Long-term Trustees Bill Adsit and Garry Merkel, along with new Trustees Otis Hiltz and Andrew Hiltz, were honoured to present to the Tahltan membership at the 2025 Tahltan Annual General Assembly (AGA) on July 6th in Dease Lake. This annual gathering provides an essential opportunity for the Trustees to connect with the membership, share updates on Trust’s activities, and present the Trust’s financials.
INVESTING FOR FUTURE GENERATIONS
Garry revisited the rationale for creation of the Tahltan Heritage Trust – to ensure current and future generations of Tahltans benefit from time-limited resource extraction – with a target of $200 million to support the Tahltan Nation’s goal to be self-sufficient.
ROLES AND RESPONSIBILITIES
Garry reminded members the responsibility and role of the Trustees is to preserve and manage the capital and distribute the earnings. The Trustees can only distribute what they have earned. The Tahltan Governments appoint the Trustees and are responsible for working with the Tahltan Membership to spend the distributions.
MODELLED ON BEST PRACTICES
Long-time Advisor Rob McPhee provided valuable insight into successful trusts (exampled by Norway): like the Tahltan Heritage Trust that invests the money the Trust receives each year, ensuring the capital is preserved and grows, and only distributes its earnings to the Tahltan Governments for initiatives that benefit the Tahltan members.
He compared the Norway and Alberta trust models, established in 1996 and 1976 respectively, to ensure their citizens benefit from oil resources. Norway has been unwavering in following its strategy, investing the majority of income and spending a small percentage; today it is the largest sovereign wealth fund globally (valued at over $1.8 trillion USD). Alberta’s approach has been less consistent, with periods of reduced contributions and heavy spending before resuming a dedicated strategy (today it’s valued at $27.2 billion but could have been much higher had the capital not been eroded).
A BENCHMARK FOR THE TRUST
Otis provided insightful perspective on the financial health of the Trust, compared to the many Indigenous Trusts he manages in his professional capacity as Trustee for Indigenous Trusts across Canada . He noted the Trust has:
- Obtained its funds from government revenue sharing and impact benefit agreements (other trusts have primarily received their funds from federal and provincial government settlements).
- A substantial and sustainable foundation (with a value exceeding $70 million), enabling it to grow year-over-year while generating significant income for the benefit of all Tahltans (other trusts are typically smaller and do not generate the same level of stable funding for their communities).
- Been well managed over the years and is more broadly diversified, with most of the capital in private and public investments. The Trust also avoids considerable external management fees by having the Trustees serve as the in-house Trust Manager.
A YEAR OF PROGRESS
Andrew recapped the Trust’s developments since the 2024 AGA. Most notably, the new 2024 Agreement was finalized with the Tahltan Governments and has been implemented. Along with onboarding Otis and Andrew as Trustees, the Trust has focussed on implementing policies, processes and procedures, including dedicated Trust emails for Trustees and a new SharePoint site to house documents.
FINANCIAL HEALTH
Bill walked through the financials for the 2024 fiscal year, which ended in Dember 31, 2024, noting this is the second year of providing audited financial statements.
- Total income increased from $7,572 million in 2023 to $11,998 million.
- Net income increased from $3,956,877 in 2023 to $11,536,254.
- At $452,250, expenses remain less than 1% of income, which falls within accepted practices for trusts.
- The sources of capital and income from funders totalled $75.7 million.
- Market securities (investments in stocks, bonds, GICs as well as the Northwest Hydro Projects) increased by 61% (from $24,374,957 in 2023 to $39,483,468).
- Investments fared well (61%) return, despite the turbulence of the market (which saw 80% decrease).
- The investment portfolio has grown by 59% in six years from $15.4 million in 2018 to more than $71.1 million in 2024. At this trajectory, the fund could reach $100 million in 5-6 years. Including the Northwest Power Project investment, the fair market value sits at $97.9 million.
FUNDS AVAILABLE FOR DISTRIBUTION
Garry reviewed the formula for calculating the annual earnings, which preserves the spending power of the capital to ensure equal or greater value for future generations.
He noted 2025 marks the second year of a fixed annual Funds Available for Distribution (FAD), which was set at $700,000 for three years. The Trustees introduced the fixed annual distribution to enable the delivery providers to confidently plan ahead. The annual earnings are still calculated annually to monitor overall financial performance and to inform projections for the 3-year fixed distribution.
The 2025 FAD is $833,450. This includes the $700,000 guaranteed amount plus $133,450 not distributed in 2024.
This brings total distributions since 2018 to an impressive $5.8 million to the TCG that it has used for the Tahltan Education Fund (supported by an AGM resolution approved by the membership). Tahltan Governments are expected to conduct member outreach to determine new priorities.
LEGACY BOOK PRESENTATION
Bill spoke to a special project in 2025 – creation of a Legacy Book to commemorate the milestone of the finalization of the 2024 Trust Agreement with the Tahltan Governments. The book tells the story of the Tahltan Heritage Trust’s journey, from its creation in 2007 to its evolution in 2024, and the legacy the Trust is creating for current and future generations.
After walking through a digital copy of the book, printed copies were presented to the Tahltan Governments as beneficiaries and the Trust’s legal counsel, acknowledging their contributions in developing the 2024 Trust. Copies are also being gifted to the 10 Tahltan Family Representatives and the funding contributors. Members can view the digital copy on the Trust website.
MEMBER RESOURCES
Members were reminded the Tahltan Heritage Trust’s website is a source for news, information, presentations and financials. They were encouraged to join the Trust’s email list, by filling out a form provided, to stay informed of news and developments,.
PRESENTATION MATERIALS
A question and answer session followed the presentation. For a detailed recap of the presentation and question and answer session, review the presentation and read the minutes. Questions can be directed to info@tahltanheritagetrust.com.