7(i) Distribution FAQs
The following are frequently asked questions that may answer shareholder questions about the 7(i) distribution.
Why do only Class B shareholders receive the distribution? What is the difference between the classes of shares?
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 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 C, D and E shareholders do not receive this distribution.
If Doyon mails the check on May 2, when will I receive it?
It depends on the postal delivery time.
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.
My address is different from what Doyon has on file. What do I do?
Call 1-888-478-4755, fax 907-459-2065 or email email@example.com immediately. Shareholders should also place a forwarding address on file with their post office. Shareholders with a bad address on file at Doyon will not receive their distribution, and need to contact shareholder records.
How do I apply for direct deposit?
Shareholders had until April 2 to apply for direct deposit for this distribution. Shareholders who wish to place direct deposit information on file with Doyon for future distributions can access the direct deposit application at www.doyon.com/forms or contact shareholder records at 1-888-478-4755.
When will checks be mailed? When will checks be direct deposited?
Checks will be direct deposited on April 25 or mailed on May 2. Shareholders are encouraged to update their contact information as soon as possible and to have their checks direct deposited.
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.
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 direct deposit form off the Doyon website at www.doyon.com or Doyon can fax a copy of the form to shareholders. The deadline for direct deposit applications was April 2.
How long is my check valid?
Checks are valid for six months; after that, the check needs to be reissued. To reissue, please contact the shareholder records department at 1-888-478-4755
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 4. The bank holds it for 10 business days, and a check is then reissued 5 to 10 business days later. 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?
At this time, the 7(i) distribution is not subject to IRS backup withholding. Child support enforcement can garnish the 7(i) distribution. For specific cases, please contact the shareholder records department.
The custodian for a 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 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.