MTNT Shareholder Newsletter
KwnJa’ is pronounced “Kwinja” and means “News” in the upper Kuskokwim Athabascan dialect.
2021 SUMMER/FALL MESSAGE FROM THE CEO
Dear MTNT Shareholders:
I hope this issue of the newsletter finds you well.
While the Annual Meeting was not held in-person, we greatly appreciate the support MTNT received from our dedicated group of donors and sponsors to increase participation and make the 2021 meeting a success.
MTNT was able to give away many door prizes from the donations received. MTNT’s Board of Directors also approved more than $3,350 in cash Annual Meeting Prize Drawings to those who voted in this year’s election.
A special thank you to KSKO 89.5 FM for their support as they broadcasted this year’s Annual Meeting throughout the region June 19th and 20th.
As fall is drawing near, I am reminded of how far we’ve come and how much we have accomplished in a short time. Just over the course of the summer, MTNT’s team hosted the Annual Meeting virtually while garnering more than five (5) new contracts through MTNT’s family of companies.
To highlight a few contracts: MTNT was awarded a project by the Department of Interior, Bureau of Indian Education, to repair the campus’ HVAC and Greenhouse located in Lawrence, Kansas.
Closer to home, MTNT was awarded a project to construct two new duplexes for teacher housing and perform repairs on the K-12 school building for the Lower Yukon School District (LYSD) in Scammon Bay, Alaska.
As MTNT embarks on new ventures, MTNT employs a sustainable growth strategy to provide consistent dividends while increasing opportunities for our Shareholders and Descendants through scholarships and employment opportunities. On December 15, 2021, MTNT Shareholders will receive a Regular Dividend at $4.49 per share. The MTNT Foundation Board recently approved the Fall Scholarship Awards for all eligible students that submitted their applications. On the back page of this newsletter, you can read about current employment opportunities and some of the students who are achieving their educational goals.
A topic on nearly every Alaska Native Corporation’s (ANC) table is the Coronavirus Relief Fund (CRF) tribal set-aside within Title V of the Coronavirus Aid, Relief, and Economic Security Act (CARES) Act. The Supreme Court recently completed its deliberation in the Yellen v. Confederated Tribes of the Chehalis Reservation case, finding that Alaska Native Corporations meet the legal definition of “Indian Tribes” under the Indian Self-Determination and Education Assistance Act, confirming ANC’s eligibility for the CRF.
Through the work of countless individuals and organizations, including the Alaska Federation of Natives and the Alaska Native Village Corporation Association, this was a victory for ANC’s and our people. However, there’s still much work to do in short order. The funds must be allocated by December 31, 2021, and may only be distributed on expenditures deemed necessary as a result of the COVID-19 pandemic and in accordance with the U.S. Treasury guidelines. MTNT is committed to ensuring the funds received are properly deployed as intended by the Coronavirus Relief Fund (CRF).
As we work through the legalities, MTNT will keep you informed of our progress on allocating the CRF monies. Please ensure that your contact information with MTNT remains current to stay apprised of future announcements.
With that aside, we have all experienced challenges and loss during this unprecedented time. One cannot measure another’s hardships nor the concerns a person faces on a day-to-day basis. No amount of money can replace our loved ones who are no longer present. We have lost Shareholders, Descendants, family and friends. On behalf of the MTNT Board of Directors and team, I extend my deepest sympathies to our Shareholders and their families. You are in our thoughts and prayers.
May you all stay healthy and strong.
Chief Executive Officer
1500 West 33rd Ave., Ste. 100
Anchorage, Alaska 99503
Phone: (907) 644-1200
Toll Free: 1 (800) 238-6868
Fax: (907) 644-1212
MTNT, Ltd./McGrath Light & Power
52 McGuire Drive
P.O. BOX 309
McGrath, Alaska 99627
Phone: (907) 524-3009
Fax: (907) 524-3062
MTNT Management Services, LLC
1500 W. 33rd Ave., Suite 100
Anchorage, Alaska 99503