The shareholders of Natives of Kodiak, Inc. are the descendants of the original inhabitants of Kodiak Island. Natives of Kodiak, Inc. (NOK) is an Alaska Native Urban Corporation, incorporated in 1973 as a for-profit corporation organized under Alaska Law and pursuant to the 1971 federal Alaska Native Claims Settlement Act (16 USC B 1601 et seq.), commonly referred to as “ANCSA”.
In 1973, NOK had 542 original shareholders. This number has grown significantly over the years through share gifting and inheritance and NOK’s 54,500 corporate shares are now held by nearly 900 shareholders who reside across Alaska and rest of the United States.
NOK is managed by its President and CEO who is governed by a nine-member Board of Directors comprised of elected NOK shareholders.
- In 2002, the Board of Directors of Natives of Kodiak, Inc. (NOK) recommended creation of the NOK Shareholder Permanent Fund Trust (SPFT) to the shareholders of NOK with the purpose of promoting the health, education and welfare of SPFT beneficiaries and preservation of the heritage and culture of Alaska Natives through principal means of beneficiary distributions. On September 21, 2002, NOK shareholders overwhelmingly approved creation of the SPFT, by vote, at the 28th Annual Shareholders’ Meeting. In November of 2002, NOK’s Board of Directors elected to fund the SPFT with transfer of NOK shareholder assets and on December 28, 2002, NOK assets were transferred to the SPFT.
- In 2005, the Bureau of Indian Affairs required NOK to add three new shareholders, creating a dissociative event between NOK and the SPFT which changed the SPFT’s operations, including changes in taxation and prohibition of further contributions to the SPFT by NOK. On June 30, 2018, SPFT beneficiaries approved a Restated SPFT Agreement providing Trustees with flexibility to expand benefits and restoring the SPFT’s tax-advantaged status for beneficiary distributions. However, as not all of NOK’s shareholders are Trust beneficiaries, NOK remains unable to make additional contributions to the SPFT.
- The SPFT is an independent legal entity organized under Alaska law and is governed by a nine-member Board of Trustees who are the same individuals as the NOK Board of Directors.
- In 2018, the Board of Directors of Natives of Kodiak, Inc. (NOK) recommended creation of the NOK Benefits Trust (BT) to the shareholders of NOK with the purpose of promoting the health, education and welfare of Trust beneficiaries and preservation of the heritage and culture of Alaska Natives through principal means of beneficiary distributions. Creation of a second Trust under terms of the 1991 Settlement Trust provisions of the ANCSA was recommended by the Board to allow NOK ability to make tax-advantaged contributions to an ANCSA Settlement Trust and to provide expanded benefits to beneficiaries. On September 15, 2018, NOK shareholders overwhelmingly approved creation of the BT, by vote, at the 44th Annual Shareholders’ Meeting.
- In 2018, the BT made total distributions of $1,820,748.
- NOK shareholders are reminded that both Natives of Kodiak Shareholder Permanent Fund Trust and NOK Benefits Trust beneficiaries are required to transfer their Trust units at the same time and in the same quantities as any NOK shares that they choose to transfer.