Nunavut Trust reports to NTI

Nunavut Trust, the body that manages compensation monies on behalf of Nunavut’s Inuit beneficiaries, gave Nunavut Tunngavik Inc. board members an update on its performance during NTI’s meeting in Pond Inlet this month.

Its message: curb spending, don’t take on any new projects and keep to budget.

From May 1993 to December 2002, Nunavut Trust distributed $263.7 million to beneficiary organizations.

This included:

* $18 million for economic funding
* $50 million to Atuqtuarvik Corp.
* $19.5 million to support elders
* $20 million for hospital projects
* $15 million for harvesters’ programs
* $10 million for bereavement travel

But over the next five years, compensation payments will decrease, and this means the cash to maintain the current 15-year plan will exceed revenues.

As cash flow demands from beneficiary organizations are “above the levels funded by the typical endowment fund,” Nunavut Trust recommends they “meet the goals they have established for themselves,” as any changes in their cash demands can drain reserves more quickly than dips in the investment market.