November 3, 2023
The Sitnasuak Native Corporation (SNC) Board of Trustees is pleased to declare a Heritage Trust Distribution of $10.50 per Trust Unit (or $1,050 for those with 100 Trust Units) to all Beneficiaries of record as of November 2, 2023. An Elders Benefit Distribution of $1,000 per Elder has also been declared for those eligible SNC Trust Beneficiaries 65 years of age or older.
The SNC Trust distributions will be tax-free to each recipient and be mailed or directly deposited no later than November 30, 2023.
These Heritage and Elder Distributions represent the largest distributions in SNC history and are made possible by the success and support of SNC’s business operations. These amounts are calculated based on an analysis of SNC’s historical, current, and projected financial performance.
“The SNC Trust Distributions are more than just a financial distribution – they are a testament to the financial prosperity and stability of the Corporation,” said CEO, Charles E. Fagerstrom. “This distribution signifies not only our financial stability but also our unwavering commitment to our Shareholders.”
All SNC Trust Beneficiaries are encouraged to verify their mailing and/or direct deposit information via the MySitnasuak Shareholder portal by November 8, 2023. Trust Beneficiaries who have not signed up for direct deposit are encouraged to do so through the MySitnasuak portal: https://shareholder.snc.org/home.
Many benefits are available to SNC Trust Beneficiaries and lineal descendants through the SNC Settlement Trust. SNC provides both direct and indirect economic benefits including distributions, charitable contributions, scholarships, bereavement benefits, discounts with our family of businesses, camp/home sites on our ANCSA lands, and hire preference for qualified Shareholders, descendants, and Shareholder spouses.
About the SNC Settlement Trust
The SNC Trust was 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 Board of Directors are the Trustees of the SNC Trust. The SNC Trust ownership of trust units is equal to the number of shares of SNC Settlement Common Stock owned 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.