Nunatsiaq News
NEWS: Iqaluit October 03, 2018 - 2:30 pm

QIA’s coffers awash in mining revenues

Legacy fund now holds $42.2 million

COURTNEY EDGAR
Thanks to a windfall in mining royalties, the Qikiqtani Inuit Association saw a big increase in revenues this past year. “As the amounts grow, so does the spending,” QIA's president, P.J. Akeeagok, told the organization's annual meeting. (PHOTO BY COURTNEY EDGAR)
Thanks to a windfall in mining royalties, the Qikiqtani Inuit Association saw a big increase in revenues this past year. “As the amounts grow, so does the spending,” QIA's president, P.J. Akeeagok, told the organization's annual meeting. (PHOTO BY COURTNEY EDGAR)
Qikiqtani Inuit Association's finance director, Scott Wells, centre, presents a financial report at the organization's annual general meeting on Tuesday at the Frobisher Inn. (PHOTO BY COURTNEY EDGAR)
Qikiqtani Inuit Association's finance director, Scott Wells, centre, presents a financial report at the organization's annual general meeting on Tuesday at the Frobisher Inn. (PHOTO BY COURTNEY EDGAR)

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.


In recent years, QIA officials have contended that their operations are underfunded by NTI.

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.

QIA 2017-18 Benefits Fund R… by on Scribd

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(20) Comments:

#1. Posted by Well done! on October 03, 2018

Wish we could get information like that in the Kitikmeot ?

#2. Posted by pissed off on October 03, 2018

No 1 If you don`t stop asking until you get that information , chances are you are getting screwed.

Nothing is easier to report than clean, straight forward and honest operations.

Don`t let them get away with it mand ask for the details.

That`s where the information gets interesting.

How much they collect but more to the point where they spend and with which companies.
The general feeling is that there is too much buddy-buddy situations in your region.

Thanks

#3. Posted by Ikaluktutiak on October 03, 2018

No 1.

So true!  Try to ask questions during AGM or just at a regular board meeting, told you need to go thru your community member for questions.  Bunch of crock.  We should be able to ask questions anytime.

Election coming up.

#4. Posted by sam on October 03, 2018

Rankin Inlet Inuit Association take note please do this

#5. Posted by Bob born with a tooth on October 03, 2018

Sure would be nice to get that kind of information. Whats the big secret with the Kitikmeot??

Election coming up and we need young and educated. Time to unearth what the ol boys club been hiding.

RIIA?? teehee

#6. Posted by Kitikmeot on October 03, 2018

Kitikmeot Inuit Organization is so detached from ordinary Inuit, Eskimo Beneficiaries.  The whole KIA organization should be audited, reviewed and revamped.  Re-organize Kitikmeot Inuit Association-they’re ineffective.

#7. Posted by Post Your Stupid ?s on October 03, 2018

Ask stupid questions #1 and #3.  Post your questions on social.  Post who tried to answer or not answer you. 

Anyone in any power will try to make questions they have a hard time with as the stupid ones.  So ask anyway and post with names.

#8. Posted by Joe at Haven on October 03, 2018

A few years back our KIA community rep. got his children about 10
different machines ( Hondas, Skidoos, Outboards).
Why are we such a bunch of chicken shits who do nothing about being
cheated and bullied by our own people ?
Elders have told me it has always been this way.

#9. Posted by private land owner on October 04, 2018

all from pond inlet’s inuit private land

#10. Posted by Northern Eskimo on October 04, 2018

QIA is ripping off Pond Inlet Inuit from the development of Pond Inlet IOL. This is the last year you will abuse our TRUST… QIA will no longer have any overfull coffers when they lose revenue from Mary River that is rightfully Pond Inlet Inuit legacy funds.

#11. Posted by Southern Guy, Lethbridge. on October 04, 2018

I worked as an electrician in Cambridge Bay quite some years ago,
and was told by Inuit people that they would be getting a lot of money
because of their surrender of Inuit owned lands to the Canadian Govt.
  I wonder how much the people got for selling their land ?
You might have to make legal enquiries if you want your money, or
you can watch your leaders spend it all.
The Fed Govt. has your land (80 % of Nunavut )
Inuit Organisations are being paid the money.
  It is now up to the Inuit people of Nunavut!

#12. Posted by Markey Dan on October 04, 2018

#‘s 3, 5, 6, 8.
Well said Kitikmeot folks!!
  There are just as many crooks and rascals among Inuit as their is
amongst other races. It is your money, not theirs.
The question is, how long are you going to let them away with it ?
The ball is in your court.

#13. Posted by Euro guy , Rankin Inlet. on October 04, 2018

I know people who are non- Inuit mean well by their comments, but I
wish they would let the beneficiaries decide for themselves.
Some people might choose to invest money, others may choose to
have a big party in Las Vegas, and others may decide to let their
smiling faced leaders keep things the way they are.
Then they can only blame themselves, if applicable, in the future.

#14. Posted by Oscar on October 04, 2018

How did the Kitikmeot Inuit Association get involved in a story that is 100% related to the QIA? Well maybe u should get the Kivalliq Inuit Association involved as well? I guess u r saying that all Regional Inuit Associations are crooks eh?

#15. Posted by Free Speech ( Iqaluit ) on October 05, 2018

# 14,
It is honest people, looking for honest answers about the money they
were promised by agreeing to vote for Nunavut.
Our leaders are being very quiet.
  Good luck to all beneficiaries, your gonna need it.

#16. Posted by Kanik on October 06, 2018

#8,
You are very right in what you say.
One man who used to make it fair was kicked out because people
said, that he was a qabloonak who was ripping people off. What BS,
he was working for free. He was given nothing.
Now we have elected people who only favour there own families.
    Our own fault !  Good for you the Q.I.A

#17. Posted by Spankin Rankin on October 10, 2018

At least they report at QIA, I wonder what our KIA is doing with the mining royalties? We have been in the dark for a long time now, is there a report we can review too?

#18. Posted by Okuk (Cambridge Bay ) on October 10, 2018

No, Spankin Rankin very true words, but there is no report!
That would mean the KIT.IA would have to be responsible to the
Kitikmeot people. Not a bloody chance.
Back in 1997 some beneficiaries wanted to receive money for each
family, instead of the money disappearing into greedy hands of the
various Inuit organisations.
We were stupid enough to listen to our leaders then, and we are paying
for it today.

#19. Posted by Spankin Rankin on October 10, 2018

Okuk I see Kitikmeot is in the same situation as Kivalliq, I was asking about KivIA.

#20. Posted by Glen on October 11, 2018

I believe there is some conflict of interest at KivIA where the President is also Chairman of Sakku, basically he is reporting to himself. I hope they talk about this at their AGM.

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