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Dividends & Legacy Fund

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Dividends to Shareholder to Date

NACFOR is a stand-alone entity, registered as a corporation in BC, with the Village of Nakusp as the sole owner and shareholder. One of NACFOR’s objectives is to disburse profits from operations, net of operating capital, to the local area. This is done through the NACFOR Dividends presented annually to the Village of Nakusp. Annually, the NACFOR Board of Directors conducts a thorough review and assessment of the current financial status of the Corporation to determine the dividend amount to be declared. Dividends are invested by the Village and held in the NACFOR Legacy Fund.

Left to Right: Aidan McLaren-Caux (Village Councillor and Council Rep on NACFOR Board), Ken Miller (Village Councillor), Tom Zeleznik (Mayor of Nakusp), Melissa Rode (NACFOR President), Anastasia Hewat (NACFOR Director), Susan DeSandoli (Village Councillor).

NACFOR declared a $100,000 dividend in 2021, bringing the total contribution to the NACFOR Legacy Fund to $2,094,435 since 2014. The NACFOR Board of Directors gave a brief presentation of 2020 operational highlights and presented the cheque to Village Council, NACFOR’s sole owner and shareholder at the October 12th, 2021 council meeting. Monies put into the NACFOR Legacy Fund per Bylaw 653, 2014, will go towards community projects in the Village of Nakusp, rural Nakusp, and RDCK Area K.

NACFOR declared a $400,000 dividend in 2020, bringing the total contribution to the NACFOR Legacy Fund to $1,994,435 since 2014. The NACFOR Board of Directors proudly presented these monies to NACFOR’s sole owner and shareholder, the Village of Nakusp, at the October 26, 2020 Council meeting. This is local business providing local employment, generating local profit, providing local benefits. The monies are put into the NACFOR Legacy Fund and used to benefit local projects in the Village of Nakusp, rural Nakusp and RDCK Area K.
Left-to-right are: Aidan McLaren-Caux (Village Councillor and Council Rep on NACFOR Board), Tom Zeleznik (Mayor of Nakusp), Randy Mackenzie (NACFOR Director) and Melissa Rode (NACFOR President).

NACFOR declared a $465,000 dividend in 2019, bringing the total contribution to the NACFOR Legacy Fund to $1,594,435 since 2014. The NACFOR Board of Directors proudly presented these monies to NACFOR’s sole owner and shareholder, the Village of Nakusp, at the June 24, 2019 Council meeting.

Left-to-right are: Melissa Rode and Randy Mackenzie (NACFOR Directors), Aidan McLaren-Caux (Village Councillor and Council Rep on NACFOR Board), Kathy Smith (NACFOR President), Tom Zeleznik (Mayor of Nakusp), Susan DeSandoli and Joseph Hughes (Village Councillors), Geoff Grout (NACFOR Treasurer and RDCK Area K Rep on the NACFOR Board) and John Cann (NACFOR Director).

NACFOR declared a $350,000 dividend in 2018, bringing the total contribution to the NACFOR Legacy Fund to $1,129,435 since 2014.

From left to right: Councillor Bill Tobey (Council-appointed NACFOR Director), Councillor Ulli Mueller, Mayor Karen Hamling, NACFOR President Kathy Smith, NACFOR Treasurer Geoff Grout, Councillor Len Heppner, Hugh Watt of True North Forestry Consulting Ltd. (NACFOR Management Team), NACFOR Director Walter Posnikoff, Councillor and NACFOR Director Tom Zeleznik, and NACFOR Director Aidan McLaren-Caux.

Kathy Smith, President of Nakusp and Area Community Forest (NACFOR) presents Village of Nakusp Mayor Karen Hamling with a cheque for $197,371, representing NACFOR’s 2016 Dividend. The funds will be put into the NACFOR Legacy Fund (Bylaw #653, 2014) and will be used on projects that benefit Nakusp and RDCK Area K. Pictured above are (back row l-r) Directors Bill Tobey (Village Council Rep), Geoff Grout and Tom Zeleznik, (middle row l-r) Directors Walter Posnikoff and Laura Latter, Councillor Ulli Mueller, Director John Cann, (front row l-r) President Kathy Smith, Mayor Karen Hamling and Hugh Watt of True North Forestry Consulting Ltd.

Kathy Smith, President of Nakusp and Area Community Forest (NACFOR) presents Village of Nakusp Mayor Karen Hamling with a cheque for $582,064, representing NACFOR’s 2013 Dividend. The Village of Nakusp has established a NACFOR Legacy Fund (Bylaw #653, 2014) to hold the funds and earn interest until a policy is developed for deciding how these funds and NACFOR’s future dividends can best be used to benefit Nakusp and RDCK Area K. This presentation represents the significant success of the Community Forest under the guidance of the Board of Directors and the management by True North Forestry Consulting Ltd of Nakusp. Pictured above are (back row l-r) Directors Tom Zeleznik, John Cann, Lee-Anne Marshall, (front row l-r) Laura Latter, President Kathy Smith, Frank Poirier, Mayor Karen Hamling and Hugh Watt of True North Forestry Consulting Ltd. Missing from the photo are Directors Bill Tobey and Cam Leitch.

NACFOR realized a profit in 2012 and has disbursed it through a granting process in 2014. Funds were distributed between the three funding zones:

  1. Nakusp,
  2. Nakusp/RDCK area K north of Arrow Park/Summit Lake Ski Hill, and
  3. RDCK area K south from Arrow Park to Edgewood.

During the adjudication process, the NACFOR Board decided to combine the funds allocated to the first two zones and adjudicate those zones’ project applications together, since the benefits of those projects overlap the boundary between the two zones. The NACFOR Board’s recommendations for funding were presented to Village of Nakusp Council who approved the recommendations at their October 14, 2014 Council meeting.

Mayor Karen Hamling and NACFOR President Kathy Smith presented cheques to the grant recipients. Here they are outside the NACFOR office.

NACFOR Legacy Fund:

The Village of Nakusp established the NACFOR Legacy Fund under the Nakusp and Area Community Forest Legacy Fund Bylaw #653 in 2014. Profits or dividends received from NACFOR are held in the NACFOR Legacy Fund to be used for projects that benefit the community. The Legacy Fund is not to be used for regular Village operations or expenditures. Funds may be distributed within Electoral Area K and the Village of Nakusp and to Summit Lake Ski Hill. 25% of the monies deposited to this Fund will be for distribution to projects benefitting Arrow Park South to Edgewood.

Projects Benefitted from NACFOR Legacy Fund: