Revenues down for Six Nations economic development corporation

The Six Nations of the Grand River Economic Development Corp. made $23 million in 2021- down from the almost $30 million it took home in 2020.

On-reserve enterprises (Six Nations Bingo being one of them) lost about $4 million in revenue in 2021, accounting for the largest decrease in the corporation’s five revenue streams, the other four being off-reserve enterprises, trust income, joint ventures, and amortization of deferred capital contributions.

But while revenue decreased, so did expenses. Operating costs dropped from $10 million in 2020 to $7.3 million in 2021. Salaries and benefits dropped from $4.4 million to $4.1 million while interest payments increased, from $1.4 million to $2.2 million.

Total expenses dropped from $18.9 million to $16.1 million.

The corporation still walked away with an excess revenue of $7.2 million in 2021. In 2020, the corporation had $10.9 million in excess revenue.

From the excess revenue, $1.8 million was given to the Economic Development Trust (EDT) in 2021. The EDT disperses funds to community projects and organizations every year through an application and grant system.

The Six Nations Bingo Hall was closed for much of the pandemic in the past two years, as were other on-reserve operations under the SNGRDC, including Chiefswood Park and The Gathering Place.

Despite the loss in revenue, SNGRDC highlights the launch of its online bingo operations and recognition as one of Canada’s Best Managed Companies as achievements in 2021.

SNGRDC, through the economic development trust, plans to disperse almost $2 million this year.

Six Nations Housing will be the largest recipient, at an estimated $1.06 million. Other contributions include (estimated): the Six Nations Language Commission, at $300,000; Kayanase Greenhouse, at $203,000; Ganohkwasra, at $280,000; and Woodland Cultural Centre, at $68,000, as well as other community projects.

The number of employees at SNGRDC dropped, too, from 129 employees in 2019, to 76 employees in 2021.

SNGRDC was launched in 2015 to manage economic ventures on and off reserve with the aim of building economic self-sufficiency on Six Nations.

SNGRDC published its annual report last week and can be found on its Website and Facebook page.

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