7(i) Distribution FAQs
The following are frequently asked questions that may answer shareholder questions about the 7(i) distribution. For more information regarding this distribution, contact email@example.com, 459-2040 (in Fairbanks) or 1-888-478-4755 (toll-free).
Please note the dividend disbursement is only for Class B (at-large) shareholders. Read more about Doyon shareholder classes.
Why do only Class B shareholders receive the distribution? What is the difference between the classes of shares?
Doyon Class B (at-large) shareholders are those who were born on or before December 19, 1971, who enrolled in Doyon, but who are not enrolled in one of the village corporations in the region. There are a variety of reasons that shareholders may not have enrolled in a village corporation. For example, at the time of enrollment, these shareholders may have been:
- Living in an urban area.
- Living in a rural area in the Interior, but in a community with fewer than 25 people. (ANCSA law required villages to have at least 25 members to claim land and create a village corporation.)
- Serving in the military.
- Living out of state.
All of these scenarios could have hindered shareholders’ opportunity to enroll in what would have been their 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 in 1971 to original enrollees of Doyon, Limited 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 8, when will I receive it?
It depends on the postal delivery time.
Where does the 7(i) distribution come from?
The 7(i) distribution is a unique revenue-sharing mechanism covered under Sections 7(i) and 7(j) of the Alaska Native Claims Settlement Act (ANCSA); these were included in ANCSA by the U.S. Congress to help ensure that all Alaska Natives benefitted from resource development on ANCSA lands.
Under Section 7(i), a regional corporation must share 70 percent of its net revenue from timber and subsurface minerals developed on regional corporation ANCSA lands with the other 11 Alaska Native regional corporations based upon their original ANCSA enrollment numbers. Under Section 7(j), a regional corporation must pay 50 percent of the money received under Section 7(i) to the village corporations and at-large shareholders.
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 firstname.lastname@example.org 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?
The deadline for shareholders to apply for direct deposit of this distribution was April 12. 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 and mailed on May 8. Shareholders are encouraged to update their contact information as soon as possible, if needed.
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?
The deadline for shareholders to apply for direct deposit for this distribution was April 12. 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.
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 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.