Inuvialuit Regional Corporation (IRC) announces a distribution payment of $740 each to all enrolled Inuvialuit beneficiaries over the age of 18 in 2020. In accordance with the IRC Distribution Policy and by Motion of IRC Board of Directors a total of $3,480,220 will be distributed to 4703 enrolled Inuvialuit. Distribution payments will be issued on May 1, 2020 and IRC encourages all beneficiaries who are able, to now sign up for Electronic Fund Transfer (EFT) also called Direct Deposit through email with firstname.lastname@example.org
“Despite this difficult time we are now in with a coronavirus threat and global pandemic, including market and business uncertainty,” IRC Chair and CEO Duane Ningaqsiq Smith assures beneficiaries that, “IRC is able to consistently and sustainably provide Inuvialuit their financial distribution by Electronic Fund Transfers and cheques as per usual and hopes that the dividend payments will find beneficiaries in good health.”
IRC subsidiaries – Inuvialuit Development Corporation, Inuvialuit Investment Corporation, Inuvialuit Land Corporation, and Inuvialuit Petroleum Corporation – contribute to the distribution.
IRC uses a 10-year average in calculating its beneficiary distributions, ensuring that profits are spread-out and for beneficiary payments to be both steady and ongoing. 2020 distribution of dividend payments will be an increase of 14% from 2019. This is the third year in a row with growing dividends and an increase in payment. By surpassing 2019 payment, IRC can again announce the highest total distribution payment in 10 years.
In the last 10 years IRC has returned over $20 million to beneficiaries through these distributions, additionally gives out Elder Benefit Distributions each year at Christmas, all while also supporting elders, households, families and communities with programs and assistance through Contribution Agreements and now the immediate, specific, additional emergency funds specific to those in need during COVID-19.
Distribution payment to beneficiaries from the resources of the Inuvialuit Land Claim Settlement is a fundamental objective of the Inuvialuit Final Agreement (IFA). The IRC Distribution Policy further ensures sufficient reinvestment of profits to guarantee the preservation and growth of the land claim capital for future generations of Inuvialuit.
Additional Details about Distribution Dates for Beneficiaries of the Inuvialuit Trust:
Do you reside outside the ISR? If you are an enrolled Inuvialuit beneficiary over the age of 18 and currently living outside the ISR, your payment will be paid EFT or mailed on May 1, 2020.
For more information, please contact:
Tel: (867) 777-7000