Diné Development Corporation CEO Austin Tsosie presented the check to the nation at the start of Wednesday’s Budget and Finance Committee (BFC) meeting. The payment will be distributed between the Navajo Nation’s General Fund and the Business and Industrial Development Fund.
“The Budget and Finance Committee has asked all Navajo Nation enterprises to contribute dividend payments to help provide direct services and other assistance that benefit members of the Navajo Nation,” said BFC chair Council Delegate Seth Damon (Bááháálí, Chichiltah, Manuelito, Tsé Lichíí’, Rock Springs, Tsayatoh), who expressed gratitude to the Diné Development Corporation for their consistent contributions to the nation.
Established in 2004, the Diné Development Corporation facilitates opportunities for the Navajo Nation through the creation of subsidiary corporations, joint ventures, and partnerships. Their business portfolio includes five companies: Nova Corp., BRIC, DDC ITS, Diné Source, and DDC 4C.
Tsosie emphasized the corporation is proud to help the nation expand its presence in global industries, but even more proud to be able to return sizeable dividends to the tribe.
“We have shifted our business model to incorporate a recurring tangible return to the Nation based on our profits; the more successful we are, the more the Navajo Nation will benefit,” Tsosie said.
Delegate Damon said the BFC would continue to request Navajo Nation enterprises to contribute to the Navajo Nation’s General Fund, especially when the Nation’s revenues may decline in the coming years.
In June the Navajo Agricultural Products Industry contributed $250,000 to the Nation, and in May the Navajo Nation Gaming Enterprise also contributed $10 million to the Nation’s Gaming Distribution Fund to benefit chapters.
