About Our Organization
Shee Atiká, Incorporated (SAI) is an urban corporation organized pursuant to the Alaska Native Claims Settlement Act (“ANCSA”). ANCSA, as amended.
One hundred shares of SAI voting common stock were issued pursuant to ANSCA to each Native person enrolled. Nonvoting common stock is issued to any person who acquires SAI stock and is not a “Native” or “Descendant of a Native” within the meaning of ANSCA.
Nature of Operations
One of SAI major sources of revenue was its share in the results of operations of a 49%-owned affiliate, Atikon Forest Products, Inc. (“Atikon”). In previous years, Atikon acquired from SAI all of its timber located on Admiralty Island. Atikon harvested the timber which was then sold primarily as round logs to Japan and Korea. Atikon’s income was affected by the demand for forest products in Japan and Korea, the availability of alternative sources of round logs, and foreign currency exchange rates.
SAI’s commercial buildings are located in Sitka as well as outside the state of Alaska, and revenues from these buildings depend on local economic factors.
ANCSA was passed by Congress to settle the aboriginal land claims of the Native people of Alaska. Most of our shareholders are of Tlingit descent. The moiety of the Tlingit people is under the Raven or Eagle. Our clans in Sitka consist of L’uknax.adi, Kik.sadi, Kaagwaantaan, Chookaneidee, T’akdeintaan, Daklaweidee, Wooshkeetaan, Yanyeidi, Deisheetaan and L’eeneidee. We also have shareholders of Haida, Tsimpsian, Athabascan, Aleut and Eskimo descent.
As its settlement, Shee Atiká, Incorporated received 23,000 acres of timberland on Admiralty Island, 3,000 acres at Katlian Bay near Sitka and Alice and Charcoal Islands adjacent to the Sitka Airport.
In 1987 Shee Atiká, Incorporated, after years of fighting environmentalist lawsuits, sold its Admiralty Island timber to Atikon Forest Products, of which SAI owned 49%. This sale, along with the resulting Net Operating Loss (NOL), sale to Quaker Oats, allowed the company to pay down debt, make distributions to shareholders and in 1993 to establish the Shee Atiká Fund Endowment (SAFE), an ANCSA Settlement Trust. SAFE is designed to make consistent, twice yearly, distributions to its beneficiaries (Shee Atiká, Incorporated shareholders are also beneficiaries in any Settlement Trusts established by the corporation).
In 1998, Shee Atiká, Incorporated funded another Settlement Trust for the benefit of its shareholders; the Shee Atiká Benefits Trust (SABT), which provides educational and funeral benefits.
Today, in addition to its timberlands, Shee Atika owns one of the newest buildings in downtown Sitka, the Shee Atiká Building. Commercial properties are also held in the lower 48; in Colorado Springs, Colorado.
With a combined net worth of approximately $90 million, SAI, SAFE and SABT not only provide economic benefits to Shee Atiká, Incorporated shareholders, but also contribute to the economic well-being of the community and the state.