Class B Shareholders Receive 2018 7(i) Distribution of $19.21 Per Share
Doyon, Limited Class B (at-large) shareholders received a 2018 7(i) distribution of $19.21 per share, or $1,921 per 100 shares, on April 25 or May 2, dependent on direct deposit or mailing preferences.
Class B shareholders with direct deposit on file by the April 2 deadline received their distribution on April 25, a week earlier than shareholders who wanted their checks mailed. Those who opted to receive their distribution as a check had their checks mailed on May 2.
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 their 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.
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.
In the Doyon region, distributions are typically made in May to village corporations and at-large shareholders. The distribution funds are from the Section 7(i)/7(j) money Doyon has received from the other regional corporations during the preceding year.
For more information regarding this distribution, please see the 7(i) distribution FAQs in this newsletter or contact email@example.com, 459-2040 (in Fairbanks) or 1-888-478-4755 (toll-free).