2013 Distribution Payments
IRC Provides Distribution Payments to Beneficiaries
INUVIK, NT (April 25, 2013) – The Board of Directors of Inuvialuit Regional Corporation (IRC) announces a distribution payment of $563.20 to all enrolled Inuvialuit beneficiaries over the age of 18.
In accordance with the IRC Distribution Policy, each enrolled Inuvialuit beneficiary will receive $563.20. A total of $2,396,990 will be paid to 4,256 beneficiaries enrolled in the Inuvialuit Trust. Payments can be expected May 10.
The distribution payments are based upon 15% of the Average Comprehensive Income for the preceding ten-year period as determined from IRC’s audited consolidated financial statements, prepared in accordance with the International Financial Reporting Standards.
IRC subsidiaries – Inuvialuit Development Corporation, Inuvialuit Investment Corporation, Inuvialuit Land Corporation and Inuvialuit Petroleum Corporation – will contribute to the distribution.
The IRC Distribution Policy ensures that there is sufficient reinvestment of profits to guarantee the preservation and growth of the land claim capital for future generations of Inuvialuit. The establishment of the Elders Assistance Program and Inuvialuit Harvesters Assistance Program, the core funding of the Inuvialuit Education Foundation, Inuvialuit Charitable Foundation and community corporations have all been made possible through such reinvestments.