Kootznoowoo Inc., the village Native corporation for Angoon, earned a profit of $10,297 in 2002 after several years of losing money, company officials announced at the corporation's annual meeting Saturday.
The meeting was held in Angoon, 75 miles south of Juneau on Admiralty Island. The corporate office for Kootznoowoo is in Juneau.
Kootznoowoo has invested primarily in commercial real estate and some stocks and bonds, said Robert Hamilton, president and general manager of the corporation.
Though the corporation has lost money in recent years, it has begun a recovery, Hamilton said.
Shareholders approved a plan in 2001 to decrease the number of board members from nine to seven. The board lost one member last year and another this year. The change will save the corporation at least $7,600 per year, he said.
In an attempt to economize, the corporation liquidated Taquan Air, a regional airline in Southeast Alaska, in 2001, and eliminated the positions of chief executive and chief financial officers.
The primary order of business at the meeting was to elect two members of the corporation's board of directors, said Hamilton.
Ella Bennett received the most votes from the 150 shareholders present and the approximately 600 who voted by proxy. Seventy-six percent of the nearly 1,000 Kootznoowoo shareholders voted in the election.
Elgee, Rehfeld and Funk, an accounting firm in Juneau, is conducting a recount of the votes to determine who won the second seat, Hamilton said. An initial count showed Jean Hogue as the winner of the election, but her margin above board member Matthew Kookesh and newcomer Pamela Ann James was slim.
The recount will be completed as soon as possible, Hamilton said.
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