Aarigaa! Hello, fellow shareholders.
On behalf of the Board of Directors and staff, we hope 2016 brings you a happy, healthy and prosperous year.
This is an exciting time for KIC. The Board has been very busy working to improve the financial well-being of the Corporation. Most recently, we revisited our long-term initiatives and strategic plans. As a Board, we felt this was needed to ensure we are going in the right direction. While pursuing growth in business opportunities is essential, as a Board, we always remain mindful that our Iñupiaq way of life must continue and thrive.
The current Board also reviewed other priorities and initiatives, including:
- The need to clean up our Kotzebue properties and engage in a general strategy to promote a healthier community. As an Alaska Native corporation, we are dedicated to utilizing our resources to serve our Shareholders in the best way possible.
- Continuing to work and expand in the 8(a) government-contracting sector with our subsidiaries. Our 8(a) revenues continue to grow, and our prediction for 2016 will see even more increases in revenue generated by those ventures.
- Strengthening relationships with other entities in the region. KIC is engaged in the Tri-Lateral Committee between the Native Village of Kotzebue and the City of Kotzebue. This committee has helped the community move forward and secure funding on projects in and around Kotzebue. Along with this, we are strengthening the relationship with our regional Native corporation, NANA, which is very important and integral — as we look down the road for our children, who will become the next generation of leaders.
- Implementing stronger financial controls. We believe this will increase the profitability and revenue stream available to KIC and, by extension, to its Shareholders. These controls will also help KIC link all of its business interests — from the Kotzebue NAPA/ACE store to its East Coast subsidiary options — enabling us to keep tighter controls on the day-to-day functions of all KIC interests. This enables us to better access KIC financial data to better manage the Corporation across all levels.
KIC is constantly looking for ways to improve opportunities and healthy living options for all Shareholders. One of the main components of our focus is the annual KIC dividend. We realize that many of our Shareholders live on fixed incomes and count on stable and renewable sources of income throughout the year, so we continue to work very hard to ensure that KIC dividends continue and grow over time. While Alaska is facing tough economic times, KIC continues to see growth across our 8(a) subsidiaries: combined with secure financial controls, a good land base, steady dividends and improved facilities management, the opportunities are limitless.
I would also like to recognize all the KIC Scholarship recipients who reached educational milestones last year. KIC remains committed to helping our Shareholders and Descendants continue their educational endeavors for the future. Congratulations!
— Calvin Schaeffer
Chair, KIC Board of Directors