Finance

The Department of Finance provides
support on financial matters to the
Executive Officers, the Board of Directors,
the CEO and department heads. The
department is also responsible for ensuring
that all assets and liabilities are properly
recorded and dealt with. The
Department of Finance also works with
the Executive Officers, the Board of
Directors, the CEO and the Department
of Legal Services to continually develop
improvements to the design, operation
and adherence to a corporate governance
system.
The Department of Finance works
with the Executive Officers, the Board of
Directors, the CEO, and the Finance
Committee to update the strategic plan
each year to ensure that short-term funding
requirements adhere to the strategic
plan of the organization.
Each year, the Department of Finance
works with all NTI departments to prepare
an annual budget for the next fiscal
year. Along with the budget for NTI, the
Department of Finance also integrates
the budgets for the RIAs and other Inuit
organizations. These are presented for
approval at the AGM. Annual funding
received from Nunavut Trust ensures that
NTI, RIAs and other Inuit organizations
have sufficient funds available to carry
out their approved budgeted activities
under the NLCA.
The Department of Finance continued
with its initiative to work with RIAs and
other Inuit organizations as much as possible.
These cooperative efforts lead
toward an integrated strategic plan, the
standardization of policies, procedures,
budgeting, accounting and many other
areas to enable us to all share in the available
resources and expertise throughout
the organization.
With respect to Inuit employment, the
Department of Finance attempts to
ensure that Beneficiaries are hired to
the highest extent possible. Except for
the Chief Financial Officer, all nine
Department of Finance employees are
NLCA Beneficiaries.
The Department of Finance continued
its work with Atuqtuarvik Corporation
regarding the leveraging of the corporation’s
capital through a financial institution
such as a bank, trust company or
credit union.
The Department of Finance continued
to make improvements in the areas of
budgeting, strategic planning, financial
reporting, accounting, internal control
and corporate governance policies as circumstances
warrant.