2014 SHAREHOLDER DIVIDENDS
CIRI's dividend policy states that the total CIRI dividend payment to shareholders in any given year is equal to 3.50 percent of the total shareholders' equity, calculated as of Dec. 31 of the prior year. The CIRI Board generally sets the dates of record for shareholder distributions in late February, and preliminary dividend amounts are typically calculated no later than shortly before the date of record for the first quarter dividend distribution, which generally falls within the last two weeks of March.
As the first step in the process, the Company's accounting books for the prior year must be "closed" (i.e., all expenses and income must be received and either paid or properly accounted for). As the next step, the Accounting and Finance Department prepares CIRI's financial statements, after which an independent accounting firm is retained by CIRI to review its financial statements and confirm their accuracy. This process determines CIRI's shareholders' equity upon which the current-year dividends will be based. Prior to the completion and audit of the financial statements, the Accounting and Finance Department has enough information to estimate the ending shareholders' equity balance upon which the dividends are based, enabling the amounts of the first, second and third quarter dividends to be declared. Once the financial statements are completed and have been reviewed and confirmed by the independent accounting firm, the amount of the fourth quarter dividend is able to be calculated and announced.
As in the past, dividends are announced in the newsletter, CIRI's website and the dividend hotline, which can be accessed by dialing (907) 263-5100 in Anchorage or toll-free outside of Anchorage by dialing 1-800-764-2435 (CHEK).
RESOURCE REVENUE DISTRIBUTION
The yearly amount of CIRI's resource revenue distribution is calculated shortly after CIRI's annual audited financial statements for the prior year are approved. Once calculated, the amounts are immediately announced to shareholders via this Website, the CIRI newsletter and the dividend hotline (907-263-5100 or 1-800-764-2435), with the actual distribution made shortly thereafter. As required by ANCSA, resource revenue payments associated with at-large shares are paid directly to the shareholder, while resource revenue payments associated with village class shares are paid to the underlying village corporation.
Payments from CIRI's Elders' Settlement Trust are paid to original CIRI shareholders who are 65 years of age or older on the approved payment dates, providing they own at least one share of CIRI stock. Original shareholders who are 65 years of age or older on the payment date but who own no shares, having gifted all of their shares away prior to implementation of the Elders' Settlement Trust (July 31, 2003), are eligible to receive payments from the Modified Elders Benefit Program, on the same dates and in the same amounts as Elders' Settlement Trust payments. The Trustees have not yet set the 2014 schedule of Elders' payments, but are expected to do so in the near future.