Class B Shareholders to Receive 7(i) Distribution in May
This year, Doyon, Limited Class B (at-large) shareholders will receive a 7(i) distribution, which will be direct deposited or mailed on May 9, 2012. The amount of the 2012 7(i) distribution is $13.91 per share.
At-large shareholders had until April 13 to apply for direct deposit, and must make any necessary address updates by April 23 to receive their check or direct deposit. The direct deposit application is available at http://www.doyon.com/shareholders/forms_applications.aspxor by contacting shareholder records. For more information or to update an address, please contact shareholder records at 907-459-2040, 1-888-478-4755 ext. 2040 or records@doyon.com.
Frequently Asked Questions About 7(i) Distributions
Where does it come from?
The amount of 7(i) distributions varies depending upon the natural resource net profit of the regional corporations. Doyon receives money from other regional corporations throughout the year. Doyon keeps half the money and deposits the other half in an interest-bearing trust account. That money is then distributed to Class B (at-large) shareholders and village corporations in May of each year.
What is the difference between Class A and B shares? Why do Class B shareholders receive the distribution?
Class A settlement common stock was issued to original enrollees of Doyon, Limited in 1971, who also enrolled to a village corporation. The 7(i) distribution for Class A shareholders is sent to their village corporation.
Class B settlement common stock was issued to original enrollees of Doyon, Limited in 1971, who did not enroll to a village corporation. Since the Class B shareholder is not enrolled to a village corporation, they receive the 7(i) money directly.
What are the important dates?
| April 13, 2012 | Last day to apply for direct deposit |
| April 23, 2012 | Last day to make address updates |
| April 25, 2012 | Record Day; Doyon finalizes all Class B shareholder data to begin the distribution process |
| May 9, 2012 | Distribution direct deposited or mailed. Shareholders cannot pick up checks at Doyon. |
| June 9, 2012 | First day for stop payment actions |
I didn’t get my address changed and my address is different from what Doyon has on file. What do I do?
Call, fax or email address changes to Doyon by April 23. Shareholders should also place a forwarding address on file with the post office. Shareholders with a bad address on file at Doyon will not receive their distribution, and will need to contact shareholder records.
When is the record date? Who set this date?
The record date is April 25, 2012. This is the date that Doyon uses to finalize shareholder data to make the distribution.
When will checks be mailed? When will checks be direct deposited?
On May 9, 2012 checks will be either direct deposited or mailed. Shareholders are encouraged to update their contact information as soon as possible; shareholders who want their check mailed to them and have moved must update their address with Doyon by April 23. Those desiring a direct deposit had until April 13 to apply for direct deposit with Doyon.
Can you hold my check?
No, all checks are mailed to shareholders or direct deposited into their bank accounts.
Can I pick up my check prior to it being mailed?
No. Checks are not available prior to the mailing date of May 9.
Can you trace my check?
No. Shareholders will have to work directly with the post office.
Can my check be directly deposited to my bank?
Yes. Shareholders can print a copy of the form off the Doyon website, www.doyon.com. Doyon can also fax a copy of the form to shareholders. The deadline for Doyon to receive direct deposit applications was April 13.
How long is my check valid?
Checks are valid for six months; after that, the check needs to be reissued.
I lost my check, my check was stolen, etc. Can you stop payment?
Doyon can mail shareholders a stop payment form, which must be signed and returned. The earliest a stop payment action can begin is June 9, with a check reissued five – 10 business days later. If a shareholder believes their signature has been forged, Doyon can send paperwork for forgery and shareholders must contact local police to file a report.
I borrowed money and signed a letter relinquishing my 7(i) check. Can you send the check to the person who gave me the loan?
No. Doyon checks cannot be garnished or assigned to another person.
If Doyon mails the check on May 9, when will I receive it?
It depends on the postal delivery time.
Can the IRS or child support garnish my Doyon check? Is my 7(i) subject to IRS backup withholding?
- At this time, the 7(i) distribution is not subject to IRS backup withholding.
- Child support can garnish the 7(i) distribution.
- For specific cases, please contact the shareholder records department.
The custodian for (child) is not who you have listed in their Doyon record. How can I get it changed?
For specific cases, please contact the shareholder records department.
Is this distribution taxable?
Yes, the May 9 7(i) distribution is taxable income.
I inherited Class B stock recently. Will I be getting a 7(i) check?
Yes, if the stock transfer has been completed by the record date of April 25, a check will be mailed on May 9. If the transfer is still pending, it will be mailed once a final transfer has been made.
I didn’t get my child (Class C) enrolled yet. Do Class C children get this distribution?
No, only owners of Class B stock receive this distribution.
I own the extra 100 shares of Elder stock (Class E). Do I get this check?
Even though shareholders may own Class B and E stock, only the Class B shares will be used in calculating the 7(i) distribution.
For further information on the 7(i) distribution, please contact the Doyon shareholder records department at 1-888-478-4755 ext. 2040, 907-459-2040 or records@doyon.com
