Qayqayt | New Westminster Indian Band
The Qayqayt First Nation is located in Southwestern British Columbia in Metro Vancouver. Its traditional territory includes the following British Columbia cities: Langley, Mission, Surrey, New Westminster, Maple Ridge, Pitt Meadows, Coquitlam, Port Coquitlam, Burnaby, Richmond, and Vancouver.
Overview
Last Updated 2026-03-27 00:41:37 UTCBand Council
RONALD LEE
Councillor
ROBERT BANDURA
Councillor
RODNEY BANDURA
Councillor
Administrative Contacts
Financial Overview
NEW WESTMINSTER INDIAN BAND FINANCIAL SUMMARY
Fiscal Year 2022-2023 (Ending March 31, 2023)
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DISCLAIMER: This financial summary was generated using artificial intelligence
based on publicly available audited financial statements and has been reviewed
by a human analyst. While care has been taken to ensure accuracy, users should
verify critical information against the original audited financial statements
prepared by Vohora LLP.
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EXECUTIVE SUMMARY
New Westminster Indian Band (Qayqayt First Nation) generated total revenue of
$417,005 in fiscal 2022-2023, representing a 140.5% increase from the prior
year. The Band recorded an annual deficit of $12,436, an improvement from the
prior year deficit of $22,313. Cash position strengthened to $975,393 from
$800,487. The Band has no land base and consists of only twelve members, making
it one of Canada's smallest First Nations. Deferred contributions increased to
$1,397,891 from $794,073, primarily from gaming revenue sharing and specific
claims funding. The Band has no long-term debt and maintains a diversified
revenue base including specific claims, negotiation funding, gaming revenue,
and government assistance programs.
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FINANCIAL POSITION
Total Assets: $1,393,492
- Financial Assets: $1,206,168 (includes Cash: $975,393)
- Accounts Receivable: $228,800
- Assets Held in Trust: $187,276
- Ottawa Trust Fund: $1,913
- Investment in BC Gaming Partnership: $110
Total Liabilities: $1,408,817
- Accounts Payable: $9,499
- Employee Deductions Payable: $1,427
- Deferred Contributions: $1,397,891
Net Financial Assets: $(15,325) (accumulated deficit)
Accumulated Deficit: $(15,325) (increased from deficit of $2,889 prior year)
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REVENUE & OPERATIONS
Total Revenue: $417,005 (up 140.5% from prior year)
Major Revenue Sources:
- Specific Claim: $94,350 (22.6%)
- Negotiation Funding: $100,000 (24.0%)
- Government Assistance COVID-19: $82,900 (19.9%)
- BC Gaming Revenue: $51,570 (12.4%)
- IPT Refund: $47,221 (11.3%)
- Band Support Funding: $27,790 (6.7%)
- First Nations Health Authority: $13,000 (3.1%)
- Miscellaneous Revenue: $174 (0.04%)
Total Expenditures: $429,441 (up 119.4% from prior year)
Major Program Expenditures:
- General and Administrative: $235,091 (54.7%)
- Research and Negotiations: $194,350 (45.3%)
Specific Expenditure Categories:
- Specific Claim Expenditure: $94,350 (22.0%)
- Wages and Honoraria: $84,477 (19.7%)
- Band Member Supplements: $82,900 (19.3%)
- Negotiation Expenses: $100,000 (23.3%)
- Disbursement Fees: $47,221 (11.0%)
- Professional Fees: $17,426 (4.1%)
Annual Deficit: $(12,436) (improved from deficit of $22,313 prior year)
Operating Margin: -3.0%
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KEY FINANCIAL METRICS
- Financial Assets to Liabilities Ratio: 0.86:1
- Debt-to-Assets Ratio: 0%
- Self-Generated Revenue: 80.1% of total (excluding government transfers)
- Cash Reserves: 27.3 months of operating expenses
- Investment in BC Gaming Partnership: $110
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CHIEF & COUNCIL REMUNERATION
Name Position Remuneration Expenses Total
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Rhonda Larrabee Chief $73,000 $0 $73,000
Sharel Wright Councillor $18,000 $0 $18,000
Monito Bandura Councillor $8,000 $0 $8,000
Paul Lee Councillor $18,000 $0 $18,000
Rod Bandura Councillor $18,000 $0 $18,000
Total Governance Compensation: $135,000 (32.4% of total revenue)
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SPECIAL NOTES
Legal Claims Contingent Liability:
The Band has significant legal claims against the Government of Canada. As of
March 31, 2023, accumulated loan balances related to these claims totaled
$3,443,935, including $2,802,573 in principal and $641,362 in accrued interest.
These amounts are secured by an insurance policy providing "no win, no pay"
protection - if claims are unsuccessful, the insurer pays the loan; if
successful, settlement proceeds repay the loan. Therefore, no liability is
recorded on the financial statements.
Context:
New Westminster Indian Band (Qayqayt First Nation) was originally formed in
1879 and is the only registered First Nation in Canada without a land base.
With only twelve members, it is one of Canada's smallest First Nations.
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Source: Audited consolidated financial statements, Vohora LLP, February 20, 2024
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