Aliant Investment Group: Annual Report Balance Statement Year ended December 31, 2024
21 January 2025
To: The Board of Directors
Aliant Investment Group Ltd. cbc aka AIG Ltd. Commercial Bancorp
Re: Review / Audited Balance Statement of Financial condition of
AIG Ltd. as at December 31, 2024
Gentlemen:
We have audited the accompanying balance statement of Aliant Investment Group Ltd., cbc / AIG Ltd Commercial Bancorp as of December 31, 2024, and the related statements of retained earnings and cash flows for the year then ended. The authorship of these financial statements are the responsibility of Company management. Our responsibility is to express an opinion on these financial statements based on our review / audits.
We have conducted our review / audits in accordance with review / auditing standards generally accepted in the United States of America under customary G.A.A.P testing. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. A review / audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. A review / audit also includes assessing the accounting principles used and significant estimates made by management as well as evaluating the overall financial statement presentation. We believe that our review / audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to present fairly, in all material respects, the financial position of Aliant Investment Group Ltd CBC / AIG Ltd Commercial Bancorp as of December 31, 2024, and the results of its operations and its cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America.
Respectfully submitted by:
O.M. Bolin
Company Auditor
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AIG Ltd. Commercial Bancorp
Balance Statement
Year-to-date December 31, 2024 (Audited Report)
ASSETS:
AIG Wholesale Portfolio: 614,490,000.00
Correspondent Portfolio: 71,226,000.00
Debenture Debt Capital Portfolio: 46,021,125.00
Proprietary software & servers 412,000.00
Accounts Receivable: 621,014.00
TOTAL ASSETS: 732,770,139.00
LIABILITIES:
Premium Deposits of Floor Plans: 623,445.00
Accounts Payable: 18,319.00
Service Premium Reserve: 17,044,5556.00
Reserves for Contract expense: 219,105.00
Escrows: 9,241,696.00
Service Release Premium forgiveness due to COVID-19 Pandemic: 16,446,329.00
TOTAL LIABILITIES: 43,593,360.00
NET WORTH: 689,176,779.00
TOTAL LIABILITIES & NET WORTH: 732,770,139.00
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AIG Ltd Commercial Bancorp
General Notes & Assumptions
Year-to-date Summary Report: December 31, 2024
1. Income is generated from service and service release premiums. *
2. AIG wholesale Portfolio: Represents wholesale asset funds on floor plan to
AIG for retail loan underwriting purposes. Allocation CAP; None.
3. AIG Correspondent Portfolio: Represents debt-based asset funds on floor plan
to AIG for retail loan underwriting purposes. Allocation CAP to 1B.
4. AIG Debenture Debt Capital Portfolio: Represents Correspondent based asset funds
originated on quarterly floor plan to AIG for retail Debenture Debt Capital finance
underwriting purposes. Allocation CAP to 100B. + CAP on a 'case' PREQUAL basis.
5. Income at expense: Represents the Gross income generated to the company from
premiums on finance underwritten from the combined wholesale, correspondent and
Debenture Debt capital Portfolios. *
6. Reserves: Represents accrued /deferred income placed into reserve for advance payments
on a case basis of finance underwritten and then repaid by the borrower at loan close.
7. Contract Services & Referral Correspondent Premiums Payable: Represents premiums
due on wholesale costs to the Portfolio(s) and/or to Contracted network correspondents.
and independent contractors in payment of origination & labor expense(s).*
8. Loans to Officers: Represents term loans to company officers under specified terms. *
9. Pension Account contributions: Represents designated funds contributed to the company.
pension fund for select Officers & Directors. *
10. General Fund Repatriation: Represents designated funds allocated on a
'Set-a-side/reserve' basis for floor plan, forward commitments, SBLOC and Portfolio
premium forward expense(s). *
11. Accounts Payable: Represents Company accounts payable for general operating expense.
12. Accounts Receivable: Represents client premiums due and payable on a case basis on
terms.
13. Accounts Underwritten: Represents Gross loans underwritten from wholesale Portfolios.
on which premiums (gross income) are paid to the company. *
14. Floor Plan Cost of accounts booked: Represents cost of funds for loans underwritten.
on AIG Portfolio(s). *
15. S.R.P. forgiveness on premiums: Due to the continuing economic downturn caused by the Pandemic and in order to reduce finance servicing defaults, the company has forgiven and/or re-booked certain service release premiums for the 2020-23 fiscal years. These premiums have been added to the back end of finance servicing and/or to principal dollars due with balloon payments at term.
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* Denotes references to AIG Income statement for the same period not included in this report