Juneau, Alaska (KINY) - Sealaska's fall 2021 distribution to shareholders is in the works, with a special announcement to be held later this month.
That word from the corporation's President and CEO Anthony Mallot while a guest on Action Line. "The announcement on October 29th, Make sure that all your information is correct. Double-check mysealaska.com to make sure that that your banking information, your address, any information we have for shareholders is accurate. That'll just assure a seamless process for the settlement trust to get you your distribution that is expected to be paid around November 12th."
This year's distribution is the first from the newly formed Sealaska Settlement Trust Fund, Mallot explained the function of the trust.
"The settlement trust was put forward because it is an advantageous way for us to provide dividends to our shareholders. Settlement trusts have been around since the 90s. We already have a settlement trust, or elders settlement trust, which has been distributing $2,000 to elders as they turn 65 has proven that settlement trusts work."
He said the distributions from settlement trusts are nontaxable to their shareholders. "And so why wouldn't we want that extra nontaxable benefit given to our shareholders? it does mean that we send the dollars to fund the dividend to the settlement trust, and so the biggest difference shareholders will see is that their check will come from the Sealaska settlement trust, so just watch out for that difference." Mallot said. "Those urban and at-large shareholders may get a check from the settlement trust and the check from Sealaska, but our village corps and our descendant shareholders will just get the settlement trust distribution, we can't flow the 7j distribution that goes to urban in that large village corporations through the settlement trust."