent legal profession. 2. NATURE OF FUND BALANCES The Law Society of Manitoba follows the restricted fund method of accounting and has established separate special purpose funds for the administration of specific programs. General Fund The purpose of the General Fund is to account for the general operations of the Law Society of Manitoba as provided under Sections 3 and 36 of The Law Society Act and includes all property and equipment owned by the Society. Reimbursement Fund The Reimbursement Fund was established under Section 37 of The Law Society Act for the purpose of reimbursement in whole or in part of persons sustaining a pecuniary loss by reason of the misappropriation or conversion of trust money or property held by a practising member in his or her professional capacity. Professional Liability Claim Fund The Professional Liability Claims Fund was established under Section 38 of The Law Society Act for the purpose of paying professional liability claims against members relating to errors and omissions. Legal Studies Program Fund The Legal Studies Program Fund was established under Sections 3 and 36 of The Law Society Act for the purpose of regulating the admission of persons as students and their service under articles, providing instruction in law and regulating the call of persons to the bar and the admission of solicitors.
2 2. NATURE OF FUND BALANCES (continued) Endowment and Trust Funds a) Frank Billinkoff Loan Fund The Frank Billinkoff Loan Fund was established in 1957 by the late Frank Billinkoff as a revolving loan fund to be lent to deserving law students, without interest, to permit them to continue their studies in law. b) Margaret Hypatia Crawford Scholarship and Prize Fund The Crawford Scholarship is a scholarship to the student with the highest standing in the final year at the Faculty of Law, University of Manitoba, and also awards prizes to the students with the second, third and fourth highest standings in the final year. 3. SIGNIFICANT ACCOUNTING POLICIES Revenue recognition Externally restricted contributions are deferred and recognized as revenue of the appropriate fund in the year which the related expenses are incurred. Unrestricted contributions are recognized as revenue of the General Fund when received or receivable, if the amount to be received can be reasonably estimated and collection is reasonably assured. Investment income is recognized as revenue of the appropriate fund when earned. Investments Investments are recorded at the lower of cost and market value. Capital assets Capital assets are recorded at the lower of cost and market value, with the exception of the library and lockers, which are recorded at a nominal value. Amortization is provided on a straight-line basis using the following rates: Computer equipment 3 years Furniture and equipment 5 years Building 20 years Foreign currency translation All investments maintained in United States currency have been translated into Canadian dollars at the exchange rate in effect at. Income from investments maintained in United States currency is translated at the month end spot rate for the month in which it is earned.
3 3. SIGNIFICANT ACCOUNTING POLICIES (continued) Pensions Effective April 1, 2000, the Society prospectively applied the new accounting recommendations for employee future benefits. The Society maintains a defined-benefit pension plan for substantially all of its employees. The transitional asset resulting from the implementation of section 3461 of the Canadian Institute of Chartered Accountants Handbook is amortized on a straight-line basis over the expected average remaining service life of active employees. Statement of Cash Flows A statement of cash flows has not been provided as this statement would not provide additional useful information. 4. INVESTMENTS Investments consist of certain guaranteed investments, stocks and bonds and are recorded on the cost basis. Certain of these investments and related earnings have been aggregated in one pool and are allocated amongst the funds. The year-end allocations are as follows: General Fund 5.97% 9.08% Reimbursement Fund 4.90% 6.94% Professional Liability Claims Fund 81.60% 75.84% Legal Studies Program Fund 7.53% 8.14% % % 5. CAPITAL ASSETS Accumulated Accumulated Cost Amortization Cost Amortization Land $ 186,000 $ - $ 186,000 $ - Building 880, , , ,402 Computer equipment 153, , , ,233 Furniture and 46,065 17,558 38,025 9,149 equipment Library and lockers ,265, ,669 1,247, ,784 Cost less accumulated amortization $ 312,004 $ 349,835
