Report From The CEO: An Ocean of Opportunity

Thanks to our dedicated and professional team members, 2021 was one of our best years ever. Against all odds, our crews harvested our quotas without a single COVID outbreak on our vessels. Our first full year of catching crab for our tribal partners in the community quota share partnership was not without its challenges, but despite low crab quotas we still enjoyed record revenues from robust seafood sales made possible by strong global markets for our sustainable, affordable, low-carbon pollock and our highervalue cod and crab products.

Success in our business operations led to success in our delivery of benefits to the community. Our local team members served record numbers of families across our region. Our Board approved an extra round of People Propel®, our largest and most popular program, which helps our residents afford the machines and equipment they need to thrive in rural Alaska. Our first-of-its-kind Honda warranty repair program operated for its first full year and is poised for future growth as our population continues to expand.

With that growth in mind, we have expanded our leadership to new arenas with a goal of improving the quality of life in our region. We advocated for more housing resources and, with Senator Lisa Murkowski’s help, convinced the U.S. Senate to look at stretching federal housing dollars further through CVRF’s rural housing program. We also stepped up to help Tununak meet minimum economic activity thresholds so it qualified for State of Alaska investments in water and sewer systems. Such infrastructure is fundamental to the success of communities everywhere, and there is no reason why our region should lack what other parts of Alaska and America take for granted.

Today, our region is suffering from unprecedented challenges to housing, food security, and our timeless cultural practices. Chinook and chum salmon runs are at all-time lows. Climate change, competition from foreign hatchery fish, intercept fisheries, and bycatch in the Bering Sea fleets are all to blame, to various degrees. While we know that trawl bycatch is only a small part of the problem, CVRF wants to be a big part of the solution. We have already adjusted our operations to move our vessels away from areas of high salmon bycatch and are working with regional and state organizations to promote greater research and monitoring, as well as support new technology development to reduce bycatch. In moments of need, we have provided salmon for our residents by purchasing fish from Bristol Bay, whose sockeye runs are seemingly unaffected.

Looking ahead, we know 2022 will be a challenge. Harvest quotas are down, especially for crab, and the salmon runs are not bouncing back quickly. Nonetheless, CVRF remains committed to leading the fishing industry in bycatch avoidance, developing new best practices for sustainability, and continuing to provide benefits to our growing region.

ERIC DEAKIN, CEO

COASTAL VILLAGES REGION FUND

Today, our region is suffering from unprecedented challenges to housing, food security, and our timeless cultural practices...CVRF wants to be part of the solution.

ERIC DEAKIN, CEO COASTAL VILLAGES REGION FUND