LATEST NEWS :

Exxon Settlement Information – Posted Friday, July 27, 2008

On Wednesday, June 25, 2008, the United States Supreme Court issued its opinion in the Exxon Valdez punitive damages case. In summary, it upheld the lower courts’ determination that punitive damages are appropriate, but also determined that the amount of punitive damages appropriate to the case should not exceed (and, in this case, should be equal to) the amount of compensatory damages awarded (roughly $507M). The Court remanded the case back to the lower court in order for the judgment and the amount due under the judgment to be processed. It is expected that actual distribution of funds to the plaintiffs will require several months to process.

The final total of funds to be distributed will include interest on the punitive damages award. This amount is estimated to be slightly less than the base punitive damages award, bringing the total to be distributed to an amount very close to $1 Billion. Chugach Alaska Corporation’s portion of the award is 2.2%. A variety of payments that are due will come off the top (contingent bankruptcy liabilities, attorney fees, taxes, etc.), leaving an anticipated net amount of approximately $5 Million.

As the corporation receives updates on the progress of the distribution and the exact amount to be distributed to CAC, we will pass that info along to you.

Read the Court’s Opinion.

The Anchorage Daily News Website for more information.

ANNOUNCEMENT:

Chugach Corporate Office will be closed Friday, July 4, 2008 in observance of Independence Day.

Economic Stimulus Payments Due in May

Starting in May, the U.S. Treasury(IRS) will begin sending economic stimulus payments to more than 130 million households. To receive a payment, taxpayers must have a valid Social Security number, $3,000 of income and file a 2007 federal tax return. IRS will take care of the rest. Eligible people will receive up to $600 ($1,200 for married couples), and parents will receive an additional $300 for each eligible child younger than 17. Millions of retirees, disabled veterans and low-wage workers who usually are exempt from filing a tax return must do so this year in order to receive a stimulus payment. For more information on this from the IRS, click on the link below.

Stimulus Payment Information Center

Below is a link to the IRS website regarding the economic stimulus rebate. It tells you when you should be getting your check according to the last two digits of your SS# and can calculate how much you should be getting.

Stimulus Payment Schedule

* Information in red has just recently been changed.
TBD - means "To Be Determined"

Dividend amounts and record dates are established at the quarterly CAC Board of Directors Meeting preceding the dividend payment date based on the current annualized financial status.

DIVIDEND MAIL OUT: Regular & Elder dividends are mailed quarterly (every 3 months) on the last business day of the month they are due out.

ADDRESS CHANGES: Please keep your address current at all times. Address changes are due no later than 15 working days before the scheduled dividend issue date.

CHECK RE-ISSUE: All dividend stop payment requests are subject to a mandatory 45 day waiting period from the time of the distribution date and a $15 stop payment fee. No exceptions. Contact Wendie Smith at 800.858.2768 ext. 0394 or 261.0394 for the form or download it at our corporate website.

PICKING UP DIVIDENDS IN PERSON: It is policy not to have shareholders pick up their checks at CAC.

DIRECT DEPOSIT/TAX WITHHOLDING: If you would like your checks in a timelier manner, please sign up for Direct Deposit. Voluntary tax withholding is available only if you have elected to direct deposit your dividend payments. You may download the instructions and forms at www.chugach-ak.com or contact Grace Hoover at 800.858.2768 ext. 4133 or 261.4133.

7(J) DISTRIBUTION: The Corporation receives revenues from the sales of natural resources annually. The funds are distributed as 7(j) revenues to the village corporations and to each individual Class C shareholder. Those distributions are usually mailed out by late August.

ANNOUNCEMENT:

Shareholder Annual Meeting Election Results



The results of the 2007 Chugach Alaska Corporation Shareholders’ Meeting held on October 13, in Anchorage, Alaska, include the re-election of incumbent directors Julie Kitka (left), Roxanne Akerlund (center), and David Totemoff, Sr., (right). Following the meeting, a motion to re-elect the current board officers was unanimously approved.

Sheri Buretta, Chairman of the Board
Matthew McDaniel, MBA, Vice-Chairman
Donna Platt, Corporate Treasurer
David Totemoff, Corporate Secretary

Shareholder Resolution 07-01 to establish a Settlement Trust Fund was also approved.

Final Election Results:

Julie Kitka 73,973.876
David Totemoff 73,037.799
Roxanne Akerlund 71,066.908
Edgar Blatchford 19,034.266
Travis Vlasoff 17,293.720
Charles T. Anderson 14,480.080
Virginia Lacy 14,030.126
James Labelle. Jr. 8,498.359
Jeremy Hughes 3,982.572
Jason Anderson 698.602

Motion to establish a Settlement Trust Fund:

Yes 81,511.283
No 16,355.679

Researching ANCSA or the Alaska National Interest Lands Conservation Act (ANILCA)

The Alaska Native Claims Settlment Act (ANCSA, a living document created by the US Congress, has had amendments proposed to it since its inception 35 years ago. Examples of ANCSA amendments which have had far reaching impact include such issues as inclusion of Alaska Natives born after December 18, 1971 (the date of the Act); land exchanges; and even the 8(a) government contracting provision.

The following documents are an excellent starting point for researching ANCSA or the Alaska National Interest Lands Conservation Act (ANILCA).

ANCSA of 1971 (PDF Format - 5 Megs)

ANCSA Ammendments of 1976 (PDF Format - 1.7 Megs)

ANCSA Ammendments of 1987 (PDF Format - 7 Megs)

Making it Work - The Blue Book - 1999 (PDF Format - 3 Megs)

ANCSA Technical Ammendments of 2006 (PDF Format - 27k)

ANCSA Land Bank Protection Act of 1998 (PDF Format - 500k)

Economic Growth and Tax Reconciliation Act of 2001 (PDF Format - 318k)

Alaska Land Transfer Acceleration Act of 2004 (PDF Format - 1.2 Megs)

ANILCA (PDF Format - 12 Megs)

Shareholder Dividends Available for Direct Deposit

Chugach Shareholders can now receive their dividends directly deposited into their bank accounts. Please fill out the form listed below and mail it to the Shareholder Services Department in order to receive your next dividend by direct deposit. The form asks you to include a voided check so we can process your bank information. If you do not have a checking account, we ask that you go to your bank and request the bank to prepare a slip with the bank’s routing number and your savings account number on the slip. The bank then would need to sign off on the prepared information. This is a standard procedure for most banks when asking for the information.

Shareholder Dividend Direct Deposit Form

Voluntary tax withholding for dividends is available to Shareholders who have direct deposit. Please download form to sign-up for it.

Shareholder Voluntary Tax Witholding Form


If you have any questions Contact:

Chugach Alaska Corporation
Shareholder Services
3800 Centerpoint Drive, suite 601
Anchorage, Alaska 99503
Phone: (907) 563-8866
Toll Free: 1-800-858-2768

With Regards to Dividends and Taxes. Dividends paid in 2007 are taxable, therefore 1099's will be issued to Shareholders no later than Jan. 31, 2008.