As 2017 ends, Sealaska is expected to have a very profitable year. We also expect to reach, or be very close to achieving, a key financial goal established in 2012, that Sealaska is profitable before 7(i) and investment income.
Sealaska and its subsidiary management and staff have worked tirelessly to meet that goal. Sealaska’s three primary sources of income are as follows:
- Sealaska Operations continue to achieve substantial growth in profitability from its actively managed business endeavors. This has been a major initiative for the last several years and will continue to be going forward.
- Sealaska Foods has co-invested in two new seafood companies during 2017. First is Odyssey Foods, which then purchased a 49% interest in Orca Bay Seafoods. Please check out their websites to learn more about these businesses.
- The 2017 annual report will have a new business segment that will reflect the financial results of our new investments in seafood.
The Marjorie V. Young Shareholder Permanent Fund (MVY)
- The MVY Permanent Fund is having a very good year with returns well above the 2016 MVY fund returns.
- The MVY Permanent Fund continues to accomplish its intended purpose of providing returns sufficient to pay bi-annual shareholder dividends and for inflation proofing.
ANCSA 7(i) / 7(j)
- In 2017, NANA and ASRC continue to provide substantial 7(i) income to Sealaska through their zinc and oil development profits.
- 7(i) is a section in the Alaska Native Claims Settlement Act (ANCSA) that requires the sharing of profits generated from the development of the natural resources from lands conveyed as part of the ANCSA by each regional corporation.