ASSOCIATION OF ALBERTA MUNICIPALITIES

Notes to the Consolidated Financial Statements

Year ended December 31, 2022

4. Investments:

ABmunis's investments are measured at fair value and are held in managed investment funds. The investment mix of these funds is as follows:

5. Investment in and advances to AEOEPC:

Alberta Elected Officials Education Program Corporation ("AEOEPC") is a joint venture by two equal shareholders, ABmunis and Rural Municipalities of Alberta ("RMA"). AEOEPC provides a comprehensive program of study for elected municipal officials in the province of Alberta. AEOEPC was incorporated under the Business Corporations Act of Alberta. It is a non-taxable operation by virtue of section 149(1)(d.6) of the Income Tax Act.

Investment and advances to AEOEPC is made up of the following items:

During the year ended December 31, 2022, AEOEPC recorded excess of revenues over expenses of $64,642 (2021 - $94,609) of which $32,321 (2021 - $47,305) has been reported as a share of revenues over expenses of AEOEPC by ABmunis. The financial statements of AEOEPC are available upon request and the accounting policies of AEOEPC conform with those of ABmunis.

Financial summaries of AEOEPC as at December 31 and for the years then ended are as follows: