IRS form 1099s reflecting all 2018 payments will be mailed to shareholders no later than Jan. 31, 2019. Shareholders with Qenek accounts will be able to view and print their 1099s in the shareholder portal prior to receiving copies in the mail.
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 2019: March 29, April 1, June 28, September 30 and December 10. Dividend amounts will be calculated shortly before the date of record for the 2019 first quarter dividend, which generally falls in the last two weeks of March.
As the first step in the process, the Company’s 2018 accounting books must be “closed,” which means all 2018 expenses and income must be received and either paid or properly accounted for. Next, the accounting and finance department will prepare CIRI’s 2018 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 2019 dividends will be based. Prior to the completion and audit of the financial statements, there is enough information available to estimate the ending shareholders’ equity balance upon which the dividends are based, enabling the amounts of the first through third quarter dividends to be declared. When the statements are complete and have been reviewed and confirmed, 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 2019 will be posted on CIRI’s website. Dividend and distribution amounts and information will also continue to be announced on CIRI’s hotline, on the website and in the Raven’s Circle newsletter.
The trustees of the CIRI Elders’ Settlement Trust have approved the 2019 Elders’ Trust distribution schedule, with payments scheduled for March 8, June 14, September 13 and December 13. The Trust mandates quarterly payments of $450 per eligible Elder 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.
As has been previously explained, it is anticipated the Trust portfolio will only be able to fund Elders’ payments for the first three quarters of 2019, and the Trustees have been working with CIRI to explore options to ensure Elders continue to receive quarterly payments. In the interim, 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.
A list of shareholders who do not have a current mailing address on record is continually updated and may be found here. Without a valid address, all payments ‒ including direct deposits ‒ are held, and the shareholder does not qualify to participate in any prize drawings. When a shareholder fails to notify CIRI of a new address before a specified deadline and the check is sent to the old address, CIRI cannot reissue that check 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 U.S. 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 mailed to CIRI at PO Box 93330, Anchorage, AK 99509, photographed or scanned and emailed to email@example.com, 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.