BAY SPRING 2021 REP RT - FEATURE STORY - Bristol Bay Native ...
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BAY REP RT
SPRING 2021 mybbnc.net
INSIDE LOOK
2020 Tax Information
BBNC Board
Recruitment
FEATURE STORY
#NOTTODAYCOVID
SAVE THE DATE BBNC BOARD
OF DIRECTORS
April 2, 5:00 p.m.
BBNCEF Higher Ed W HAT’S INSIDE Joseph L. Chythlook
scholarship application
deadline Chairman
Russell S. Nelson
April 4 Vice Chair
Easter 3 7
Peter Andrew Jr.
April 14, 5 p.m. SHAREHOLDER SHAREHOLDER
BBNC Board of Director
Shawn Aspelund
NEWS NEWS
application deadline Wassiliisia R. Bennis
April 30 Youth Culture Kits Memorial Fund Greta L. Goto
BBNC Culture Camp Available! Expanded to Spouses Diedre S. Hill
application deadline
and Descendants Hazel Nelson
May 2 Marie Paul
Orthodox Easter
H. Robin Samuelsen Jr.
May 9
L. Tiel Smith
Mother’s Day
Kimberly Williams
May 17, 5:00 p.m.
Deadline for address or
banking changes for June
distribution
May 31
Memorial Day
BBNC office closed
June 4
BBNC Settlement Trust
Distribution
CONTACT US
7 11
June 20 111 W. 16th Ave., Suite 400
Father’s Day QUARTERLY BBNCEF Anchorage, AK 99501
July 25-31 FINANCIALS NEWS (907) 278-3602 Phone
BBNC Culture Camp (800) 426-3602 Toll-Free
Third Quarter Fiscal New Career Focused (907) 276-3924 Fax
Year 2021 MD&A and Vocational Education shareholders@bbnc.net
Financials Program www.bbnc.net
Bristol Bay Native Corporation
@bbnc.ak
ON THE COVER
@BristolBayToday
Shareholder Bobby McCarr receives his first COVID-19
Bristol Bay Native Corporation
Published by Bristol Bay vaccine at Dillingham’s vaccine clinic in January.
Native Corporation Photo credit: Izzy Ross/KDLG. BristolBayNativeCorp
“By the time you read this, over 22% of [Alaska’s]
population will have received their COVID-19
vaccine. This is remarkable, given how expansive
our state is geographically and given how many
people live in remote, rural communities without
convenient access to healthcare services.”
Letter from the
President BBNC President and CEO Jason Metrokin
wears his COVID-19 vaccine sticker.
This month, we welcome the spring There have been tolls on families At BBNC, we’ve been fortunate to
equinox—that patiently awaited and businesses across the state. No have weathered COVID-19 without
moment at the end of a long, dark community has been left untouched. the significant toll the pandemic
winter when the sun begins to once has taken on other businesses and
again favor the northern hemisphere. And yet, there is cause for hope. corporations around the globe. And
It marks the dawn of spring, the A slate of COVID-19 vaccinations yet, the pandemic has had an impact
lengthening of the days, and an has arrived. They’re safe. They’re on our business, most notable in
awakening of plant and wildlife. The effective. And they work incredibly our seafood and tourism sectors.
equinox is a foretelling that peak hard to prevent people from getting The BBNC board and management
salmon runs are just around the seriously ill, needing hospitalization, team will remain focused on the
corner and fishing season is almost or from passing away from the development of our strategic
upon us. As we approach the end of disease. As of this writing, Alaska direction over the next year or so,
March, spring reminds us: there is leads the nation in vaccinating since the full impact of COVID-19 on
light on the horizon. our state’s residents—by the time our business is still not completely
you read this, over 22% of our clear. Regardless, we remain
I’m thinking about the season’s population will have received their optimistic about coming out of this
promise of optimism differently COVID-19 vaccine. pandemic well poised for a healthy
this year, because the arrival of this and thriving future.
particular spring also marks a grim This is remarkable, given how
milestone; it’s been a full calendar expansive our state is geographically As we welcome spring, watch for the
year that we’ve all been living in and given how many people live in coming light on the horizon. Please
the shadow of the global COVID-19 remote, rural communities without stay safe and healthy, practice safety
pandemic. To say it’s been a year convenient access to healthcare protocols, and look out for each
of challenges—of unexpected services. The state, along with our other.
disruption to our routines and tribal healthcare system, have been
our relationships—would be an leading a coordinated, concerted Thanks for your support,
understatement. Many of us haven’t effort that ensures vaccinations are
seen each other in well over a year. being dispersed and administered
People across the state are still far and wide. Jason Metrokin
working or schooling from home. President & CEO
COMING SOON: BBNC CULTURE CAMP!
