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BNC Gives Out Annual December Distribution

The Bethel Native Corporation has given out its annual distribution from the Bethel Elkartaa Settlement Trust.

Each shareholder will receive about $4.01 per share; the average shareholder owns 100 shares, so that’s a total of 401 dollars per shareholder. The total amount of distribution this year is more than $705,000. Since 1987, BNC has given out more than $12 million to its shareholders.

"This is a significant distribution. The payments will remain tax-free to the shareholders, to the beneficiaries, and it provides tax-free savings to the corporation," said BNC CEO Ana Hoffman.

BNC put in place a formula to calculate the distribution. It’s equal to 20 percent of the average income for the past five years, Hoffman said.

The BNC Board set up the settlement trust fund last year to give out its annual distribution and help it keep pace with the corporation’s growth. The money comes from its business operations and revenue sharing, known as 7(i).  That refers to the part of the Alaska Native Claims Settlement Act that set up the Native corporations. Regional corporations must put a portion of their profits from resource development into a fund that is then distributed to every regional and village corporation.