(May 4, 2010) Village corporations and individual Class B Shareholders will receive their portion of Koniag’s shared resource development revenue from other regional corporations on June 30, 2010. This year’s distribution to Class B Shareholders was $6.37 per share of Class B stock. Class A Shareholders do not receive this distribution since by statute as Shareholders in a village corporation these funds are paid to their respective village corporation.
The 7(j) distribution stems from a revenue sharing provision of the Alaska Native Claims Settlement Act (ANCSA). Section 7(i) of ANCSA requires each regional corporation to share 70 percent of its resource development revenues among all of the other regional Native corporations. Each region’s share is based on its original enrollment number. Each region, in turn, distributes half of the revenues it receives to its village corporations and Class B Shareholders. Resource revenues vary each year.
The deadline to send change of address information and Direct Deposit information updates is June 17, 2010. To request a Direct Deposit form, or for any questions regarding this distribution, please contact Gloria Bishop at firstname.lastname@example.org or Melinda Cortez at email@example.com by phone (907) 486-2530 or Toll Free: (800) 658-3818.