Frequent Questions


 

  • What is Koniag?

    Koniag was incorporated June 23, 1972, under the laws of the State of Alaska, pursuant to the Alaska Native Claims Settlement Act (ANCSA). ANCSA provided land and cash payments as compensation for the aboriginal land claims of Alaska Natives. The settlement also established Native regional and village corporations to manage these assets for the 80,000 Natives enrolled as Shareholders.

    Koniag is one of 13 regional corporations established by ANCSA. Approximately 3,800 people of Alutiiq heritage were enrolled as Shareholders to the corporation. Although each may have ancestral ties to the Kodiak area, many of Koniag’s Shareholders now live elsewhere in Alaska and the Lower 48 states.

    As a for-profit corporation, Koniag has a duty to its Shareholders to manage its corporate assets for their benefit. Since 1997, Koniag has pursued diversified investments designed to ensure long-term profits, stability, and growth. The business mix includes primarily real estate, operating companies and securities (stocks and bonds). Koniag also is responsible for managing the land it received under ANCSA and any development on that land.

  • What is unique about an ANCSA Corporation?

    ANCSA marks a new approach to settling Native land claims in that Congress elected to establish for-profit corporations to hold specified lands, rather than follow the model of creating reservations with settlement lands being held in trust by the Bureau of Indian Affairs.

    The ANCSA corporations are meant to be sustainable economic engines that benefit Alaska Native people, most of whom are economically distressed.

    There are 13 regional corporations and more than 200 village and urban corporations created under ANCSA.

  • How do I become a Koniag Shareholder?

    An individual can become a Shareholder one of two ways: by inheritance or gifting from a family member. The Inter Vivos Gifting Application with complete instructions and eligibility requirements is available on this website.

  • Whom do I contact for a Certificate Degree of Indian Blood?

    A Certificate of Indian Blood (CIB) may be obtained from the Bureau of Indian Affairs (BIA). CIB Applications are available on the website. BIA is the only agency that will issue the certificate. A completed application must be mailed to the Alaska Regional office regardless your location. Submit the application to:

    Alaska Regional Office
    Bureau of Indian Affairs
    3601 C Street, Suite 1100
    Anchorage, AK 99503-5947
    Phone: (907) 271-1536
    Toll free: (800) 645-8465
    Fax: (907) 271-1349

     

  • I want to learn more about my Corporation. How can I become a member of the Shareholder Committee?

    Koniag encourages Shareholders and Descendants to participate in the Corporation. Koniag has established three Shareholder Committees. They are organized geographically, with a committee on Kodiak Island, the Anchorage/Southcentral Alaska area, and Washington State and meet quarterly. Contact Shareholder Relations for more information or if interested in volunteering for a two-year term by emailing shareholderrelations@koniag.com or calling (907) 486-2530.

  • If I only have 20 shares, why should I vote? Does it really matter?

    Voting is one of the most meaningful privileges of being a Koniag Shareholder. Each year Shareholder have the opportunity to participate in the selection of Board leadership and thereby help to determine the direction of the Corporation. A majority of outstanding shares must be voted in order to establish a quorum and a valid election of Directors at the Annual Meeting. If Koniag fails to meet a quorum Koniag must hold a second election which can be costly. Regardless of whether you vote by mail or online, you may revoke your vote at any time before or at the Annual Meeting and in person. Your completed proxy form enters you in a drawing to win some great cash prizes! Koniag relies on your vote and every vote counts!

  • How do I register on My Koniag?

    The Shareholder portal, called My Koniag, is a tool where Shareholders and Descendants can manage their own contact and bank information. Shareholders and Descendants may register at https://mykoniag.koniag.com/. Once registration is confirmed, the Shareholder or Descendant may access the portal and see relevant Shareholder record information as it is documented in the Corporation’s record book.

  • How do I register my Descendant(s)?

    Submit a completed Descendant Application Form and provide a copy of birth certificate(s) that show proof of Descendancy to the voting Shareholder. The Descendant Program allows Koniag to communicate with future Shareholders and notify them of internships, scholarships and other opportunities. Each registered Descendant is assigned a unique identification number associated with their voting Koniag Shareholder relative.

  • How do I update my contact information?

    Shareholders are encouraged to contact the Shareholder Services Department whenever their address changes. This can be done in person, by phone, by fax, by email, or on My Koniag. Shareholders must verify their identity by providing the last 4 digits of their social security number to update their record. Click here to access the Address Change Form.

  • How do I notify Koniag of a name change?

    To change the name on Koniag records, the Shareholder or Descendant must submit a Name Change Form. The Shareholder must include a copy of the legal document (i.e. marriage license, divorce decree or adoption degree) that changed their name. Koniag will notify the Shareholder or Descendant in writing that the name change has been made.

  • Does Koniag assist Shareholders and Descendants with educational funding?

    The Koniag Education Foundation (KEF) provides education and career assistance to Koniag Shareholders and registered Descendants. For more information or to obtain an application, contact KEF at 1-888-562-9093 (toll free) or email kef@koniageducation.org.

  • Does Koniag offer youth scholarships?

    Yes! Applications are accepted and reviewed throughout the year until the budget is expended. Funding is limited and available for voting Koniag Shareholders and registered Descendants of a voting Koniag Shareholder to attend athletic, scholastic, cultural, and leadership trainings, camps or events that will help the student to reach his or her goals. An applicant may apply as many times as desired as long as s/he does not receive more than $500 total per award year. Youth Scholarship Applications are available now!

  • What is the 7(j) Distribution?

    Class B Shareholders and village corporations receive an annual distribution from resource revenue sharing. Section 7(i) of ANCSA requires that 70 percent of net revenues received by a regional corporation from timber resources and resources from subsurface estate be divided among all 12 regional corporations in proportion to the number of Alaskan Natives originally enrolled in each regional corporation.

