(September 28, 2005 –Arviat, Nunavut) Nunavut Tunngavik Inc. 1st Vice President and Vice President of Finance James Eetoolook today announced that the NTI Board of Directors met with the Trustees of Nunavut Trust to refine the financial planning process designed to ensure Inuit money is well managed. The meeting was held Sept. 27 during NTI’s regular quarterly Board of Directors meeting, taking place in Arviat.
The purpose of our meeting with the Trustees from Nunavut Trust was to co-ordinate our efforts so that NTI manages its finances in a manner that gives it the ability to live off the distribution of taxable income from the capital transferred from the federal government said Eetoolook. NTI’s primary goal is to ensure the funding received is well managed. We are clearly demonstrating to Inuit that our financial planning is responsible, and that we are committed to developing and maintaining a solid plan for managing our financial affairs, he said.
Capital transfer payments for the Nunavut Land Claims Agreement will cease in 2007. Totaling $1.1 billion, NTI and Nunavut Trust are undertaking several initiatives geared toward ensuring the funds are protected for future generations of Inuit.
We must coordinate our strategic efforts to build our economic base. Our combined strategies must be measured and productive so there is less dependence upon consuming the capital retained by Nunavut Trust. This will give Nunavut Trust the ability to maximize the cash flow that can be generated and distributed to Beneficiary organizations, said Eetoolook.
Successful endowments, including the money managed by Nunavut Trust, have been in operation for over 200 years. We can use the experiences of these endowments and build upon them, said Archie Angnakak, the chair of Nunavut Trust. Research shows that endowments cannot spend more than 4 per cent of their capital and still maintain the buying power of their assets. We are pleased that our organizations are working together to ensure that our mutual goals continue to be met.
The meeting was planned by NTI’s Board of Directors and Nunavut Trust officials during the NTI 2004 Annual General Meeting.
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