Community Economic Development Investment Funds Concentra Financial is … o o o o Formerly known as Co-operative Trust A Credit Union Company Staffed by over 400 experts Committed to providing solutions Fast Facts… o Client Focus – credit unions, other co-operatives and strategic partners, corporations and businesses Market Focus – Canada Assets Under Administration – $15 Billion Corporate Assets - $2.7 Billion Service Locations – all across Canada o o o o A Successful Foundation Concentra Financial Financial Intermediation Trust Services Corporate Finance Personal Trust Financial Services Corporate Trust Commercial Leasing Corporate Banking Concentra Trust a wholly owned subsidiary of Concentra Financial Concentra Trust is … A new trust company o o o A wholly-owned subsidiary A provider of specialized trustee services to Concentra, credit unions and other businesses Corporate Trust Services Corporate Trust Services o Corporate Trust services can support and enhance your ability to: o o raise capital safeguard funds while negotiating business transactions Community Economic Development Investment Fund Solutions CEDIF Solutions o CEDIFs choose to raise capital via Share Offering. Concentra Trust can assist with the following: o Escrow Services – used during the sales period. Concentra will safeguard funds on behalf of the investor until the share offering is completed or withdrawn, or until the investor reverses his decision. Self-Directed RSP Services –allows access to a larger market of investment monies using investors registered funds in addition to non-registered funds. o Escrow Services Escrows o Concentra Trust is retained by an organization to hold funds until certain events occur eg) minimum dollar amount is raised o Concentra Trust provides your organization the following benefits: o organization is better able to monitor the progress of the offering we are an unbiased third party. We are flexible, we want to work with you to make your project successful. o o Concentra Trust provides the investor with assurance that: o the organization will not have access to the funds until it has complied with all contractual requirements assurance that the funds will be distributed in accordance with the terms of the escrow o Escrows o Funds used by an investor to pay for shares will be held in Escrow, in an account to be trusteed by Concentra Trust, until the share offering is completed, withdrawn, or until the investor exercises his right to reverse the decision to purchase the shares. If the share offering is completed (the minimum amount of funds are raised, etc), the proceeds will be released from Escrow and used to pay for the shares for which the investor subscribed. If the offering is withdrawn, or if the subscriber reverses the decision to buy, the proceeds will be refunded in full to those who subscribed. Concentra Trust offers a “standard trust agreement” for your convenience. o o Escrow - Requirements o Concentra will require, for review the following documentation. o o o Offering Document submitted to NSSC Letter of non-objection from NSSC Certificate of Registration from the Nova Scotia Equity Tax Credit Act. o Once the Offering Document is approved by the NSSC a Trust Agreement can be prepared and executed. Escrow Services Fees o o Set-up Fee $250 Trustee Fee $500 o Escrow Extension Fee $125 o Additional Services $100 per hour Self-Directed RRSP Services Self-Directed RRSP – Requirements o Concentra will require, for review the following documentation. o o o Offering Document submitted to NSSC Letter of non-objection from NSSC Certificate of Registration from the Nova Scotia Equity Tax Credit Act. Confirmation that: o o the fund is RRSP eligible CEDIF eligibility Self-Directed RRSP – Requirements Name, address, and full contact information of the funds lead administration officer and lead sales agent. Contact information for the transfer agent who will be responsible to issue the share certificates. Contact information of the escrow trustee for the offering. o o o Self-Directed RRSP – Requirements o This RRSP support offering is under a group plan concept. The CEDIF fund sponsors agree to provide certain administrative support in the delivery of the RSP contracts. To qualify for the group offering, the fund must deliver at least 15 RSP Contracts to the Trustee. The fund will accept all annual fee billings for each plan participant in the group and remit the total sum of these fees to Concentra on or before the due date. o o Self-Directed RRSP - Administration The CEDIF fund sponsors agree to provide certain administrative support in the delivery of the RSP contracts: o Contribution cheques forwarded to Concentra together with an Application Package for processing purchases. The date funds are received by your organization will be the date receipts will be issued for tax purposes. The acquisition fee, as outlined in the fee schedule, must be paid before a purchase will be processed. If funds are insufficient to cover the acquisition fee, the investment will be reduced accordingly. o Self-Directed RRSP - Administration o Contributions in-kind are permitted. Concentra must receive the share certificate and acquisition fee prior to processing a contribution in-kind. Concentra must initiate all transfers-in of RRSP funds held at other institutions. Note: transfers in of funds can take 30 days or more. Purchases are not permitted with funds locked-in under pension legislation. Share certificates are not to be issued by your transfer agent until such time as the transfer of funds has been finalized and a cheque has been forwarded to your organization/escrow agent for purchase. o o o Self-Directed RRSP - Administration o All units held within a Concentra RRSP must be registered as follows: Concentra Trust in trust for “purchasers name” RSP o Broker Authorization: Must be signed by the annuitant in favor of your organization if Concentra is to release investment information (including cash balances) to your organization. Self-Directed RRSP - Administration o CEDIF shares are not a liquid investment: o Shares are not permitted in RRIF or for investors that will need to convert to a RRIF prior to the shares being redeemable. The plan will not accept any RSP contracts for subscribers exceeding the age of 64, this will allow for redemption at age 69. o Self-Directed RRSP Services Fees o Year one Servicing and Support fee in the amount of $1000 is due upon acceptance. For subsequent offerings and ongoing administration will be billed at the rate of $100 per hour Annual Administration Fee per RRSP Plan $75, plus GST Transaction fee for each acquisition of securities $50, plus GST o o Reminders Reminders o Sales cannot commence until the Offering Document is approved by NSSC and a signed agreement is in place with the escrow trustee Ensure the investor is aware: o o the investment is not liquid o o there is an annual fee an acquisition fee is payable each time shares are purchased o Remit paperwork to Concentra at least weekly The Referral Process Darrell Evasuk, Manager, (902) 421-1170 1-800-565-1725 Darrell.Evasuk@concentrafinancial.ca Relationship Management & Sales Atlantic Patti Kehrer, Officer, Business Solutions 1-800-788-6311 Ext 1834 Patti.Kehrer@concentrafinancial.ca www.concentrafinancial.ca Thank you We appreciate your business Questions?