The First Nations Trust Process
The Trust’s fiscal year begins April 1 and runs until March 31 of the following year. Payments are made to First Nations Trust by the Ministry of Government Relations pursuant to formulas contained in the 2002 Framework Agreement and the profits forecasted by the FSIN’s Saskatchewan Indian Gaming Authority (SIGA) casinos and the Province’s Saskatchewan Gaming Corporation (SGC) casinos. One-fourth of those estimated profits are paid to the First Nations Trust at the end of each quarter.
After the fiscal year has concluded, the Ministry is required to reconcile the forecasted and actual audited net profits from all Casino operations and either pay amounts due from under-forecasting or recover any overpayments from First Nations Trust.
The Trustees must meet at least quarterly to distribute the trust property in accordance with the 2003 Trust Indenture. When the Trustees distribute trust property, they must follow any properly received directions from the FSIN Chief-in-Assembly.
At the end of each fiscal year, the Board of Trustees are responsible for ensuring that all the beneficiaries of Trust monies properly account for how these funds were spent.
Section 9 of the 2003 Trust Indenture sets out the accountability provisions. In the event that a recipient or beneficiary of trust property is not able to properly account for the monies, or spent the monies in an inappropriate manner, the Trustees have a fiduciary obligation to the other beneficiaries to take whatever steps are necessary, including withholding future payments, to ensure appropriate accountability by the beneficiaries.