President’s Report
Cama’i,
The Board of Trustees of Old Harbor Native Corporation Settlement Trust is pleased to announce that a distribution of $12.50 per share has been approved to be paid in February 2008. Shareholders owning 100 shares will receive a distribution of $1,250. The Corporation and the Trust have now paid out in excess of $20 million to OHNC shareholders since 1987, while continuing to protect the Trust’s original principal. As a reminder, you do not have to report the Trust dividends on your taxes, as the taxes due are paid by the Trust.
The Shareholder death benefit program is an additional benefit to the Shareholders provided by the Trust. The life insurance is an internal financing method which allows us to offer the benefit at little or no long term cost to the Trust. You do not pay for the insurance, directly or indirectly, through any reduction in your dividends. The whole purpose of the insurance is to preserve your dividends and distributions, not to diminish them. The greater the shareholder participation rate, the greater the degree of this asset preservation and therefore the higher will be future trust distributions.
The shareholder participation rate is excellent, however; there are a large group of younger shareholders, that have not completed their applications. The participation by this group would make the plan function even better. We encourage you to complete the forms which have been sent to you, and return them to Courtney Karella at the Wilson Agency. If you need forms, please call The Wilson Agency at (907) 277-1616 or the OHNC office and they will be sent to you.
As always, our continued success would not be possible without the support, participation and interest of our shareholders. We are looking forward to the upcoming Spring Shareholder meetings as follows:
Anchorage—6:30 PM, April 2nd—Alaska Native Heritage Center
Kodiak—6:00 PM, April 3rd—Kodiak Inn/Best Western
Old Harbor—5:00 PM, April 4th—Community Hall
Sincerely,
Emil Christiansen Sr., President