2019 Dividend/Distribution Schedule

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 2019, including:

  • regular shareholder dividends, which have been declared by the Board and are consistent with CIRI’s dividend policy
  • CIRI Settlement Trust (CST) distributions
  • resource revenue, or 7(j), payments
  • payments from the CIRI Elders’ Settlement Trust

Direct Deposit Sign-Up Deadline (3 p.m.) Address Change and Cancel Direct Deposit Deadline (3 p.m.) Record Date Mailing Date Regular Dividends* Resource Revenue Payments** CIRI Elders’ Settlement Trust Payments***
Feb. 25, 2019 Feb. 28, 2019 March 8, 2019 March 8, 2019 $450.00
March 11, 2019 March 20, 2019 March 21, 2019 March 29, 2019  $9.03/share

Total payout: $5,668,131

March 11, 2019 March 20, 2019 March 22, 2019 April 1, 2019  $19.2334/share

Total payout: $12,072,508

June 3, 2019 June 6, 2019 June 14, 2019 June 14, 2019 $450.00
June 10, 2019 June 21, 2019 June 24, 2019 June 28, 2019  $9.03/share

Total payout: $5,668,131

Sept. 3, 2019 Sept. 5, 2019 Sept. 13, 2019 Sept. 13, 2019 $450.00
Sept. 9, 2019 Sept. 20, 2019 Sept. 23, 2019 Sept. 30, 2019  $9.03/share

Total payout: $5,668,131

Nov. 18, 2019 Dec. 2, 2019 Dec. 3, 2019 Dec. 10, 2019 $10.51/share

Total payout: $6,597,127

Nov. 18, 2019 Dec. 2, 2019 Dec. 13, 2019 Dec. 13, 2019 $450.00

*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. 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).

**CIRI Settlement Trust (CST) Distributions

Payments from the CST Distribution Fund are paid to the beneficiaries of the CST who own CIRI shares (including personal representatives or other successors, as defined by law) on a pro rata basis according to the class, series and number of CIRI shares that each beneficiary owns on the record date set for each distribution.

***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. 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.

****Elders’ distributions

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.

As previously explained, it is anticipated the Trust portfolio will only be able to fund Elders’ payments for the first three quarters of 2019. The CIRI Board has approved providing the necessary funding to cover any shortfall, thereby ensuring that all eligible Elders will receive full payments in 2019. Thereafter, the CIRI Board proposes to provide Elders’ benefits through the CST Elders’ Fund, maintaining the currently level of payments and eligibility requirements of the CIRI Elders’ Settlement Trust, assuming adequate CST funding.