But as August quickly passes, we begin to roll into the fall season. Which means we will have completed more than half of the year. The good news is 2001is shaping up to be a good year for our corporation.

And when we calculate in the $8.38 per share dividend from the first and second quarters of 2001 plus the $8.38 per share dividend the CIRI board declared for distribution in September, thatıs another $2,514 being paid in dividends so far this year.

What truly makes me proud is that the success of our regional corporation has allowed CIRI to pay to shareholders approximately $727.7 million since inception. That equates to a total of $116,004 for an at-large CIRI shareholder owning 100 shares since enrollment under ANCSA. Even after these distributions, shareholders still own a vital corporation with the potential to grow again. This is definitely an achievement to be proud of.

Of course, there will always be rumors about more special distributions, but those rumors are not true. CIRI will need time to make new investments, and try to grow again, before more large distributions are possible.

As I have discussed in this column before, starting in 2002, the corporation will also begin to feel the load of having to pay state and federal income taxes. This will have a profound impact on the corporationıs GAAP net income, which in turn will also affect shareholder dividends. We have been fortunate as an Alaska Native regional corporation to have the opportunity to utilize net operating loss carry forwards, but unfortunately, we will soon deplete our tax losses. As CIRI has to pay income taxes to the state and federal government in the future, there will be less money available for dividends and reinvestment.

While we are continuing to pay the normal dividend stream through the end of this year, let me be honest in saying I believe the dividend program will need to be redesigned next year in order to account for tax effects and for fluctuations in the corporationıs income. The CIRI board is committed to continuing with a regular dividend program, and, in fact, is working on structural alternatives to try to lower taxes and maintain dividends over time.

Believe me, we will do everything possible to try to maximize your interests now and in the future, and will keep you posted on developments in this area. Meanwhile, thank you for your continued support.

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