Managing Indigenous Assets

Southeast Alaska alum Vic Scarano weighs in on his responsibilities as CFO of an Alaska Native Claims Settlement Act corporation

by Vic Scarano

Vic Scarano
Chief Financial Officer
Goldbelt
University of Alaska Southeast
MBA class of 2006

Story Tools

• post a comment
• e-mail this story
• print this story
• order a reprint
• digg this
• save to del.icio.us

The company that I work for is an Alaska Native Claims Settlement Act (ANCSA) urban corporation. I came to Goldbelt in Juneau in May, 2007, after having been the chief financial officer for Shee Atiká in Sitka, Ala., for five years. Prior to that, I was the CFO for the local community hospital. Recently, I attended the University of Alaska Southeast and received an MBA in July, 2006.

Goldbelt is a for-profit corporation just like any other, except its beginnings are rooted in the settlement offered in the early 1970s by the U.S. Congress to the indigenous peoples of Alaska as a means to provide some compensation for their land claims. In essence, we manage the assets of the native Alaskans who make up the shareholder base. Even though the organization resides in a small Alaskan town, it is extremely complex in its makeup and activities, which definitely challenged me in the beginning. Even though Goldbelt is an ANCSA urban corporation like Shee Atiká, they have significantly different operations. Goldbelt runs tourism activities and has several small companies that do business with the federal government.

Jack-of-All-Trades

My current responsibilities are as diverse as the administration team. Business development, risk management, short-term investment, real estate projects, budgeting, etc. Wasn't it easier when you just did one thing?

A typical day at work goes like this:

6:30 a.m.—I get in the office and boot up my computer with one hand while pushing the press down on the coffee pot with the other. I check voice mail, e-mail, and prepare for the day.

7:30 a.m.—I meet with the chief executive and vice-president of operations to discuss real estate development to support a large-scale commercial/industrial project. There is conflict, as always, with various entities, so we try to focus on what opportunity lies within or outside of that conflict.

8 a.m.—Get back to putting together an application for a Small Business Administration 8(a) organization in the D.C. area. We have identified an opportunity with partners to contract with the government to further diversify our book of offerings.

10:30 a.m.—Calls with insurance agents, 401(k) providers, Web developers, and lenders. I started this job a couple of months ago, and we are moving forward with opportunities to diminish cash outflows and reduce overall costs, as well as providing better options for employee retirement. It consumes an enormous amount of energy and effort. CFO is just another term for jack-of-all-trades...

See Full Version

Scarano is chief financial officer of Goldbelt, and a member of the University of Alaska Southeast's MBA class of 2006.