Deadlines and other information relative to current distributions are announced in the Raven’s Circle newsletter, on the Distribution Deadlines page and on the distribution 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).
Additionally, a table containing the dates for all distributions expected to be issued in 2021 has been prepared to assist shareholders with planning and may be accessed in the Qenek shareholder portal. The table contains the approved dates for the payments CIRI and the CIRI Settlement Trust (CST) expect to issue to shareholders and CST beneficiaries who are CIRI shareholders in 2021, including:
- payments from the CST Distribution Fund
- resource revenue, or 7(j), payments
- payments from the CST Elders Fund
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*PAYMENTS FROM THE CST DISTRIBUTION FUND
The dividend policy adopted by the CIRI Board of Directors in 2007 set total CIRI dividend payments to shareholders in any given year at 3.5% of the total shareholders’ equity, calculated as of Dec. 31 of the prior year. After shareholders approved the creation of the CIRI Settlement Trust (CST) in 2019, the Board rescinded that dividend policy in favor of contributing the amounts that CIRI would have issued as dividends to the Distribution Fund of the CST, with the CST trustees agreeing to distribute the contributed amounts to CST beneficiaries who were shareholders of CIRI. Beginning in 2020, until and unless otherwise ordered or modified by the Board, CIRI will annually contribute 3.5% of the previous year’s ending shareholders’ equity balance to the Distribution Fund of the CIRI Settlement Trust. As with the prior dividend policy, this contribution will be made in four quarterly contributions, with the first three contributions equal to 24% of the total contribution and the fourth quarter contribution equal to 28% of the total contribution.
Distribution amounts are able to be calculated shortly before the date of record for the first quarter payment from the CST Distribution Fund, which generally falls within the last two weeks of March. As the first step in the process, CIRI’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, CIRI’s 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 CST Distribution Fund payments 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 distributions are based, enabling the amounts of the first, second and third quarter distributions 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 distribution is able to be calculated and announced.
**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, with the actual distribution made shortly thereafter.
As required by the Alaska Native Land Claims Settlement Act (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. Although ANCSA requires the regional corporations to pay resource revenue amounts associated with village-class shares to the associated village, it does not require the village corporations to then distribute those amounts to their shareholders. The decision of whether or not to do so is made by the directors of the respective village corporations.
***PAYMENTS FROM THE CST ELDERS FUND
CST Elders Fund distributions are paid to the beneficiaries of the CST who are original CIRI shareholders, and who are alive and 65 years of age or older on the approved payment dates, providing they either own at least one share of CIRI stock or gifted all of their CIRI stock to family members prior to July 31, 2003. CST Elders Fund payments are scheduled to occur in the same months as quarterly payments from the CST Distribution Fund 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.