TULSA — Osage LLC’s books might not be pretty, but all signs point to them being clean.
At its Feb. 20 meeting, the Osage LLC board of directors said the company’s 2018 financial report is days away from completion after being reviewed by multiple people, including representatives from Finley and Cook and Baker Tilly. The announcement comes just months after a special session of the Osage Nation Congress to consider dissolving the company.
“There are a lot of basic accounting mistakes to correct,” Osage LLC Executive Vice President Gina Gray said. “But I’d rather they (the auditors) be right than quick.”
Once the report is finalized and approved by the board, a copy will be submitted to the Osage Nation Congress.
With those clean financials in mind, the board took the first step to potentially setting up four new businesses by authorizing Gray to draft and file articles of incorporation with the Osage Nation for as yet unnamed subsidiaries specializing construction support services, telecommunications, technology and securities and defense contracting.
“While we’ve been struggling … we now have enough visibility to stand up some new businesses,” board chairwoman Kay Bills said.
In order to build relationships and credentials within the industry, the proposed construction support services subcontractor would be set up as a protégé of a Seminole-owned business based out of Edmond.
The potential telecommunications company would not be based on the rural broadband grant awarded in 2018 to the nation and Osage LLC, nor would it automatically be a contractor for the tribe’s government.
“I have no idea what Osage Nation is doing for its telecom needs,” Bills said. “When we get the company built up and if they’re interested, we’ll certainly talk.”
In additional business, the board acknowledged that it has an obligation and a desire to have office space in Osage County. However, making such a move will not be financially feasible until Osage LLC’s lease at an east Tulsa business complex ends in December.
“We’d like to be in Osage County, but we’ll have to ride this lease out first,” Bills said.