Investing in Our Elders
Huna Totem Corporation is owned by approximately 1,300 Alaska Native shareholders whose aboriginal ties are to the Village of Hoonah in Southeast Alaska.
Shareholders of Huna Totem voted to create the Elders' Benefit Trust at the corporation’s 2003 annual meeting. The Trust pays a one-time $1,500 distribution to eligible elders.
The main purpose of the trust is to provide an added economic benefit to elders which are held in the utmost honor and respect. To date, 147 elders have received their special payment.
To pass, the shareholder resolution to create the Trust needed a simple majority of 50 percent plus one of shareholders voting. Seventy-two percent of those voting supported the resolution.
Q & A about Elders' Benefit Trust
The following are commonly asked questions about the Elders' Benefit Trust approved by shareholders in 2003.
[Q] What is the Elders' Benefit Trust?
[A] The Elders' Benefit Trust is a trust that provides for a special one-time $1,500 payment for shareholders age 65.
[Q] Who are the beneficiaries?
[A] Each original shareholder is a beneficiary. If you received your Huna Totem stock when the Alaska Native land claims was passed in Dec. 18, 1971, you are eligible to receive the cash benefit.
Shareholders already age 65 when the Trust was established have already received their payment.
[Q] If a shareholder dies before age 65, will the heirs still receive the $1,500?
[A] No. Only original shareholders are beneficiaries. For example, if you die before you reach your 65th birthday, those who inherit your shares, such as your spouse or children, are not eligible to receive the $1,500.
[Q] Where did the money come from to make the payments?
[A] The payments are made from set-aside funds from the Investment Portfolio. Earnings are used to fuel the elders’ payments.
[Q] Who do I contact if I have questions or need additional information?
[A] Please direct your questions and inquiries to Jodi Wise, Shareholder Services Manager. You may email her at shareholders@hunatotem.com or by phone at (800) 428-8298 or (907) 523-3670.
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