Once calculated, a table containing the dates and amounts for each type of payment CIRI expects to issue to shareholders in 2015 will be posted on this page.
2015 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 has approved the following payment dates for 2015 dividends: March 31, June 30, September 30 and December 9. Dividend amounts will be calculated shortly before the date of record for the 2015 first quarter dividend, which generally falls within the last two weeks of March.
As the first step in the process, the Company’s 2014 accounting books must be “closed” (i.e., all 2014 expenses and income must be received and either paid or properly accounted for). Next, the Finance and Accounting Department prepares CIRI’s 2014 financial statements, after which an independent accounting firm is retained by CIRI reviews its financial statements and confirms their accuracy. This process determines CIRI’s total shareholders’ equity upon which the 2015 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 CIRI Board has approved April 2 as the date for this year’s 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 of the CIRI Elders’ Settlement Trust have approved the 2015 Elders’ Trust distribution schedule, with payments scheduled for March 13, June 12, September 11 and December 11.