SECRETARY-TREASURERS REPORT

QIA 2016 AGM

Oct 2016

Secretary-Treasurers Report
This report covers QIAs financials and activities within the Finance Department
since the QIA spring board meeting in May 2016.
1. Finance Department Staffing Update
The Finance Department is comprised of:
1. Scott Wells Director
2. Vacant - Financial Analyst
3. Rutie Gardner - Senior finance officer
4. Mary Akavak - Compensation and benefits clerk
5. Jeannie Suvega - Accounts payable clerk.
After 11 years service, Patrick has left QIA for personal reasons. He and
his family moved to Whitehorse to be closer to family.

2. NTI Finance Committee Meeting

The most recent Finance Committee meeting was held in Rankin Inlet July
19, 2016.
NTI presented draft audited Financial Statements to March 31, 2016;
a. Amount available from Nunavut Trust to March 31, 2016 was
$53,380,258. Not as much as 2015 which was $65 million; but $5
million more than in 2014:
2016 $53,380,258
2015 $65,568,979
2014 $48,761,948
b. Advances from Nunavut Trust for NTI, RIAs etc about the same for
last 3 years
2016 $42,433,812
2015 $41,579,429
2014 $42,086,933)
c. Loan from Nunavut Trust decreased by $10,946,446;
March, 2016 is now $21,992,973
March, 2015 was $32,196,818
March, 2014 was $56,186,368

d. NTI operating expenses unchanged for 2016 = $22,721,343

(2015 was $22,895,611 & 2014 was $22,825,988);

3. New Revenue Policy and Bylaw

Since the last QIA Board Meeting considerable work has been put into
developing a new Revenue Policy and Bylaw for QIA. This will set in
place a long term saving fund for the benefit of Qikiqtani Inuit for years to
come. At the same time, this new policy will set annual budget targets for
programs to help individuals, organizations and communities in our region.
This new Revenue Policy and new Bylaw will be presented at this AGM for
BOARD approval. The Executive Committee resolution RSE-16-09-04
recommends approval of the Revenue Policy and Executive Committee
resolution RSE-16-09-05 recommends approval of the Revenue By-Law.
Our goal is to get this in place starting next fiscal year.

4. Annual Audit For The Fiscal Year Ending March 31, 2016
The annual audit of QIAs financials was conducted by Lester Landau in
June 2016.
The management letter, the audited consolidated and non-consolidated
financial statements were issued by Lester Landau in September 2016.
They were reviewed by QIA finance committee and were presented to the
Executive Committee at its last meeting.
The Executive Committee has recommended the 2016 QIA management
letter and audited financial statements for approval. They will be
presented at this AGM for BOARD approval.
5. QIA Revenue
Finally, I want to speak about QIA Revenue. QIAs revenue from NTI has
always been around 40% of the total funding that NTI gives to the RIAs
each year. The Qikiqtani region has half of the 26 communities in the
territory of Nunavut. 52% of the Beneficiaries of Nunavut live in the
Qikiqtani region. Yet QIA funding is only 40%. In our Financial
Statements this year, we have broken out the General Fund to show NTI
funding and the expenses it pays. QIA is underfunded by $761,000.
Other sources of revenue subsidize QIAs core operations. If the RIAs
were getting per capita funding, QIA would get $800,000 more each year
from NTI.

QIARevenuefromNTI

2015
2012
2010
2008

AllRIARevenue $19,833,733 $18,548,978 $18,758,096 $17,097,477

QIARevenue
$8,185,639 $7,337,026 $7,618,674
$6,954,138

percentage
41%
40%
41%
41%

-End of Report-

Respectfully submitted,
Joe Attagutaluk
Secretary Treasurer
Qikiqtani Inuit Association

2000

$10,287,871

$4,320,122

42%