Commitment to FN Development
Each year since the Gaming Agreement was signed, the First Nations share of the net profits from gaming has been distributed to the First Nations Trust through the Saskatchewan Ministry of First Nations and Métis Relations.
In accordance with 2002 Framework Agreement, the first five-year review took place in 2007; it resulted in an adjustment to the net profits due to the First Nations Trust.
Two organizations, Saskatchewan Indian Gaming Authority (SIGA) and the provincial Saskatchewan Gaming Corporation (SGC) contribute a portion of the net profits from eight Saskatchewan casinos.
First Nation Run Casinos:
The casinos operating under the Saskatchewan Indian Gaming Authority contributed 50 percent of the net profits from gaming in the following casinos:
- Bear Claw Casino
- Dakota Dunes Casino
- Gold Eagle Casino
- Living Skies Casino
- Northern Lights Casino
- Painted Hand Casino
Each of the six First Nation-run casinos contributed 50 percent of their net profits to the First Nations Trust.
Provincial Government Casinos:
There are currently two Casinos operated by the Saskatchewan Gaming Corporation that contribute to the First Nations Trust:
- Casino Moose Jaw
- Casino Regina
The portion of the net-profits contributed to the First Nations Trust from the two SGC-run casinos was 25 percent.
Net Profits Received by the First Nations Trust 2011-2012
The contributions to the First Nations Trust transfer from the Saskatchewan Ministry of First Nations and Métis Relations to the First Nations Trust. Funds are provided to the FNT in four transfer payments.
Beneficiary Reports to the First Nations Trust
Beneficiaries are required to report to the First Nations Trust each fiscal year. Before the end of the fiscal year each First Nation and Designated Beneficiary is reminded of their reporting requirements. The beneficiary must provide their audited financial statement concerning funds received from the First Nations Trust. In addition to the audit statement, the beneficiaries remit the supporting Schedules outlining how the funds received from the Trust were used.
Each Auditor's report presented to FNT expresses an opinion as to whether the expenditure of funds distributed by the FNT were used in compliance with section 5.01 of the Trust indenture which specifies the categories Trust funds may be used for by the beneficiaries.