This information is current as of January 7, 2015.
CIRI’s IRS Forms 1099 will be mailed to shareholders no later than January 31, 2015, as required by law. CIRI’s finance and accounting department is currently determining the proper treatment of the various types of distributions CIRI made to shareholders in 2014 with respect to IRS reporting requirements. Once determined, the information will be available on this recording, on the CIRI website and in the Raven’s Circle newsletter.
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. The trust mandates quarterly payments of $450 per eligible Elders for as long as the trust has assets available to make the distributions. Original shareholders who are 65 years of age or older, and who own at least one share of CIRI stock as of these dates, are eligible to receive payments, and need to do nothing but keep a current mailing address on file.
CIRI’s dividend policy states that the total CIRI dividend payment to shareholders in any given year is equal to 3.50 percent of total shareholders’ equity, calculated as of December 31 of the prior year. The CIRI Board has approved the following payment dates for 2015: March 31, April 2, June 30, September 30 and December 9. Dividend amounts will be calculated shortly before the date of record for the 2015 first quarter dividend distribution, 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,” which means all 2014 expenses and income must be received and either paid or properly accounted for. Next, the accounting and finance department will prepare CIRI’s 2014 financial statements, after which an independent accounting firm is retained by CIRI to review its financial statements and confirm their accuracy. This process will determine CIRI’s total shareholders’ equity upon which the 2015 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.
Once available, a table containing the amounts for each type of payment CIRI expects to issue to shareholders in 2015 will be posted on CIRI’s website. Dividend and distribution amounts and information will also continue to be announced on the hotline, on the website and in the Raven’s Circle newsletter.
Checks and direct deposit vouchers are mailed to the address on file with CIRI, and cannot be picked up. Shareholders with returned mail—including shareholders who have direct deposit—will not receive distributions until the address has been updated. A list of shareholders with returned mail is continually updated and may be found on the CIRI website.
If your address has changed, be sure to send a signed address change request to CIRI and to also update your address with the United States Postal Service. If your CIRI address does not match the address you have on file with the Postal Service, your CIRI mail—including dividends—may not reach you. CIRI address change forms can be downloaded Address Change Form (PDF)“>here, or you may send a signed, written address change request that includes a current telephone number. Address change forms can be mailed to CIRI at PO Box 93330, Anchorage, AK 99509, or faxed to 907-263-5186. If faxed, please call shareholder relations as soon as possible to confirm receipt. Forms and information on changing your address or submitting a mail-forwarding request with the Postal Service are available at www.usps.com and at your local post office.
To receive dividends faster, sign up for direct deposit. Direct deposit forms are available from shareholder relations and may also be downloaded here. To cancel direct deposit, please submit a signed, written request to shareholder relations.
As a reminder, CIRI does not withhold taxes from distributions; however, shareholders who anticipate owing tax on their distributions have the option of making quarterly estimated tax payments directly to the Internal Revenue Service themselves. To find out more about applicable federal and state tax requirements or making quarterly estimated tax payments, please consult with a tax advisor or contact the IRS directly.