Money for nothing
Poor controls may have cost Navajo Nation $14 million

Copyright © 2010
Gallup Independent
By Kathy Helms
Diné Bureau

WINDOW ROCK — Twenty years after appropriating $21 million into the Business and Industrial Development Fund to stimulate economic development, the fund has a viable asset of about $27 million, a loan delinquency rate of 60 percent, and a stack of loans worth millions of dollars that can’t be collected because the statute of limitations has run out.

The Navajo Nation Office of the Auditor General conducted a special review of the BIDF since its 1987 inception through March 2009.

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