Sahtu beneficiaries won't get their trust fund money before Christmas

Beneficiaries of the Sahtu Trust will not see a Christmas trust fund disbursement cheque this year.

Charles McNeely, chair of the Sahtu Secretariat Inc., said "major investment losses" over the past year have dipped reserves too low to justify any further disbursements.

"Our advisors have suggested we hold off on any decision to distribute a payment to beneficiaries until after an official audit is finished next February," he said.

"The lack of distribution before Christmas will be a hardship for our people in the Sahtu."

The Sahtu Trust was established following the signing of the Sahtu Dene and Mé​tis Comprehensive Land Claim Agreement in 1993 (and its federal approval in 1994). The trust was originally established with $75 million paid out over 15 years. 

Investment profit is regularly distributed to the seven land corporations representing the five Sahtu region communities — Colville Lake, Deline, Fort Good Hope, Norman Wells and Tulita — with disbursements to what McNeely said are more than 4,000 beneficiaries of the trust.

The lack of distribution before Christmas will be a hardship for our people in the Sahtu.- Charles McNeely, Chair of SSI

​In previous years up to $7 million had been available for disbursement, McNeely said. On average, he said in previous years each individual has received about $500.

McNeely said the Sahtu Trust sits at just under $116,890,000, slightly below what he said was the minimum level of $116,989,309 defined by Sahtu Secretariat policy.

The performance of U.S. stocks in October and the decline in the price of oil were blamed in part for the shortfall, but McNeely said he wasn't prepared to get into specifics until a meeting with financial advisors early in the new year.

"As soon as … I get more information myself I'll pass it on to the beneficiaries and let them know exactly where we stand," McNeely said.

He said keeping the trust fund healthy for future generations is the priority, but he acknowledged families will suffer this year.

"Jobs are few these days … and so the unemployment rate is really high in pretty much all the Sahtu communities. The majority of them depend on getting their payout for Christmas."