Class B Shareholders to Receive 7(i) Distribution May 8
Doyon, Limited Class B (at-large) shareholders will receive a 2019 7(i) distribution on May 8. The deadline to apply for direct deposit or update direct deposit information is Friday, April 12 at 5 p.m. Alaska Daylight Time (AKDT). The last day to make address changes is Tuesday, April 23 at 5 p.m. AKDT.
Please note the 7(i) distribution is only for Class B (at-large) shareholders. Read more about Doyon shareholder classes at www.doyon.com.
For more information, see the 7(i) FAQs in this article, or contact email@example.com, 459-2040 (in Fairbanks) or 1-888-478-4755 (toll-free).
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 8, 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 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. The deadline to update an address prior to the 2019 7(i) distribution is Tuesday, April 23 at 5 p.m.
How do I apply for direct deposit?
Shareholders have until April 12 to apply for direct deposit of 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 and mailed on May 8. 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/forms or Doyon can fax a copy of the form to shareholders. The deadline for direct deposit applications is April 12.
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.