From Deseret News archives:

Ute leader 'in dark' on finances

Revenue, expenditures not shared at meetings

Published: Thursday, July 6, 2006 12:30 a.m. MDT
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The federal government, meanwhile, is forthright about the remaining $107 million in water-settlement funds. That money is invested by law with the federal Office of the Special Trustee for American Indians (OST).

Legislation is required to remove the tribe's money from the government accounts, which are specifically earmarked for agriculture, fisheries and recreation enhancement on the reservation.

Jurrius has been critical of keeping the money in the government-managed accounts, which he maintains have lost money for the tribe and are not aggressive in their investment strategies.

Cuch invited Richard Zakrzewski, the OST investment officer who is charged with overseeing the tribe's settlement funds, to tell tribal members what the federal government is doing with their money. Zakrzewski in April gave tribal members financial statements on how the settlement funds are invested.

The tribe has 24 government accounts, with $85 million invested in government bonds and $22 million invested in treasury overnighters, Zakrzewski said. They earn just over $4.5 million annually in interest.

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At Jurrius' behest, the tribe in 2003 requested to withdraw the $107-million from the government accounts. Because of that request, the OST put some of those funds in the overnight account, Zakrzewski said, "to ensure that when the tribe's application to withdraw its funds was approved, the money would be available for immediate transfer." Jurrius dropped that request in 2005, but some of the money has remained invested in the overnighters.

Zakrzewski said he had been to Fort Duchesne to meet with the Business Committee every other year since 1994 through 2000 to review their investment objectives, cash-flow needs and develop a portfolio. Those invitations ceased when Jurrius was hired, until this year.


E-mail: ubsnews@ubtanet.com

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