QIA’s shows budget surplus

The Qikiqtani Inuit Association’s audited financial statements for 2004 show $141,780 remained in surplus revenues over expenses in its $6 million total budget.

QIA’s Economic Development Fund, handled mainly by Qikiqtaaluk Corp., had more than $3 million left after meeting its expenses.

This is despite the continued recovery of losses incurred by Natsiq Investment Ltd., a joint venture with Nunavik’s Makivik Corporation.

Natsiq’s goal was to market seal oil capsules as a nutritional supplement, particularly to the Asian market. This oil was to be processed and sold from Nunavut and the sealskins sold to outside markets.

But federal regulations requiring seals and blubber to be inspected before they can be processed for commercial sale made the Natsiq venture flounder.

The Qikiqtaaluk Corp. still owes QIA $3.3 million received as a loan from QIA to kick-start the Igluvut construction project in Iqaluit.

QIA’s new director of finance and administration, Mohamed H. Docrat, said he expected the two organizations would sit down and outline a repayment plan for QC’s debt.

In 2004, QIA’s training and daycare fund, funneled through Kakivak Development Corporation, showed a deficit of $1.9 million in 2004. In 2003, Kakivak produced a surplus of $845,154.