Stay tuned for information from BBNC about its first regional culture camp being hosted later this year. More
information will be available in late March. 1
BBNC shareholders and New Stuyahok health
aides receive their second COVID-19 vaccine.
#NotTodayCOVID
COVID-19 has touched every to ensure every community, in every
corner of the globe. And every area—urban or remote village—had
spot on the map has experienced access to this life-saving inoculation.
this pandemic a bit differently. In It’s been a win. Vaccines are
Alaska, our sprawling landscape reaching Alaskans everywhere. And
and the vast distances between our the vaccines are safe, effective, and
remote communities have presented help keep our residents out of the
a unique set of challenges. And hospital and prevent the serious
now that vaccines are available, illnesses associated with COVID-19.
Shareholders Katherine and Melvin Brown
navigating that distance—especially receive their first COVID-19 vaccine.
to communities without roads, We talked with Dr. Donna Galbreath
only accessible by plane or sled— of Southcentral Foundation, an In Bristol Bay, Bernina Venua, who
has become another challenge to Anchorage-based organization is working on the ground in the
overcome. that works with Alaska Native region to coordinate access to the
communities to achieve wellness COVID-19 vaccine, told us that
Yet, Alaska leads the way in terms through health. She notes that “we’ve been fortunate compared
of vaccinating our communities. Our “protecting yourself is extremely to other regions” in terms of overall
state has been incredibly proactive important. But it’s also important to infection rates. And yet there is
since the start of the pandemic— protect those around you. You don’t some hesitancy about getting the
we were one of the first states to know other people’s risk factors. vaccine. “We want to push as much
require testing before people visited Getting the vaccine means you information out there as we can.”
us and we’ve been stringent in our are protecting your parents, your There’s an effort to remind people
practice of basic protocols. Masking. grandparents, your children and that the vaccine works. “It’s an
Distancing. Testing. Quarantining your neighbors.” important step to protecting families
and hand washing. Every community and communities.”
in our state set up a system of “A community is a family,” she says.
protection to slow or stop the “Whether by blood or not. It’s a Eligibility rules to receive the
spread of the virus. family. And protecting your family COVID-19 vaccine in Alaska are
is extremely important. Our Alaska constantly changing. To see if you’re
When vaccines became available, Native values ask that we protect eligible and to make an appointment,
the state of Alaska worked in ourselves and take care of others.” visit covidvax.alaska.gov or call
partnership with tribal organizations (907) 646-3322.
2
YOUTH CULTURE KITS ALASKA NATIVE VIETNAM
AVAILABLE! LAND ALLOTMENT PROGRAM
BBNC has partnered with the Alaska Native Heritage
Center and Bristol Bay 4H to provide school-aged youth
Kindergarten – 12th grade with culture kits!
Youth who live in Bristol Bay will be receiving a culture
kit through their school and youth who live outside
of Bristol Bay or are homeschooled or attend private
school in Bristol Bay should complete the online culture
kit form found at bbnc.net.
WELCOME
We would like to welcome our newest shareholders to
the BBNC family:
Annie M. Abanes Garren J. B. Nielsen
Owen W. L. Anagick Gauge C. B. Nielsen
The Bureau of Indian Affairs (BIA) is still looking to
Vanessa A. Ando Erin K. Noto
reach 43 potentially eligible veterans or heirs in the
Rafael G. Andujar-Romie Caleb A. O’Hara Bristol Bay region regarding the Alaska Native Vietnam
Matthew D. Ault Jared P. Paine land allotment program!
Luka E. Chacho Lois M. Peterson If you are a Vietnam veteran who served between
Kourtney S. Choe Dorothy D. Regennitter 1964 and 1971 and have not received a Native land
allotment, or are an heir to someone who meets that
Hailey E. Choe Steven A. Repphun criteria, please contact BIA at CGrimes@blm.gov or
Myra G. Davis Ronald J. Repphun (907) 271-4506.
Kenya A. Davis Allen P. Roberts To learn more, visit BLM’s website at www.blm.gov
Daniel D. Del Fierro II Donna J. Roberts and search for “Alaska Native Veteran Program.”
