CIRI’s dividend policy states that the total CIRI dividend payment to shareholders in any given year is equal to 3.5 percent of total shareholders’ equity, calculated as of Dec. 31 of the prior year. For 2017, the amounts of the first through third quarter dividends were previously calculated and will be $8.53 per share (or $853 per 100 shares). We are pleased to announce that CIRI’s prior-year financial statements have been reviewed, and confirmed, and the amount of the fourth quarter dividend has been calculated at $10.10 per share (or $1,010 per 100 shares).
Checks and vouchers for the first quarter dividend will be mailed on Friday, March 31, to all shareholders with a valid address on file with CIRI as of 3:00 p.m. on Wednesday, March 22. If you participate in direct deposit and have a current address on file, your payment will be electronically transmitted to your designated account by 6 p.m. on March 31.
For shareholders who own at-large shares and have a valid mailing address on file as of 3:00 p.m. Wednesday, March 22, a resource revenue payment in the amount of $10.233 per share (or $1,023.30 per 100 shares) will be mailed or directly deposited by 6 p.m. Alaska Daylight Time on Monday, April 3. Resource revenue payments for shareholders who own village-class shares are mailed directly to their village corporations, as required by the Alaska Native Claims Settlement Act (ANCSA). If you have a Qenek portal account, you may access information on the type of stock owned via the portal. Resource revenue payments are made in accordance with Section 7 (j) of ANCSA, which directs the sharing of resource revenues among the twelve regional corporations within the state of Alaska.
Although the deadline for signing up for direct deposit or changing an existing direct deposit instruction for the first quarter and resource revenue distributions has passed, it’s not too late to sign up for direct deposit for future distributions. Besides receiving dividends faster, shareholders who participate in direct deposit are eligible for prize drawings. If you receive your dividends in check form and are not interested in direct deposit, we urge you to consider taking advantage of remote deposit. Visit here or contact Shareholder Relations for more information.
A list of shareholders who do not have a current mailing address on record is continually updated and may be found here. When CIRI mail is undeliverable, distributions are held and the shareholder does not qualify to participate in any prize drawings until the address is updated. This is true even if a shareholder has his or her dividends electronically deposited. Additionally, if you fail to notify CIRI of a new address before a specified deadline and your check is sent to your old address, CIRI cannot reissue that check to you unless it is either returned to us, or a minimum of 90 days has elapsed.
If your address has changed, be sure to update your address with both CIRI and the United States Postal Service. These addresses must match or your CIRI mail may not reach you. If you have a Qenek portal account, you can submit an address change update online via the portal. Alternatively, you may submit a completed CIRI address change form – available here – or a signed, written address change request that includes a current telephone number. Address change forms and requests can be scanned and emailed to email@example.com, 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 U.S. Postal Service are available at www.usps.com or your local post office.
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.