4 6. PROFESSIONAL LIABILITY CLAIMS FUND CONTINGENT LIABILITY The Society records claims of the Professional Liability Claims Fund by accruing a reserve for outstanding claims and associated costs at. Management has set aside the sum of $6,882,000 ( $6,882,000) as an offset against incurred liability reserves on reported claims. Investments with a market value of $19,903,279 ( $17,875,188) and the entire fund equity of $9,307,657 ( $8,364,361) are available to pay claims and expenses. 7. REIMBURSEMENT FUND CONTINGENT LIABILITY Payment out of the fund is at the discretion of the governing body or the Reimbursement Fund Committee within guidelines set by the governing body. Any claim payments which may occur, will be accounted for in the year payment is approved by the Benchers. 8. PENSION PLAN The Society maintains a defined benefit pension plan which covers substantially all of its employees. Information about the Society s defined benefit plan as at, is as follows: Accrued benefit obligation $ 1,730,220 Fair value of plan assets 2,187,987 Funded status plan surplus 457,767 Employee contributions 100,271 Benefits paid 88,277 The net pension expense in 2002 was $45,984. The significant actuarial assumptions adopted in measuring the Society s accrued benefit obligations are as follows: Discount rate 7.35% Expected long-term rate of return on plan assets 7.35% Rate of compensation increase 5.00%
5 9. INTEREST RATE, CREDIT AND FOREIGN CURRENCY RISK a) Interest rate risk Interest rate risk refers to the adverse consequences of interest rate changes in the Society s cash flows, financial position, and income. This risk arises from differences in the timing and amount of cash flows related to the Society s assets and liabilities. The value of the Society s assets is affected by short-term changes in nominal interest rates and equity markets. In accordance with the asset mix strategy adopted for 2002, the Society has invested approximately 45% of its assets in fixed income securities and 55% in equities as at. The returns on fixed income securities are particularly sensitive to changes in nominal interest rates. The effective interest rate earned by the Society on bonds and debentures for the current period ending was 6.6% ( %). The term to maturity and related market values of investments in short-term deposits, bonds and debentures held by the Society at are as follows: Market Market Term to Maturity Value Value Less than one year $ 2,312,920 $ 1,568,217 One to five years 2,393,482 2,973,287 Five to ten years 5,565,697 4,810,402 Greater than ten years 1,824,213 2,062,023 $ 12,096,312 $ 11,413,929 b) Credit risk Credit risk arises from the potential for an investee to fail or to default on its contractual obligations to the Society. At the Society s maximum credit risk exposure relates to bonds and debentures and short-term deposits totalling $12,096,312. The Society s concentration of credit risk as at related to bonds and debentures is categorized among the following types of issuers. Market Market Type of Issuer Value Value Government of Canada and Government of Canada guaranteed $ 3,185,000 $ 2,954,246 Provincial and Provincial guaranteed 611,272 - Corporations 5,987,119 6,891,466 $ 9,783,391 $ 9,845,712
6 9. INTEREST RATE, CREDIT AND FOREIGN CURRENCY RISK (continued) b) Credit risk (continued) The Society limits interest rate risk and credit risk by investing in bonds and debentures of investees that are considered to be high quality credits and by utilizing an internal Investment Policy Guideline monitoring process. c) Foreign currency risk Foreign currency exposure arises from the Society s holdings of investments denominated in foreign currencies. As at the Society s foreign currency exposure was $4,562,333 ( $4,335,224). The Society does not use derivative instruments to reduce its exposure to foreign currency risk. 10. RESTATEMENT OF PRIOR YEAR In 2001, General Fund salaries and benefits included experience gains earned in the Pension Plan during the year ended March 31, The prior year comparative numbers have been retroactively restated to reflect the method of accounting for experience gains adopted by the Society. The effect of this restatement for the year ended March 31, 2001 is to increase General Fund salaries and benefits by $173,960 and to decrease Deferred Charge Pension Plan by $173, SUBSEQUENT EVENTS Subsequent to year-end, Canadian Lawyers Insurance Association (CLIA) approved a distribution of excess equity to its members. As a member of CLIA, the Society will receive $1,287,956 as a one-time payment of excess premiums paid over the past number of years ending December 31, COMPARATIVE FIGURES Certain of prior year s comparative figures have been reclassified to conform to the current year s presentation.
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