Shareholder FAQ

What are my rights as a shareholder?

You have the right to vote in elections for the Board of Directors. If you are a non-native shareholder, you do not have the right to vote.

You also have the right to receive dividends or other distributions from the Corporation.  Shareholders can enroll for direct deposit of dividends.

 

Why do I need to do to update my address?

You are the only person who can update your address, unless you have custodian documents or a Power of Attorney documents on file.  If you call in an address change, you will also be asked to verify your social security number to ensure that you are the one requesting this change.  

There is also a Change of Address form available on the website.  The form may be emailed to the Shareholder Department at shareholder@snc.org.  

 

How can I change my name?

A legal document is required in order to change your name in the Sitnasuak database.  The most common documents sent in are copies of an ID card, marriage certificate or divorce decree.  You can scan to email (preferred), mail or fax in your document to: Attention Shareholder Department; fax number 907-375-2910, or email to shareholder@snc.org.

 

What do I need to know about my Sitnasuak Native Corporation stock shares?

Your shares are yours and no one else can make changes to your shares unless you transfer/gift them to another person(s) who are able to receive them by law (family). 

Your shares earn dividends which are distributed according to Sitnasuak’s annual earnings.

 

Can I give my shares to family members while I am alive?

Yes, this is called a “Gift of Settlement Common Stock”  Under the 1991 Amendments to ANSCA (43.U.S.C 1601 et sq), you may give stock to only a person who is your child, grandchild, great-grandchild, niece, nephew, brother or sister.  This person must be an Alaskan Native, descendant of an Alaskan Native, legally or tribally adopted into your family.

 

How can I ensure my shares will be passed on the way I choose upon my passing?

You can bequeath your shares of Sitnasuak Native Corporation stock in a formal will or Sitnasuak Native Corporation Stock Will.  This will ensure that your shares are inherited by the people you choose. 

 

What happens if I do not have a will upon my passing?

Without a will directing who you wanted your shares to go to, your shares will be distributed per the Alaska intestate succession laws.  This means your shares will be transferred to your heirs per representation.  For example, 50% will go to your spouse and 50% will go to your child/children.  If you do not have a spouse, 100% will be divided amongst your children or child.  If you do not have any children, 100% will go to your spouse.  For more information please call the  Shareholder Department or refer to the State of Alaska Intestate Succession Laws.

 

Can I sell my Sitnasuak Native Corporation stock shares?

No, Sitnasuak Native Corporation stock cannot be sold traded, etc…  The 1991 Amendments of ANSCA continued the stock restrictions (these restrictions were originally going to end December 18, 1991).  Native stock cannot be sold, cannot be pledged as an asset, cannot be subject to a lien or judgment, cannot be assigned, cannot be treated as an asset in bankruptcy or insolvency and cannot be otherwise taken away.

 

What were the past years dividend distributions?

2017 - $6.20 per share

2016 - $6.00 per share

2015 - $6.20 per share

2014 - $6.16 per share

2013 - $6.16 per share

2012 - $7.16 per share

2011 - $6.82 per share

2010 - $5.56 per share

2009 - $3.32 per share

2008 - $1.75 per share

2007 - $1.25 (June) and $1.00 (December)

2006 - $1.47 (June) and $.50 (December)

 

Is my Sitnasuak Native Corporation dividend taxable? 

Please be advised Shareholders may incur federal income taxes on their 2017 and future Sitnasuak Native Corporation dividends based upon individual financial situations.  In many prior years, dividends were considered non-taxable as those distributions were based upon the original $12,378,198 in Contributed Capital received under the Alaska Native Claims Settlement Act.  By 2017, Sitnasuak had returned the ANCSA Contributed Capital to Shareholders; therefore, the Shareholder and Elder dividends may be considered taxable income.  Shareholders will receive a 1099-DIV from Sitnasuak and should consult with their tax preparer when filing taxes. 

 

What are 7(i) and 7(j)?

Natural resource income that is generated by an Alaska Native Regional Corporation is most frequently referred to as 7(i) revenue.  It is derived from timber and subsurface mineral rights.  Each Regional Corporation is required to distribute 70% of this income to other corporations based upon shareholder enrollment. 

Once this income is distributed it becomes known as 7(j) funds, of which 50% must be distributed to its Alaska Native Village Corporations.  7(j) revenue is an important source to Sitnasuak and our Shareholders.

 

Does Sitnasuak Native Corporation offer internship programs?

Yes!  Students may be placed in the Nome or Anchorage offices, and may also get an opportunity to work with a subsidiary company.

If you would like to know more about becoming an intern or know of someone who might be interested, please contact the Nome office at (907) 387-1200. 

 

Does Sitnasuak Native Corporation offer help for funeral and burial expenses?

Yes, the Sitnasuak Shareholder Bereavement Benefits Assistance was enacted in December 2012.  Sitnasuak provides $1,000 to the family of the deceased shareholder to help defray the costs of funeral and burial expenses.  Sitnasuak also offers the benefit of $1,000 to a deceased spouse of a Shareholder, the deceased child of a Shareholder or the deceased parent of a Shareholder.  A family member must apply for the benefit.  The check can also be cut directly to the funeral home.  The application must be received within 90 days of the deceased’s date of death. Sitnasuak in its sole discretion will make the final decision to accept or reject any application and whether to award or not to award the bereavement benefit monies.