January 22, 2018
WEST POINT GRADUATE NEW CEO OF LDF BUSINESS DEVELOPMENT CORPORATION
The Lac du Flambeau Business Development Corporation, the non-gaming economic development arm of the Lac du Flambeau Band of Lake Superior Chippewa, today announced the arrival of CEO Darold Londo.
“Darold’s depth of experience, talent and education elevates the BDC to an entirely different level of leadership,” Board President Nicole Chapman-Reynolds says. “He has a record of making sound business decisions, a keen eye for details, and the ability to see and assess opportunities where others have not.”
“As a board, we took a long hard look at candidates to lead this organization,” she adds. “We’ve grown year over year, and we believe we’re in position to take that next giant leap in creating opportunity and growth for the Tribe, its Membership and the greater Lac du Flambeau area.”
Londo brings a wealth of expertise and experience as an entrepreneur, corporate executive and lawyer. He has a record of transforming and growing small-private to large-industry-leading international public companies. During his 25 year career, his c-suite experience includes roles as CEO, President, COO and GM. Industry experience includes telecommunications, real estate development, gaming, hospitality and private equity.
“Darold’s military background and business acumen offer stability, foresight and organizational leadership necessary for sustained growth,” President Joseph Wildcat Sr. says. “As the BDC grows, so will grow the greater Lac du Flambeau community in terms of jobs and revenue opportunities.”
After graduating from the U.S. Military Academy at West Point, Londo earned his Masters of Business Administration from Rensselaer Polytechnic Institute in Troy, N.Y. and his Juris Doctorate from the University of Wisconsin Law School in Madison.
“Working alongside the team at the Business Development Corporation gives me an opportunity to make a meaningful life-long impact that spans generations,” Londo says. “The BDC is a catalyst for the Tribe and its Members to create an economic path toward sustained, self-determination. I’m proud to be a part of creating that future alongside all the men and women who choose to work at the BDC.”
Londo and his wife are graduates of Minocqua, Wis., Lakeland Union High School. Two of their children currently attend the U.S. Military Academy at West Point, and the third is a graduate of the Culinary Institute of America at Hyde Park, N.Y. He resides in California where he works as a professional chef.
December 20, 2017
LDF BUSINESS DEVELOPMENT CORPORATION ANNOUNCES SUCCESSFUL FINANCIAL AUDIT RESULTS
Dear Tribal Members,
The LDF BDC Executive Management Team and Board of Directors are pleased to report to Membership a successful conclusion to our recent financial audit by an outside, independent audit firm. The purpose of the audit is consistent with the BDC’s ongoing commitment to transparency and communication. Membership confidence and understanding of BDC’s direction and financial health is a priority.
Certified public accounting firm WIPFLi conducted the 2015-16 audit of BDC, the non-gaming economic development arm of the Lac du Flambeau Band of Lake Superior Chippewa.
After reviewing BDC financial reports, the independent auditors concluded BDC Executive Management submitted accurate financial reports. The auditors also concluded BDC financial processes and reporting follow generally accepted accounting principles and accurately reflects BDC’s financial health.
The full report is available for review by Tribal Members at the LDF BDC offices. The following are highlights of the 29-page independent auditor report. Auditors determined the following to be accurate statements.
INDEPENDENT AUDITOR HIGHLIGHTS OF BDC FINANCIAL REPORTING:
- 22% growth in jobs for a total of 78 employees during the audit period
- 9% growth in assets
- 78% growth in operating revenue
- The BDC Executive Management Team followed accounting and financial reporting standards set by the Governmental Accounting Standards Board.
- The Notes to Financial Statements provided by the Executive Management Team are accurate. These include insights into all the BDC businesses, organizational structures, financial arrangements, risk exposure, contingencies, regulatory requirements, cash flows, revenue streams, established reserves, among others.
TRIBAL MEMBERS ENCOURAGED TO REVIEW FULL AUDIT REPORT AT BDC OFFICES
The Tribe exerts significant influence over the BDC through Tribal Council appointments of BDC Board Members and direct Board involvement by the Tribal Council President and Secretary. However, we encourage Tribal Members to review the actual audit report. The audit report is available for Tribal Member review in person at the BDC offices. The BDC is open 8 a.m. to 5 p.m. Monday through Friday. If you’re unable to visit us during regular office hours, we would gladly arrange a time that works for you. Please call (715) 388-0502 or email email@example.com.
Respectfully Submitted By BDC Executive Management Team:
Darold Londo, CEO
Randy Soulier, COO
Melissa Doud, Corporate Director
Beth Gilsoul, CFO
November 2, 2017
Lac Du Flambeau Business Development Corporation Announces New Board Members
The Lac du Flambeau Business Development Corporation, the non-gaming economic development arm of the Lac du Flambeau Band of Lake Superior Chippewa, today announced its newest board members.
New board members include: Board President Nicole Reynolds-Chapman, Vice President Edmund Peterson, Treasurer Chris Soulier, Secretary Patricia Marquez, and Member-At-Large Phillip Chapman, Jr. Ex-Officio Board Members include the LDF Tribal Council President Joseph Wildcat, Sr., and Tribal Council Secretary Beverly LaBarge. All are enrolled Members of the Lac du Flambeau Band of Lake Superior Chippewa.
“We are well-positioned to pursue different economic development opportunities that generate revenue and create jobs while respecting our Tribal cultural values,” Tribal Council President Joseph Wildcat, Sr. says. “The BDC continues to grow and diversify in terms of revenue and job creation in areas including construction, financial services, lending, retail and media.”
“All of us from the board of directors to the executive management team take seriously the responsibility of creating a sound economic future for the Seventh Generation,” LDF BDC COO Randy Soulier says. “We welcome our new board members and look forward to continuing to generate new revenue opportunities and the family-sustaining jobs and well-paid careers for those who want to join us. There’s so much potential to build a successful economy that benefits Tribal Membership and the greater Lac du Flambeau community.”
About LDF Business Development Corporation
The LDF Business Development Corporation was created by the Lac du Flambeau Tribe to mirror successful Tribes, create jobs, and generate revenue outside of gaming. As an economic art of the Tribe, the BDC and businesses under its umbrella are designed to contribute to the general fund while at the same time, maintain investment capital for future projects and business ventures.