Arctic Red River (Aug 18/03) - The Gwich'in Development Corporation has no more money to invest.

Last week Ernest Firth, Gwich'in Development Corporation chair told the more than 100 delegates at the Gwich'in Tribal Council annual general assembly that the future of the corporation is in their hands.

Chief executive officer Tom Connors also resigned.

This past year the GDC reduced costs and overhead and kept borrowing to a minimum to make up for the losses the corporation has suffered over the past several years.

Although the GDC has $23 million in assets, there is no more money to invest for the coming year.

"It takes money to make money," said Firth.

The only investment money available is the Gwich'in land claim funds -- $77 million.

Delegates aren't prepared to dip into that.

"Give it another year before coming to ask us for money," said Tsiigehtchic resident Maureen Clark.

"I'm still leery about digging into my trust fund and my children's trust fund," Clark said.

"I certainly wouldn't come up here asking for any money unless I was certain there was good investment potential," said Greg Cayen, GDC chief financial officer.

But, he said, the GDC needs to prepare for the "explosion of business opportunity" coming up with the Mackenzie Valley natural gas pipeline and future oil and gas exploration.

Over the past two years the corporation has been building up overhead in preparation for the explosion.

Fred Carmichael, GTC president, said delegates should consider wether they want a development corporation or not.

And if they want it, then they have to be prepared to make the investment.

Aklavik chief Charlie Furlong agrees.

"If we want it to work for us we need to give it the tools," he said.

A Gwich'in business policy, to be released in the next few months, should help give the GDC some direction.