    Section 7(j) of ANCSA requires Koniag to distribute 50 percent of the 7(i) revenues it receives among the village corporations and Class B Shareholders. The village corporations that receive 7(j) payments from Koniag are not required to distribute these payments to their Shareholders. All 7(j) income is taxable.

  • Can I get my distributions direct-deposited into my back account?

    Shareholders can participate in the Direct Deposit Program where distributions are electronically deposited into their bank account. Direct deposit ensures that the Shareholder will receive their dividend and help safeguard against lost, misplaced or stolen checks. Shareholders can also set up direct deposit and update bank information on My Koniag or by submitting the Direct Deposit Form.

  • What is the difference between Class A, Class B & Class C stocks?

    Koniag has issued three classes of stock: Class A, Class B and Class C.

    Class A stock was issued to Shareholders who also were enrolled to a Native village recognized by ANCSA.

    Class B stock was issued to individuals who were enrolled only to Koniag, or to Koniag and Natives of Kodiak, Inc. Shareholders with Class B stock are called “at-large” shareholders.

    Class C stock was issued to individuals who were not enrolled under the Alaska Native Claims Settlement Act, as amended, but who were eligible on December 18, 1971, for enrollment to the Koniag Region. These Shareholders have been referred to as the “Left-outs”.

    Natives enrolled to the villages of Karluk and Larsen Bay originally were issued Class A stock. Because Koniag merged with the village corporations for these two communities, the residents also received Class B stock in Koniag, in exchange for the stock they held in their village corporation. The former Shareholders of Karluk and Larsen Bay are considered “at-large” Shareholders.

  • What is the difference between voting and non voting stock?

    Voting stock is held by those Shareholders who are Alaska Natives or Descendants of an Alaskan Native. Non-Voting stock are those members who are not an Alaskan Native as defined by ANCSA.

  • Can I sell my Koniag stock?

    Unlike the stock of most other corporations, the stock issued by Koniag and the other ANCSA corporations is not transferable except in certain limited cases. As a result, the stock is said to be “restricted.” Restricted stock cannot be sold or transferred except by inheritance or gifts to close family members (see discussion on” Gifting Stock”). Neither the stock, nor dividends and distributions paid on it, can be taken or attached to cover debts. Only Natives and Descendants of Natives can vote the stock.

    Koniag stock can be transferred in a court proceeding only to a Native or a Descendant of a Native through divorce, separation or child support. Koniag stock may also be transferred as a gift to a family member, by inheritance or by a Shareholder who is unable to practice his profession because of holding ANCSA stock (for example, a public accountant working for a firm auditing his corporation).

  • What is Koniag stock-will?

    Shareholders are encouraged to complete a will that provides for the disposition of their Koniag stock as intended by the Shareholder. All Shareholders who have completed a valid Koniag stock-will form are eligible for a quarterly drawing and an annual grand prize drawing.

  • If I have a Koniag stock-will on file does that also take care of my village corporation stock?

    No, a Koniag stock-will only pertains to Koniag stock.

  • What happens to the shares of a Shareholder who recently passed away and has a stock will on file?

    Shareholders are encouraged to provide a copy of their will to the Shareholder Services Department. When a Shareholder dies, Koniag must determine who will inherit the Koniag stock. The will should state who is to inherit their Koniag stock. A Koniag Stock Will Form is available for this purpose.

    A Shareholder can also bequeath (give) Koniag stock in a general will so long as it includes language addressing who will inherit their Koniag stock or includes a residuary clause.

  • What happens to the shares of a Shareholder who recently passed away and DOES NOT have a stock will on file?

    In the absence of a will, the Corporation will make a determination of the heirs in accordance with Alaska law. For example:

    If a Shareholder dies without a will and is married and has children, Alaska law requires that half the stock goes to the surviving spouse and the other half is divided among the surviving children. If there are no children, all shares go to the spouse.

    The law also spells out what happens if there is no spouse and no children. In rare cases, if the Shareholder has no heirs, the stock reverts back to Koniag. This is one of the reasons why it is important to submit a valid will.

  • Why does an estate take so long to settle?

    Koniag works hard to settle as many estates as quickly as possible and appreciate your patience in advance. There may be several reason why it takes time to settle an estate:

    Sadly, often Koniag Shareholders pass away without a valid will for their Koniag shares. This requires Koniag to determine heirs in accordance with Alaska law.

    Koniag cannot proceed without receiving required legal documentation. Delay of an estate settlement can occur because Koniag did not receive all the documents requested in a timely manner or the information received was incomplete.

    Koniag encourages all Shareholders to complete a Koniag Stock Will Form and file it with us.

  • How do I submit an obituary for a beloved Shareholder who recently passed away?

    Koniag extends our deepest sympathies to Shareholders and Descendants who have lost loved ones. Names of those who recently passed away are published in the Newsletter. The family may also submit an obituary or request the Obituary Guidelines and Questionnaire form from the Shareholder Services Department. Koniag will publish the obituary at no charge.

  • Does Koniag offer burial assistance?

    Yes! To help defray the cost of funeral expenses and other costs associated with the death of a relative, Koniag provides a burial assistance program for the families of deceased voting Shareholders who have a Will on file with Koniag. Koniag will provide up to $1,000 toward the funeral expenses of deceased voting Koniag Shareholders. See the Burial Assistance Program for more information.

  • How can a Koniag Shareholder or Descendant promote their business on Koniag’s website?

    Koniag maintains a list of businesses owned by Koniag Shareholders, their spouses, and Descendants and posts it on the Koniag website. Contact the Shareholder Services Department to include your business for free!