Annual Membership Meeting September 10, 2015


Annual Membership Meeting held in Sault Ste. Marie, Ontario on September 10, 2015

The Annual Membership Meeting was held at the Delta Waterfront Inn with approximately 50 members in attendance, which was an increase in attendance over 2014.  The Agenda included:

 

  • Opening Prayer by Councillor William Swanson
  • Address by Chief Joe Buckell
  • 2014-2015 Annual Audited Financial Statements from April 1, 2014 to March 31, 2015.  The presentation was given by BDO Canada, George Trevisan.  It was reported that MFN had another breakeven year with a slight general surplus of $4,700 and that MFN had met all three indicators of sound financial accounting from Aboriginal Affairs (the full report will be made available on MFN website).  MFN financial statements can also be found on AANDC’s website in compliance with the Transparency Act.
  • 2014 Annual Corporate Trust Report.  The financial year for the Corporate Trust is the Calendar year and last year MFN was able to repay a $2,000,000 loan of trust funds to top up the 4% requirement for revenues to provide ongoing benefits through the Better Living and Funeral Policies.  Sufficient revenues were generated to meet the 4% requirement in 2014, so that MFN did not need to borrow from the trust funds.  Also the overall Corporate Trust is performing at a 6.53% since 2012 when the Investment Policy Document was approved by Chief and Council.  Year to date earnings are averaging 3.07% even in an unstable Global Market and the Investments Counsellor reported that continued volatility would not have a serious impact on the Trust at this time.
  • General Information Session included some updates by Chief Joe Buckell regarding litigations and land encroachments as well as addressing some issues raised by members in attendance, including representations with Mining Companies, member communications and entitlements through education and health funding agreements.