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LKFN audit shows raised revenue
Financial report shows positive results

Joseph Tunney
Northern News Services
Wednesday, July 20, 2016

LIIDLII KUE/FORT SIMPSON
According to the Liidlii Kue First Nation auditor, Paul Teoh, 2016 was a good financial year for the organization.

"The challenge is, how are we going to continue," said Teoh, whose office is based out of Calgary.

During his summary report at the annual general meeting for the Liidlii Kue First Nation, Teoh said he audits three parts of the groups organization.

Teoh said the Liidlii Kue Society, a non-profit legal entity that allows the organization to not pay income tax and holds all the assets

for the First Nations organization, did well with a net income of $738,000.

"Versus just breaking even in 2015," Teoh said. "A very good year for the society."

He said the way the society primarily collects income is through renting properties.

For Nogha Enterprise Ltd., a development corporation run by the organization, the net income was $376,000 which like the Liidlii Kue Society is up from the previous financial year.

"Versus a $236,000 loss the year before," Teoh said.

He said this year the enterprise has projects it previously did not have, like the fibre optics cables that were put down, that helped contribute to the gain.

In the previous year, the total revenue was $1.9 million and this year it was over $3 million.

"That's over a 50 per cent increase," Teoh said. "A very good year."

Teoh said a company with $3 million in revenue like Nogha can be difficult to manage but he said the good thing is that Nogha is divided into several smaller companies.

"If every project is making money than the whole company will be making money," Teoh said.

The last part of the band Teoh audits is the First Nation Consolidator Statement, which combines all of the operations of the Liidlii Kue First Nation.

This year the group had 41 programs last year. He said the consolidator surplus this year was $1 million, up from the $200,000 from last year.

"Add everything together, the net financial assets and non-financial assets, you have $2.8 million dollars," he said. "I want to congratulate the chief and council for a job well done."

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