A MESSAGE FROM
THE FIRST NATIONS TRUST BOARD OF TRUSTEES

The Board of Trustees is pleased to present the Annual Report covering operations of the First Nations Trust for the 2010-2011 fiscal year, ending March 31, 2011.  It forms an integral part of the reporting requirements to the Federation of Saskatchewan Indian Nations as well as the Province of Saskatchewan as prescribed in the Trust Indenture.

The purpose of the First Nations Trust remains “to effect the distribution of the monies due to First Nations from, inter alia, the profits of the Saskatchewan gaming Authority Casinos and Saskatchewan Gaming Corporation Casinos.” Trustees continue to be challenged with fluctuations in amounts available for distribution to Beneficiaries. For example, the First Nations Trust Audit shows a decrease of $9,375,882.00 in Revenue. This continues to directly impact on the distribution levels to Beneficiaries.  Trustees have implemented measures to ensure that the Beneficiaries including the Executive of the Federation of Saskatchewan Indian Nations are notified in advance of any changes in the distribution.  This involves providing detailed information to each Beneficiary on what influenced the change, but also includes an impact statement which outlines the amount available for distribution to each Beneficiary.  This initiative does not compromise confidentiality and forms part of Trustees fiduciary obligation.  One of the primary duties of the Trustees is to ensure that all distributions from the Trust are used only for permitted purposes as set out in Section 5.01 of the Trust Indenture. There are also specific reporting requirements prescribed in Part 6 and Appendix “A” of the Gaming Framework Agreement dated June 11, 2002. First Nations Trust is responsible for obtaining an Audit Report from each Beneficiary within one hundred and twenty (120) days of the end of each fiscal year. The Trust has procedures in place which provide for the monitoring and compliance as prescribed.

Trust Business is conducted on the Asimakaniseekan Askiy Reserve, which is located in close proximity to FSIN Executive Offices. The current Board of Trustees consists of Velma Wuttunee, Sheila Sutherland, Brenda Stevenson, Linda Okanee, Everette Bear, Nolan Henderson, and Ray Gamble.  Despite the reduction in distributions the requirement for diligence and compliance does not diminish.  Accordingly, Trustees did not forecast any reduction in the operational and administration costs for the Trust. Trustees have managed to maintain these costs to less than 2%.

Going forward, Trustees will make recommendations to be considered as part of the five (5) year review of the Gaming Framework Agreement.

Ray Gamble
Interim Chairperson, First Nations Trust