FSIN In Financial Difficulty

FSIN In Financial Difficulty

Thursday, October 25, 2007 at 15:33

 

 

The Federation of Saskatchewan Indian Nations has incurred a large debt.

 

Vice-Chief Glen Pratt says the FSIN is in a “dire financial situation”.

 

Pratt says it has been “very difficult to continue to have our boards and commissions when we simply do not have any funding”.

 

The FSIN has an overall debt of $1.4 million.

 

That includes a deficit of $171,000 for the first 5 months of this fiscal year and a $400,000 loan.

 

The organization is also near its limit on $1 million line of credit.

 

Pratt made the announcement at today’s session of the FSIN’s fall legislative assembly.

 

The item was not on the agenda until Chief Mary Anne Daywalker-Pelletier requested it.

 

She said afterward that, as a First Nations leader, she feels “very embarrassed” that their organization is in the position it is in.

 

The FSIN’s chief financial officer, who just recently assumed the position, says creditors are calling and allowances have been cut to help address the financial problem.

 

Meanwhile, Pratt says he can’t present the financial statement at this time, because there were errors during the last audit — so a re-statement has been issued.

 

He says the statement will be brought to the next assembly.

 

The FSIN has an annual budget of $15 million.