SIX NATIONS OF THE GRAND-The Six Nations of the Grand River Economic Development Corporation (SNGREDC) made less profit in 2021, but was able to contribute more to the Economic Development Trust. SNGREDC’s annual report was published last week and it shows a turbulent year.
In 2021 the company’s total revenues for both on and off-reserve ventures was just over $23 million, while in 2020 during the height of the pandemic the SNGREDC profited more than $29 million.
In the report SNGREDC continues to credit the COVID-19 pandemic for its lost revenue.
“During 2021, the COVID-19 pandemic has impacted the Organization’s operations, including: – temporary closures of the Organization’s sites followed by the implementation of remote working conditions for operational continuity – temporary closures included all Nation Enterprise revenue generating assets such as Six Nations Bingo Hall, Six Nations Tourism operations and Gathering Place by the Grand. Any continued impacts may cause significant changes to the Organization’s assets or liabilities and may have significant impacts on future operations. The situation is evolving and the ultimate duration and magnitude of the impact on the economy and financial effect on the Organization is not known,” the report says.
Although SNGREDC experienced a loss of more than $6 million, it managed to contribute $1.9 million to the Six Nations Economic Development Trust in 2021, while in 2020 contributed $1.4 million.
The organization’s total expenses were $16 million, about a $2 million savings over 2020, with profits of $7.29 million in 2021. In 2020 it profited $10.9 million.
The SNGREDC did see a drastic increase in revenue from A6N, their joint venture with Aecon Group Inc. The organization profited $991,838 in 2021 compared to just over $19,000 in 2020.
SNGREDC also saw savings on employee salaries mainly due to decreased positions. In 2020 it offered 124 full and part-time positions and now employs 76.
It also saw a dramatic decrease in rental costs. It paid just over $46,000 for 2021, thanks to a Six Nations Elected Council resolution made in a closed session to waive rental fees for the organization. In 2020 it paid more than $678,000.
SNGREDC also cut back on gaming licences and sponsorships spending $50,000 in 2021 instead of $127,000 in 2020.
In addition to giving $1.9 million to the trust the SNGREDC also spent
$965,593 on the internet towers project, $214,000 to complete the Chiefswood Park Public Splash Pad, $150,122 Chiefswood Park Augmented/Virtual Reality project, invested $138,000 in Solar Net Metering at Bingo and built a Chiefswood Park Store/Office Space for $102,692.
It also gave out $73,000 in scholarships and bursaries.
The trust will fund $1,936,738 in projects in 2021 including $1,066,304.60 for a Six Nations Housing Project to build a five-unit townhouse; ; $300,000 for the Six Nations Language Commission Project for its language programs; $2,500 for the Two Row on the Grand’s project aimed at cultural teachings; $15,000 to the Jamieson Home and School Project to replace the old basketball court; $68,683.60 to the Woodland Cultural Centre Project for a seasonal series of cultural workshops centered around the Cycle of Ceremonies translated in the language that will be a video resource for the community; $203,900 to the Kayanase Project to build the capacity of Kayanase’s seed bank and and $280,350 for Ganohkwasra FASS project to build an administration wing for admin staff.
SNGREDC plans to invest $1.6 million in the trust in 2022.