The SNC Trust is headquartered in Nome, Alaska, and was recently approved by Sitnasuak Native Corporation (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.
For 2018, 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, 2018. An Elders Benefit of $750.00 per Elder has also been declared for those eligible SNC Trust beneficiaries. Distribution will begin by December 6, 2018.
The funds of the SNC Trust come from contributions by 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 2018 and was able to support the SNC Trust with a strong contribution of $2.4 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. 2018 is the first year for distributions from the SNC Trust.
According to Chairman Robert “Bobby” Evans, “The distributions from the SNC Trust are possible with the success and support of our Sitnasuak Native Corporation’s family of businesses. These businesses are growing, profitable and continue to perform with the financial capacity to support the SNC Trust. We are fortunate to have a dedicated team that work closely with our SNC Trust, Sitnasuak Native Corporation Board of Directors, Management and Employees – who all work hard every day to serve our communities with thriving businesses.”
The SNC Board of Trustees are as follows: