QIA’s coffers awash in mining revenues
Legacy fund now holds $42.2 million
The Qikiqtani Inuit Association’s revenues nearly doubled over the past year, to $31 million from $18.4 million, according to the organization’s annual report presented at its annual general meeting in Iqaluit on Tuesday.
With total expenses of $20.2 million, that leaves a total surplus of nearly $11 million. That’s up from a total surplus of $3 million last year.
“As the amounts grow, so does the spending,” QIA President P.J. Akeeagok said during his president’s report.
Recent spending commitments by the organization include $100,000 in conditional funding for the Uquutaq Society’s transitional men’s shelter project in Iqaluit, $200,000 from QIA’s operational funds for 80 post-secondary scholarships and $637,500 made available in 2017-18 for the QCAP cultural activities fund.
Much of the QIA’s additional revenue comes from royalty and commercial lease payments for Inuit-owned land netted through the Inuit impact and benefit agreement they struck with Baffinland Iron Mines Corp. in 2013, along with other sources.
Mining royalties from Baffinland grew to $11.5 million this year, up from $3.1 million.
All of this money will go to the QIA’s legacy fund, which is meant specifically for community programming, not for QIA’s operations.
The legacy fund now holds a balance of $42.2 million this year, said QIA’s finance director, Scott Wells. The objective is for this fund to reach $75 million through low-risk investments, to fund community programs, Wells said.
This year, the QIA posted a deficit in its general fund, which is used to pay for operations, of $942,364, the organization’s annual report said.
Similar criticisms were not heard this year.
The QIA received about $10.6 million in funding this year from NTI, according to the QIA’s non-consolidated summarized statement of operations in its annual report. That’s up from about $9.5 million last year.
According to the QIA budget for 2018-2019, NTI is expected to contribute $12.6 million then.
“I am proud of the work we accomplished in the last four years,” Akeeagok said.
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