We have audited the balance sheet of Ontario Corn Producers’ Association as of September 30, 2000 and the statements of operations and changes in financial position for the year then ended. These financial statements are the responsibility of the organization’s management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform an audit to obtain reasonable assurance whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.

In our opinion, these financial statements present fairly, in all material respects, the financial position of the organization as of September 30, 2000 and the results of its operations and the changes in its financial position for the year then ended in accordance with generally accepted accounting principles.

Robinson, Lott & Brohman
Chartered Accountants
Guelph, Ontario

BALANCE SHEET AS OF SEPTEMBER 30, 2000 A S S E TS
CURRENT	2000	1999
Cash	$460,755	$665,598
Short term investments (market value $533,778 in 2000, $515,992 in 1999)	533,778	515,992
Accounts receivable - General - Accrued interest	489,924 49,282	320,449 69,782
Prepaid expenses Advance payments - previous years defaults - interest free advances - advances subject to interest - collateral	13,226 115,695 8,307,176 1,213,706 493,327 11,676,869	6,227 148,260 5,128,717 412,660 622,777 7,890,462
CAPITAL ASSETS	77,812	55,449
RESTRICTED Cash	550,675	526,817
OTHER Long term investment (market value $5,535) Electronic data project costs (net of amortization of $1,427) Note receivable	5,535 2,674 35,000 $12,348,565	7,995 22,430 0 $8,503,153
L I A B I L I T I E S
CURRENT Accounts payable and accrued liabilities Due to Ontario financial protection plan Bank loans - previous years defaults - interest free advances - advances subject to interest - collateral	$228,885 169 115,695 8,307,176 1,213,706 493,327 10,358,958	$360,951 39 148,260 5,128,717 412,660 622,777 6,673,404
RESEARCH RESERVE FUND	550,675	526,817
M E M B E R S’ E Q U I T Y
Balance, beginning of year Excess of revenues over expenses for the year Balance, end of year	1,302,932 136,000 1,438,932 $12,348,565	1,186,264 116,668 1,302,932 $8,503,153

STATEMENT OF OPERATIONS FOR THE YEAR ENDED SEPTEMBER 30, 2000
	BUDGET	ACTUAL	ACTUAL
REVENUES	2000	2000	1999
O.C.P.A. checkoff fees	$ 1,085,000	$ 1,400,265	$ 1,490,446
Membership fees	1,000	1,445	1,717
O.C.P.A. checkoff magazine	72,000	72,000	72,000
Magazine advertising	215,000	242,609	226,107
Research project funding	956,000	912,974	960,267
Transfer from Research Reserve Fund	150,000	150,000	0
Research contributions	130,000	134,566	0
Investment Income	65,000	74,856	61,332
Revenues before advance payment program and financial protection fund	2,674,000	2,988,715	2,811,869
Advance payment program fees	160,000	174,627	181,992
Farm to farm administration fees	77,000	117,399	123,463
Advance payment interest	33,000	42,780	63,199
Financial protection fund	3,000	3,717	3,991
	2,947,000	3,327,238	3,184,514
EXPENSES
Convention, semi-annual & annual meeting	46,000	57,155	47,548
Finance and executive	18,000	21,640	21,116
Grain trading and marketing	119,000	130,859	124,077
Communications	166,000	137,773	137,160
Magazine	215,000	220,680	208,647
Research and technology (committee operations)	135,000	171,588	128,755
Research and technology (project sponsorship)	1,394,000	1,351,659	1,104,834
Resolutions and constitution	1,000	1,905	1,705
Safety nets	87,000	170,911	84,090
National and provincial committees and org.	0	12,715	0
Board meetings & general non-committee	157,000	164,502	174,399
Market development	89,000	95,901	78,574
Administration	295,000	305,466	289,850
Expenses before advance payment program, financial protection fund and amortization	2,722,000	2,842,754	2,400,755
Farm financial programs	163,000	159,324	174,308
Financial protection fund	3,000	3,717	3,991
Amortization	32,000	38,055	34,516
	2,920,000	3,043,850	2,613,570
EXCESS OF REVENUE OVER EXPENSES before transfers	$27,000	$283,388	$570,944
TRANSFER FROM (TO) RESEARCH RESERVE	(27,000)	(147,388)	(454,276)
EXCESS OF REVENUE OVER EXPENSES for the year	$0	$136,000	$116,668

STATEMENT OF CHANGES IN FINANCIAL POSITION FOR THE YEAR ENDED SEPTEMBER 30, 2000
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES	2000	1999
Excess of revenue over expenses	$136,000	$116,668
Amortization	38,055	34,516
Gain on sale of Guard Inc. shares	(414)	(3,906)
	173,641	147,278
Amounts recovered (invested) in working capital components
Accounts receivable- General	(169,475)	(32,812)
- Accrued interest	20,500	(23,298)
Prepaid expenses	(6,999)	1,094
Accounts payable	(132,066)	189,216
Due to Ontario financial protection plan	130	(64)
	(287,910)	134,136
Cash provided by (used in) operating activities	(114,269)	281,414
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES
Purchase of capital assets	(49,598)	(27,098)
Electronic data project costs (net of note receivable)	(26,064)	(28,037)
Proceeds from sale of Guard Inc. shares	2,874	20,911
	(72,788)	(34,224)
NET CASH INCREASE (DECREASE) during the year	(187,057)	247,190
CASH AND SHORT TERM INVESTMENTS POSITION, beginning of year	1,181,590	934,400
CASH AND SHORT TERM INVESTMENTS POSITION, end of year	$994,533	$1,181,590
Note: Advance payment transactions not affecting the general account and restricted cash have been excluded.

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