What is the proposed Elders' Trust?

The Elders' Trust is a proposed settlement trust that will be brought before shareholders for a vote during this year’s annual meeting. The Elders' Trust is designed to benefit shareholders with voting stock upon reaching the age of 60. Similar to the Tináa Distributions Trust (PDF for more info), distributions to shareholders through the Elders' Trust would be exempt from federal tax — but unlike the Tináa Distributions Trust, the Elders' Trust would be allowed to invest its assets with the goal of generating revenue to fund shareholder benefits in perpetuity.

The Ancestral Trust, the Tináa Distributions Trust, and the Elders' Trust would all be separate distribution instruments serving distinct needs within our shareholder community, all funded by Goldbelt but managed by their own boards of trustees.

How will distributions be distributed?

The Elders' Trust will hold assets in a permanent fund-type trust. At least annually, the Board of Trustees would assess all pertinent factors to determine the maximum amount that could be prudently distributed to shareholders. The Board will determine the maximum possible distribution consistent with the Trust’s primary priority of ensuring the value of the principal of trust assets is not diminished over the long term by distributions, the effects of inflation, or investment losses.

Who would be eligible to receive dividends from the Elders' Trust?

Goldbelt shareholders with voting stock who are age 60 or older.

Will the proposed Elders' Trust reduce my regular fall dividend?

No. If the proposed Elders' Trust passes, it would not reduce the amount of distributions to Goldbelt's voting shareholders through the Tináa Trust. The amount contributed by Goldbelt from its annual operating income to the Tináa Trust is set by the Board’s Distribution Policy and will not be affected by anticipated contributions to the Elders' Trust.

Here’s how it would work:

The Elders' Trust would be a separate, self-sustaining fund established solely to provide annual dividends to shareholders age 60 and older. Like the Ancestral Trust, it would invest funds contributed by Goldbelt to generate earnings for distributions. Once fully endowed — estimated by 2030 — it would provide an independent source of distributions for qualifying Elders.

Importantly, this trust would be independent of Goldbelt Inc.’s corporate earnings. It would not affect the regular fall distribution that all voting shareholders receive through the Tináa Trust. Instead, it would create long-term funding — similar to the Alaska Permanent Fund — that could provide distributions to Elders even in years when the corporation’s financial performance varies.

Am I eligible for dividends from the Elders' Trust?

To be eligible for a distribution from the Trust, Goldbelt shareholders must have voting shares and be age 60 or older on the record date set by the Trustees. To have voting shares, you must be an Alaska Native or descendant of an Alaska Native by birth or legal adoption.

Goldbelt’s Elder Stock is not counted as a share for the purpose of being a beneficiary or receiving benefits from the Elders' Trust.

How do I know if I am a voting or non-voting shareholder?

Shareholders with Alaska Native heritage by birth or legal adoption are voting shareholders. Over 96% of Goldbelt shareholders are voting shareholders. If you are unsure of your status, please contact Shareholder Services at 907-790-4990.

What are the benefits of making distributions through the Elders' Trust?

• The distributions made by the Trust will not be counted as taxable income and will be free of federal income tax for shareholders.
• Making contributions to the Elders' Trust also offers Goldbelt the possibility for federal tax savings.
• The benefit of the Elders' Trust is that funds can be held, invested, and managed to provide benefits in perpetuity.

What are the tax implications?

Shareholders will pay no federal income tax on distributions made from the Elders' Trust. Shareholders may still have to pay state income tax, where applicable. Alaska and Washington — where most Goldbelt shareholders reside — do not have state income tax, so shareholders living in those states will pay no tax on their dividends.

What is the difference between the Goldbelt Ancestral Trust, the Elders' Trust, and the Tináa Distributions Trust?

• The Goldbelt Ancestral Trust (Est. 2014): operates primarily as a “permanent fund,” distributing a portion of its investment earnings each year to its beneficiaries pro rata, in proportion to the number of shares they own.
• The Goldbelt Tináa Distributions Trust (Est. 2019): provides distributions and scholarships to shareholders from funds contributed by Goldbelt for such purposes. It may also provide Elders' benefits but cannot invest its assets to generate income (i.e., not a permanent fund).
• The Goldbelt Elders' Trust: would establish a permanent-fund-type trust dedicated to funding distributions to elder shareholders in perpetuity. Distributions would begin at age 60.

Has the Elders' Trust been approved?

No. The Elders' Trust has been approved by the Board of Directors to be brought to a vote of the shareholders. It must be approved by a majority of the voting shares present or represented by proxy at the Annual Meeting. It will be on the proxy and the tally will be announced at the 2025 Annual Meeting of Shareholders.