Inuvialuit Group announces annual Beneficiary Payment for 2023

by ahnationtalk on April 20, 2023166 Views

April 19th, 2023

The Inuvialuit Group of Companies, including the Inuvialuit Regional Corporation (IRC), the Inuvialuit Development Corporation (IDC), the Inuvialuit Petroleum Corporation (IPC), and the Inuvialuit Land Corporation (ILC) are pleased to announce the annual beneficiary distribution for the year ended December 31, 2022.

“IRC continues to see success throughout the Corporate Group, and I am pleased to announce a 2023 distribution payment of $997.58 to the 4,883 enrolled Beneficiaries,” said Chair Smith, adding “This represents a total payment to Beneficiaries of $4.87M, the second-highest total amount distributed after last year record distribution, and the highest number of Beneficiaries ever recorded.”

IRC is a not-for-profit corporation created for the benefit of the Inuvialuit Beneficiaries. This means that all profits earned are either distributed to Beneficiaries through distributions, through social programs or are re-invested for future generations. “By building strong relationships with the federal government IRC has been able to provide a variety of unprecedented new programming to our communities. IRC currently manages over $130 Million in grants and agreements that support local employment, housing, infrastructure, education, health & wellness, and social programs”

IRC returns a portion of its earnings each year to Beneficiaries in accordance with its policy through trust distributions, having made over $61M in distribution payments to date. “The Inuvialuit Regional Corporation bases its distribution on 10-year average net income to ensure a more sustainable distribution and as a result is able to distribute $4.87M even through times of tough financial markets,” said Duane Ningaqsiq Smith, Chair and CEO of IRC.

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For media inquiries, please contact Alexandrea Gordon, Manager of Communications, at communications@inuvialuit.com or 867-678-5490.

NT4

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