Conclusion The Finance Committee has previously committed to using any excess Budget savings to pay down the $2.8 million mortgage on the Building. After the 2022 Anaheim Tradeshow is complete, the Chairman, in conjunction with the Treasurer, will be provided with an optimal scenario on how best to begin paying down NIGA’s outstanding mortgage. The mortgage is a thirty (30) year loan at 3.65%, with a 10 year principal payment of $2.4 million due in 2027. NIGA and the Finance Committee’s stated goal is to prudently pay down the principal well before it is due. To start the FY 2022 year, the Association is in a strong position to fund its daily operations for the entire year. With a strong Anaheim Tradeshow, the Association could be in a great position to pay back the Clarion $1.5 million loan, and start to catch up on halted building projects and catch-up on personnel costs, including: • Tribal Leaders’ Lounge: Approx. $140,000 in construction costs, due to begin construction prior to Pandemic. The Association still intends to have a Tribal sponsorship for $500,000 to ultimately cover the costs; Kevin Leecy is still actively pursuing Tribal Sponsorship for the project. • 401k Profit Sharing Catch-up from 2018-2021 (approx.. $200,000) • Implementation of Deferred Salary under NIGA Pension’s Plan ( Separate Memos forthcoming on these plans and catch-up) • Hiring of two to three new employees for Administrative and Public Relations Support. The replacement admin positions have been budgeted for in the FY 2022 proposed budget, even though they remained unfilled in FY 2021. Sincerely,
Jason Giles Executive Director
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