Baffin Inuit org flush with Mary River IIBA cash
The Qikiqtani Inuit Association reports $18.7 million surplus for fiscal 2014
Thanks to an infusion of cash from the Mary River Inuit Impact and Benefits Agreement, the Qikiqtani Inuit Association is in the money this year.
According to a draft of financial statements presented Oct. 7 at the QIA annual general meeting in Iqaluit, Baffin’s Inuit land claim organization reports an $18.7 million surplus for fiscal 2013-14.
That’s compared to the previous year’s $1.39 million surplus.
According to the financial statements, covering the fiscal year that ended March 31, 2014, QIA reports $20 million in revenues for its Mary River IIBA Fund and also $2.57 million in unspecified land leases and royalties.
Those land lease and royalty revenues nearly quadrupled from the previous fiscal year.
QIA also received $357,471 from the Canadian Northern Economic Development Agency for fiscal 2014, well above last year’s CanNor contribution of $52,384.
However, QIA got less money from Heritage Canada and Aboriginal Affairs and Northern Development this year: $87,592 and $571,406 respectively.
That’s compared to $279,794 and $704,687 which QIA received from the two federal agencies, respectively, last year.
Significant changes to expenses over last year include $101,218 that QIA spent on advertising and promotion in fiscal 2014 — more than five times what it spent in fiscal 2013.
The Inuit organization also spent more on professional fees in the most recent year: $2.68 million as compared to $1.4 million for 2012-13.
Honoraria and board expenses increased by 50 per cent: QIA spent $521,641 in fiscal 2014 compared to $335,089 in the previous year.
The organization continues to maintain healthy reserve funds. The general reserve fund contains $268,533 and the Economic Development Fund contains $245,442 for a total reserve of $513,976.
In terms of investments, QIA’s investment in the Qikiqtaaluk Corp. amounts to $4.6 million. QIA also owns 53.6 per cent worth of Class B non-voting shares in Nunasi Corp., an investment which, according to the financial statements, is equivalent to about $2.5 million.