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2020 Distribution of nearly 3.5M to be Paid to Inuvialuit Beneficiaries May 1
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:
Your current location, and whether you have signed up for Electronic Fund Transfer/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 EFT/direct deposit, your payment will electronically transfer directly into your bank account on May 1, 2020. You need to send IRC’s Enrolment a void cheque or direct deposit form from your bank. The form or void cheques are available in person at your bank or online. Questions and applications can be sent to Enrolment over email.
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, 2020; please contact your Community Corporation for the exact date and specific processes for when and how your CC plans to safely distribute cheques in your community. In some cases Community Corporations may choose to use mailboxes to best distribute cheques, so please make sure your address is up to date with IRC enrolment.
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.
*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, Email email@example.com or use IRC (867) 777-7000 on, or after, June 10.
*Address updates are requested as soon as you move. Address changes, as well as Electronic Fund Transfer (EFT)/direct deposit applications are accepted and processed by IRC Enrolment all year by email firstname.lastname@example.org 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 EFT/direct deposit which is both encouraged and the fastest way to receive your distribution payment.
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.
For more information, please contact:
Tel: (867) 777-7000