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, 2008. This year’s distribution to Class B shareholders will be $1,181.41 per 100 shares of Class B stock. Class A shareholders do not receive this distribution since by definition they are shareholders in a village corporation.
The 7(j) distribution stems from a revenue sharing provision of the Alaska Native Claims Settlement Act. 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.
If you have any questions regarding this distribution please contact Gloria at email@example.com, (907) 486-2530 or at (800) 658-3818.