Most Frequently Asked Questions
The following are questions that are most frequently asked (FAQ’s) by our Shareholders.
Are shareholder dividends and Elder Benefits taxable?
They will become taxable after July 2010.
It is the policy of the Aleut Corporation to not change a shareholder record without first receiving verification and authorization from the individual shareholder.
What is the procedure for updating my address or changing my name?
A shareholder Name & Address Change Form can be accessed on the website or can be requested by calling (907) 561-4300, or toll-free 1-800-232-4882. An address change can be faxed or mailed to Shareholder Affairs; a name change must be accompanied by a certified document that shows a legal name change.
What is a Stock Will?
A Stock Will is a legal document ensuring that in the event of death transfer of shares are made according to the directive or desire of the deceased Shareholder. If a Stock Will is not on file with the Aleut Corporation, a deceased shareholder’s stock will be distributed according to the laws of the State of Alaska and not as the shareholder may have desired. A Stock Will document can be accessed on the Web page or requested by calling (907) 561-4300, or toll-free 1-800-232-4882. To be legal, a Stock Will must be signed and dated. For validity of the shareholder’s signature, it must be certified by a Notary Public or have the signatures of two (2) witnesses. The shareholder willing shares cannot be a witness on the form nor can the person who is receiving the willed shares.
What happens when a Shareholder is deceased and has a Stock Will on file with the Aleut Corporation?
The first step is for the family to notify the Corporation of the shareholder’s death by sending a death certificate and a copy of the Stock Will to Shareholders Affairs department as proof for beginning the process of transferring shares to the inheritors. Death certificates can be obtained from the Bureau of Vital Statistics in Juneau, the telephone number is (907)465-3392. If there are other formal Wills that state how the deceased shareholder wished to distribute shares of The Aleut Corporation, a copy of such formal Will is to be sent to the Shareholder Affairs department.
What happens if the deceased had stock in the Corporation and did not have a Stock Will on file?
If a Stock Will or formal Will does not exist, the deceased shareholder’s stock will pass to the heirs by intestate succession according to Alaska State law. The procedure of intestate succession is as follows:
- The spouse will receive 100% of the shares if there are no surviving children, grandchildren, or great-grandchildren (legally referred to as “surviving issue”).
- If there are surviving issue the spouse will receive 50% and the remaining 50% will go to the surviving issue.
- The stock is divided equally among the surviving issue if there is no surviving spouse.
- Surviving parents of the deceased will receive the stock if there are no surviving issue.
- Surviving brothers and sisters will receive the stock if there are no surviving spouse, surviving issue, or surviving parents.
- Surviving nieces and nephews will receive the stock if there are no other survivors as listed above.
What is the difference between an A-class and B-class Shareholder?
A-Class Shareholders are Alaskan Natives who enrolled pursuant to the Alaska Native Claims Settle Act (ANCSA) as residents of a village in the Aleut Region. Shareholders who own A-Class shares are eligible for Corporation dividends, but they are not eligible for 7(j) distributions. The 7(j) distributions are revenues that the Corporation receives from the sale of natural resources of other ANCSA Regions.
B-Class Shareholders are Alaskan Natives who enrolled pursuant to ANCSA into The Aleut Corporation Region, but are not enrolled in a village corporation in the Aleut Region. B-Class shareholders are most commonly referred to as At-large Shareholders. B-Class shareholders receive an annual 7(j) distribution.
What is the amount of the 7(j) Distribution?
Annually, the Corporation receives revenues from the sales of natural resources. The funds are referred to as 7(i) revenues, but are distributed as 7(j) revenues to the village corporations and to each individual B-Class shareholder. Village corporations receive a 7(j) distribution from The Aleut Corporation based on its enrollment population. The B-Class (At Large) Shareholders receive a 7(j) distribution based on enrollment per capita.
When does the Shareholder receive 1099s for dividends and distributions?
Shareholder 1099s for tax reporting purposes are distributed no later than January 31st each year, this is according to federal law.
Can I sell my stock in the Corporation?
Settlement common stock cannot be sold. Stock cannot be used as collateral to apply for loans or to pay debts and stock cannot be traded. Following are the only methods that stock can pass into other hands.
- A court order to pay child support or alimony.
- A shareholder transferring Stock to another individual(s) if ownership of Stock interferes with his profession.
- Shareholders may gift Stock to children, grandchildren, great-grandchildren, nieces and nephews.
- Stock Will.
Will the Corporation assist with burial expenses?
Yes, through our nonprofit, The Aleut Foundation
Will the Corporation assist shareholder students with educational funding?
Yes, through our nonprofit, The Aleut Foundation, educational scholarships are provided to eligible students and are based on certain requirements.
When is the annual meeting of the Aleut Corporation?
The annual meeting of the shareholders is in October and the date is set by Board action; it is normally held in Anchorage the week prior to the Alaska Federation of Natives Convention. See the Corporate Calendar for upcoming events.