Cape Dorset (Mar 10/03) - Nunavut Tunngavik Incorporated (NTI) will delve into the financial health of all three of the territory's Inuit development corporations.

The review will consider accountability, financial status and the level of return on Inuit funds that have been invested in the corporations over the past 10 years.

"We at NTI, as a lands claim association, feel there is need to see a track record to measure successes and weaknesses," said Paul Kaludjak, vice president of finance with NTI.

Coming up on the corporations' 10-year anniversary, Kaludjak said, it is a good time to conduct the review and determine what changes are needed to ensure the corporations are best serving the needs of NTI's beneficiaries.

The review will cost between $80,000 and $100,000. A consultant, who has yet to be hired, will develop an action plan out of the review findings.

Those recommendations, said Kaludjak, will determine what needs to be changed.

Kaludjak said he has a few ideas about what must be done to protect beneficiaries' investments and make funding allocations more effective.

He wouldn't say what those ideas are.

In 2001, the Sakku Corporation, the investment arm of the Kivalliq Inuit Association, was approved for a $1.2 million loan to help it deal with financial problems.

"When they have financial difficulties, as a parent organization, we do get concerned," said Kaludjak.

NTI expects the review to be completed in time for the May board meeting.

Peter Keenainak, acting chief executive officer with the Qikiqtaaluk Corp., said he is not concerned about the review, adding the corporation has nothing to hide.

He did mention that he is unsure exactly what NTI is planning to review.