Cadence N. Dray Mikaela M. Rosario
Carly G. Eldridge Miguel A. Rosario III WORLD OF WORK (WOW)
Cameron D. Eldridge Jamie A. Shanley WEDNESDAYS
Zane L. Fritze Sarah B. Smith
Cathy A. Hokanson Chassy L. Stelling
Billy Boy T. Hurley Jordan T. Strain
Paula F. M. Jones Thomas J. Stroer IV
Delilah R. Konukpeok Anthony V. Thomas
Michelle N. Malachoff Claude S. Thomas
Mancuaq M. Mann Evan J. Thomas
Join BBNC for World of Work (WOW) Wednesdays!
Karolee G. McIlvrid Claude G. Thomas
WOW Wednesdays are weekly virtual gatherings to
Kyle L. Mosier Maya G. M. Walcott learn information from industry experts on different
Jenni K. M. Nelson James H. Wilkerson topics.
Justin A. D. Nelson Justin R. Wilkerson For more information, visit the events page on BBNC’s
Camilla R. J. Nielsen Hannah M. Windless Facebook page or bbnc.net. If you have any questions,
please contact Casey Sifsof at csifsof@bbnc.net or
Reina B. Nielsen Sharon M. Young (907) 278-3602. 3
RECIPE CORNER: BAKED SALMON HEADS
Ingredients: pan with parchment paper or tin
foil sprayed with cooking spray and
4-6 king salmon heads place salmon heads skin down.
Garlic, salt, pepper and 4. Sprinkle heads with garlic, salt,
Worcestershire sauce to taste and pepper to taste and a splash of
1/4 - 1/2 cup of any kind of stock or Worcestershire sauce to each head.
hot water 5. Pour stock or hot water around
the heads to keep moist.
Instructions:
6. Place in oven and bake for 35
1. Pre-heat oven to 350 degrees. minutes, or until the meat turns from
2. Split each salmon head in half, orange to pink or until you can poke
remove any gills and wash and pat a fork through the fish head.
dry. Baked salmon head served with
Recipe from BBNC shareholder boiled salmon, beluga skin and sour
3. Prepare a cookie sheet or shallow Martha Chocknok, Dillingham, AK. dock akutaq.
2020 TAX INFORMATION
Bristol Bay Settlement Trust Distributions: The required by the Alaska Native Claims Settlement Act
Settlement Trust distribution benefits paid in 2020 are (ANCSA). The 7(j) payment appears on a different
not taxable and are not required to be reported on a form because resource revenue payments are not
Form 1099. Therefore, no 1099 tax forms have been dividends and are not considered investment income.
sent to shareholders. Village corporation shareholders do not receive a 7(j)
dividend as ANCSA requires that resource revenue be
Quarterly Elder Settlement Trust Distributions: The paid directly to the village corporations.
Bristol Bay Elders Trust distributions received in 2020
are not taxable and are not required to be reported Door Prizes: Door prizes or other winnings in cash or
on Form 1099. Therefore, no 1099 tax forms have property valued of $600 or more are reported in Box 3
been sent to shareholders. (Other Income) on Form 1099-MISC.
ANCSA 7(j) Payments: At-large shareholders BBNC cannot provide tax advice and shareholders are
received a $17.78 per share ($1,778 for 100 shares) encouraged to consult with a tax advisor regarding
7(j) resource payment in 2020. The 7(j) payments individual circumstances and applicable federal and
are reported on Form 1099-MISC in box 3 (Other state tax requirements. Please remember that it is
Income). The 7(j) payment derives from resource your responsibility to accurately report your BBNC
sharing among the 12 regional corporations as related income on your tax returns.
SHAREHOLDER-OWNED BUSINESS
HIGHLIGHT: BOUGIE ALUTIIQ
The BBNC shareholder-owned business of the month is Bougie Alutiiq!
BBNC shareholder Jessica Towns-Camara’s family’s Native village is Pilot
Point, Alaska, however she is based in Washington state. She started her
jewelry business Bougie Alutiiq in the fall of 2019.
Jessica uses jewelry to build connections to her tribal homeland in Alaska.
She admires the strength and resilient spirit of her Alutiiq ancestors and
honors these qualities with the materials and designs in her jewelry.
Jessica is also a nominee for Eighth Generation’s 2020 Inspired Natives
Award! To learn more, find Bougie Alutiiq on Facebook or Instagram.
4
MEMORIAL FUND EXPANDED TO SPOUSES TWO WAYS
AND DESCENDANTS TO WIN CASH!
Shareholders who have direct
The Memorial Fund Program will now make a payment up to $750 as the
deposit and/or a stock will on file
result of the death of a shareholder spouse or descendant. Eligible family
that has been updated within the
members include a legal spouse or immediate family defined as children
last five years are entered into
or legally adopted children.
quarterly prize drawings!
