Nome, Alaska | November 18, 2019
For 2019, the Trustees of the SNC Trust are pleased to declare a heritage distribution of $7.50 per trust unit (or $750.00 for those with 100 trust units) to all beneficiaries of record as of November 14, 2019. An Elders Benefit of $750.00 per Elder has also been declared for those eligible SNC Trust beneficiaries. Distribution will begin by December 5, 2019.
According to Chair Barb Amarok, “The distributions from the SNC Trust are possible with the success and support of our Sitnasuak Native Corporation’s family of businesses. These businesses support the SNC Trust. We are fortunate to have a dedicated team that works closely with our SNC Trust, Sitnasuak Native Corporation Board of Directors, Management and Employees – who all work hard every day to serve our customers, Shareholders, Beneficiaries and communities with thriving businesses.”
The funds of the SNC Trust come from contributions by Sitnasuak Native Corporation (SNC) as well as from the earnings of the Trust itself. SNC’s funding of the SNC Trust is based on a review of SNC’s historical and projected financial performance. SNC has had a great year in 2019 and able to support the SNC Trust with a strong contribution of $2.7 million.
The benefits and distributions provided by the SNC Trust will normally be tax-free to the recipients, and for this reason, future distributions will likely come from the SNC Trust rather than from SNC itself. 2019 is the second year for distributions from the SNC Trust.
About the SNC Trust
The SNC Trust is headquartered in Nome, Alaska, and was approved by SNC Shareholders on September 22, 2018, at the 44th annual meeting. SNC’s Shareholders are the Trust’s beneficiaries, and SNC’s board of directors are the Trustees of the SNC Trust. The SNC Trust ownership of trust units are identical to the holders of SNC settlement common stock held by SNC Shareholders.
The SNC Trust is an Alaska Native Claims Settlement Act (ANCSA) settlement trust with the purpose to promote the health, education, and welfare of the Trust’s beneficiaries; to preserve the heritage and culture of Alaskan Natives; and to promote the long-term economic stability of the Trust’s beneficiaries through distributions and benefits and through the minimization of taxes.