IRC Announces $3 Million Distribution Payment
(Inuvik, NT) April 17, 2019 – Inuvialuit Regional Corporation (IRC) announces a 2019 distribution payment of $651.50 to all enrolled Inuvialuit beneficiaries over the age of 18. In accordance with the IRC Distribution Policy, a total of $3,027,520.50 will be distributed to 4,647 Inuvialuit. Distribution payments will be issued on May 1, 2019.
“The IRC is pleased to provide consistent financial distributions to Inuvialuit beneficiaries,” said IRC Chair and CEO Duane Ningaqsiq Smith. IRC uses a 10-year average in calculating its beneficiary distributions, ensuring that profits are spread-out for sustainable, steady payments. The 2019 distribution payment is a 21% increase over the 2018 payment, a 63% increase over the 2017 payment, and is the highest total distribution payment in ten years.
IRC subsidiaries – Inuvialuit Development Corporation, Inuvialuit Investment Corporation, Inuvialuit Land Corporation, and Inuvialuit Petroleum Corporation – contribute to the distribution.
In the last 10 years IRC has returned over $20 million to beneficiaries through these distributions, while also supporting communities through initiatives such as:
- Job creation and housing from $24 million of secured housing money
- $3.7 million in labour market and capacity initiatives over the last year, which includes funding for education and childcare
- $1 million for health and wellness in the last year
- $300,000 in elder’s distributions each year at Christmas
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:
Your current location, and whether you have signed up for direct deposit, may factor into when you receive your payment.
Do you have direct deposit? If you are an enrolled Inuvialuit beneficiary over the age of 18 and have already registered with IRC for direct deposit, your payment will electronically transfer directly into your bank account on May 1, 2019.
Do you reside in the ISR? If you are an enrolled Inuvialuit beneficiary over the age of 18 and are currently living in the ISR, your payment will be received by your Community Corporation by May 1, 2019; please contact your Community Corporation for the exact date for when they plan to distribute cheques in your community.
Do you reside outside the ISR? If you are an enrolled Inuvialuit beneficiary over the age of 18 and are currently living outside the ISR, your payment will be mailed on May 1, 2019.
*Please note: IRC will not be replacing any cheques that are lost, stolen, or misplaced until June 10. If this is the case, please call IRC Enrolment (867) 777-7000 on, or after, June 10.
*Address updates are required as soon as you move. Address changes, as well as direct deposit applications, are accepted and processed by IRC Enrolment all year. If your address has not yet been updated, there could be a delay in receiving your distribution payment. Please update your address and consider applying for direct deposit.
Distributions shall be paid to all beneficiaries of the Inuvialuit Trust enrolled as of the date that the distribution is approved by the IRC Board of Directors.