Proposed Indigenous Legacy Fund
Indigenous Concepts and Solutions Inc. is listed in the Aboriginal Business Directory of Canada as being able to provide Financial Management for First Nations.
1. The First Nation funds will be deposited with an Insurance Company to ensure that the funds deposited are completely protected and guaranteed. The insurer has yet to be determined
2. The funds will be in an endowment fund which should see better rates of return on the funds deposited than currently being paid on standard savings accounts or GIC’s.
3. The principle will always be protected and will continue to grow.
Some growth may be tax exempt, again this is to be determined.
4. Business Development loans can be secured from the endowment fund through the insurer or Financial Institution (to be determined) without reducing the principle amount of the endowment fund.
5. Interest will be earned on the loan. Loans have to be repaid in full.
6. An option will be available from the fund to invest in other business opportunities and receive dividends back to the fund on these investments.
7. The management of the fund is handled by a Board of Trustees that consider the business opportunity / loan, ensure loans are repaid and look after the overall administration of the endowment. The Board of Trustees is to be announced at a future date.
8. The Trustees are governed by a Board of Directors that are ultimately
responsible for approval of loans, investments and the overall performance. The proposed fund operation criteria is currently being finalized. There will be more information available in the near future.