WHAT ARE AT-LARGE SHARES?
NANA calls the second type of original Alaska Native Claims Settlement Act (ANCSA) stock Class B Settlement Common Stock, or at-large shares. Instead of receiving village corporation shares, at-large shareholders receive a share of resource proceeds from sources within the NANA region and from other Alaska Native Regional Corporations pursuant to Section 7 (j) of ANCSA.
WHO OWNS AT-LARGE SHARES?
The Bureau of Indian Affairs (BIA) determined in the 1970s who would be Class B shareholders. In order to receive this type of stock, applicants had to (a) be born before December 18, 1971, (b) have one-quarter or more Alaska Native blood, (c) be a United States citizen, (d) have ties to the region, but not be a resident of a village in the region, and (e) apply for shares with the Bureau of Indian Affairs before the deadline the agency set. These shares were generally issued to people who were living outside the region at the time of enrollment but whose family was originally from the region. Shareholders who qualified for Class B shares received 100 shares of NANA stock and are entitled to a share of 7(i) distributions under ANCSA section 7(j).
IS THERE AN AT-LARGE DISTRIBUTION THIS YEAR?
Yes. NANA Regional Corporation, Inc. distributed resource proceeds from sources within the NANA Region and from other Alaska Native Regional Corporations pursuant to Section 7(j) of ANCSA to NANA shareholders who hold Class B shares on April 15, 2011. Approximately 372 shareholders were eligible for this distribution, receiving $12.01 per share. The total distribution to all Class B NANA shareholders was $353,163.
ARE AT-LARGE DIVIDENDS TAXABLE?
Yes, the distribution is reported to the Internal Revenue Service as taxable income paid to at-large shareholders during the 2011 calendar year. In January 2012, at-large shareholders will receive at 1099-MISC form for this distribution. The distribution must be reported as income on personal income tax returns.
CAN I CHANGE MY NANA STOCK?
NANA cannot change your class of stock. There are specific eligibility requirements that must be met for each type of stock pursuant to ANCSA. If you are not sure what class of stock you hold, please look at your stock certificate(s). If you need further assistance, please call your NANA Shareholder Records department at (907) 442-3301 or 1 (800) 478-3301 or email