Afognak Native Corporation (Afognak) provides a variety of economic benefits to its Alaska Native Shareholders. The company’s Shareholder Services Department works directly with Shareholders, paving the way for quick, direct access to the following programs and benefits.
Caring for Elders is a core Alutiiq cultural value. Through the Elder Benefit program, Afognak honors Elders for their invaluable contributions to the Alutiiq people, Afognak, and the community. In 2011, Afognak’s Board of Directors approved an Elder Benefit for all original Afognak Shareholders age 65 and older. This action was in response to a Shareholder survey in which 91% of those responding indicated that funding an Elders Benefit program was important. As such, all eligible Elder Shareholders receive $500 a month.
Afognak has paid shareholder dividends consistently since 1989, dramatically improving the quality of life of its Shareholders. Dividend distribution amounts and dates are determined on an annual basis by the company’s Board of Directors and are processed for its more than 900 shareholders. In 2013, Afognak paid approximately $10.3 million in dividends, and it paid $12.8 million in dividends in 2012. From 2007-2011, the company paid $12.2 million in dividends annually, providing a Shareholder holding 100 shares with $23,860 each year.
The Afognak Board designed the Shareholders’ Permanent Fund and Shareholder Settlement Trust so that dollars from the companies’ business development operations provide long-term economic benefits to the company’s Shareholders. As of December 2013, the Permanent Fund was valued at $83.7 million and the Settlement Trust was valued at $23.9 million.
Afognak established the Burial Donation Program to provide assistance to the families of original Shareholders during the most difficult time of their lives – while they are grieving. The families of an original Shareholder who passes away can receive up to $2,500 to assist with funeral expenses. Shareholder Services may reimburse the family for the expenses or pay a funeral home directly. For more information about the Burial Donation Program please contact contact Shareholder Services.