The accompanying table has been prepared to assist shareholders with financial planning. It contains the approved dates for the payments CIRI expects to issue to shareholders in 2016, including:
- regular shareholder dividends, which have been declared by the Board and are consistent with CIRI’s dividend policy
- resource revenue, or 7(j), payment
- payments from the CIRI Elders’ Settlement Trust
The 2016 CIRI Elders’ Settlement Trust payment schedule calls for quarterly payments of $450. Once calculated, the table will be updated with the amounts for the remaining types of payments CIRI expects to issue.
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|Record Date||Mailing Date||Regular Dividends||Resource Revenue Payments||CIRI Elders’ Settlement Trust Payments|
|Feb. 29, 2016||March 3, 2016||March 11, 2016||March 11, 2016||$450.00|
|March 14, 2016||March 22, 2016||March 23, 2016||March 31, 2016||To be announced|
|March 14, 2016||March 22, 2016||March 25, 2016||April 1, 2016||To be announced|
|May 31, 2016||May 31, 2016||June 10, 2016||June 10, 2016||$450.00|
|June 13, 2016||June 22, 2016||June 23, 2016||June 30, 2016||To be announced|
|Aug 29, 2016||Sept. 1, 2016||Sept. 9, 2016||Sept. 9, 2016||$450.00|
|Sept. 12, 2016||Sept. 22, 2016||Sept. 23, 2016||Sept. 30, 2016||To be announced|
|Nov. 21, 2016||Nov. 30, 2016||Dec. 1, 2016||Dec. 8, 2016||To be announced|
|Nov. 21, 2016||Nov. 30, 2016||Dec. 9, 2016||Dec. 9, 2016||$450.00|
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. Dividend amounts are typically calculated shortly before the date of record for the first quarter dividend, which generally falls within the last two weeks of March.
As the first step in the process, the Company’s prior-year accounting books must be “closed” (i.e., all prior-year expenses and income must be received and either paid or properly accounted for). Next, the Finance and Accounting Department prepares CIRI’s financial statements for the prior year, after which an independent accounting firm retained by CIRI reviews its financial statements and confirms their accuracy. This process determines CIRI’s total shareholders’ equity upon which current-year dividends will be based. Prior to the completion and audit of the financial statements, the Finance and Accounting 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 Elders’ payments are scheduled to occur in the same months as CIRI’s quarter distributions so as to reduce the number of months that some Elders lose their SSI payments because their monthly income exceeds limitations set by the Social Security Administration.