May 6, 2015 At-large (Class B) Shareholders receive a 7(i) distribution
Important Dates to remember:
- Monday, April 13, 5 p.m.- last day to update direct deposit
- Tuesday, April 21, 5 p.m. – last day to make address changes
- May 6, Distribution Day – direct deposited or mailed to address on file as of April 21
The following are frequently asked questions that may answer some of your questions about the 7(i) distribution.
Please note: shareholders with a bad address on file at Doyon WILL NOT receive their distribution and need to contact
shareholder records. This includes shareholders with direct deposit.
Frequently asked questions about 7(i) distributions
What is the difference between the classes of shares? Why do only 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.
Class C, D and E shareholders do not receive this distribution.
If Doyon mails the check on May 6, when will I receive it?
It depends on the postal delivery time. The fastest way to receive your distributions are to direct deposit to your bank account.
Where does the 7(i) distribution 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.
I didn’t change my address, my address is different from what Doyon has on file. What do I do?
Call, fax or email address changes to shareholder records by April 21. After April 21 shareholders should also place a forwarding address on file with their post office.
How do I apply for direct deposit?
Shareholders have until April 13 to apply for direct deposit. The direct deposit application is available
at www.doyon.com/shareholders/forms_applications.aspx or by contacting shareholder records.
When will checks be mailed? When will checks be direct deposited?
Checks will be direct deposited or mailed on May 6, 2015. Shareholders are encouraged to update their contact information as soon as possible and to have their checks direct deposited.
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 be submitted to the bank is June 8.
The bank holds it for 10 business days, a check is reissued five – 10 business days later, and then mailed.
Please use stop payments only as a last resort as stop payments take approximately two months and Doyon must pay a fee for every stop payment issued.
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 assigned to another person.
Can the IRS or child support garnish my Doyon check? Is my 7(i) subject to IRS backup withholding?
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.
Is this distribution taxable?
Yes, the 7(i) distribution is taxable income.
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, 907-459-2040