For more information, please contact BBNC’s Shareholder Services
Easily update your direct deposit
department at shareholders@bbnc.net or (907) 278-3602.
and ensure you have a stock
will on file by logging into your
Shareholders in New Stuyahok myBBNC account at mybbnc.net
TURKEY WINNERS holding their turkeys
or download the paper forms at
www.bbnc.net. For any questions,
Congratulations to the top three Bristol Bay contact Shareholder Services at
communities with the highest percentage of shareholders@bbnc.net or (907)
voter turnout for the 2020 general election! 278-3602. The next deadline is
May 17!
Each BBNC shareholder household in these
communities received a turkey: Spring Direct Deposit
Winners:
1. King Salmon = 63%
$500 - Jessie Williamson
2. Igiugig = 61.9%
3. New Stuyahok = 61.4% $250 - Leilani A. Tennyson
$250 - George L. Nelson II
Thank you to everyone who voted and made $250 - Jessica G. R. Agoney
your voice heard! $250 - Clarence R. Johnson
$100 - Lea Ann Maines
$100 - Kirsten C. Garcia
2021 BOARD APPLICATION DEADLINE: $100 - Manuel A. Brito
APRIL 14! $100 - Amy L. Rogde
Are you interested in serving your corporation as a member of the $100 - Bonnie L. Mencer
BBNC board? Four director seats will be filled for a three-year term by
election at the October 2, 2021 Annual Meeting of Shareholders. Spring Stock Will
Winners:
To apply, you must submit: Completed applications must be $500 - Diedra J. M. Longdin
• A letter of interest submitted by 5:00 p.m. AK time
• Three letters of reference: two on Wednesday, April 14 to: $250 - Sarah Z. Catalone
professional and one personal $250 - Jessie E. Williams
(no relatives) Bristol Bay Native Corporation $250 - Blanche A. Blue
• Resume Nominating Committee $250 - Labova K. Wassillie
• Candidate application (found 111 W 16th Avenue, Suite 400
$100 - Peter J. Hamilton III
online at www.bbnc.net) Anchorage, AK 99501
$100 - Florante B. Gonzales
Selected applicants are interviewed by the Nominating Committee, $100 - Georgina A. Allen
which then makes its recommendation for the board slate of candidates $100 - Inez J. Gamechuk
to the full BBNC Board. Questions? Call BBNC at (907) 278-3602. $100 - Melissa S. Kawaglia
BBNC ACQUIRES HERMAN CONSTRUCTION GROUP
BBNC is pleased to announce its acquisition of Herman Construction Group, Inc.!
Herman Construction Group is a leading design-build contractor headquartered in
Escondido, California and will join BBNC’s construction business line under the SES
Group. Read more at bbnc.net 5
BBNC STAFF ANNOUNCEMENTS
BBNC is pleased to announce one new hire in its corporate office!
BBNC shareholder Tamara Larson was hired as BBNC’s Human Resources Generalist. She
is responsible for providing a wide scope of human resources assistance to departments
within BBNC and subsidiaries.
Primarily raised in Anchorage, Tamara spent her childhood summers in Perryville and has
family ties in Dillingham. Tamara looks forward to bringing her “can do” attitude, Human
Resource knowledge, and her passion for serving BBNC shareholders to the team.
RENEE WARDLAW IN MEMORY
IN CEP MAGAZINE BBNC Board and staff extend our sincere condolences to the family and friends
of those who have passd on:
Robert H. Alexander Leon R. Johnson Michael Prince
59, Anchorage, AK 62, Dillingham, AK 79, Emmonak, AK
Michael J. Anderson David J. Johnson Cody C. M. Roehl V
61, Myrtle Point, OR 64, Naknek, AK 18, Wasilla, AK
Ryan W. Andrew Joseph A. Kopy Micki L. Roehl
29, Levelock, AK 39, Anchorage, AK 35, Anchorage, AK
Joseph W. Andrews Murdo R. MacLeod Agnes S. Samuelson
67, Togiak, AK 54, Ekwok, AK 90, Wasilla, AK
Alice E. Bavilla Teddy O. Matson Fred W. Shangin
57, Dillingham, AK 59, Port Heiden, AK 42, Chignik Lake, AK
Lucy P. Bell Alberta A. Maxim Minnie Skonberg
64, Anchorage, AK 39, Anchorage, AK 65, Chignik, AK
Stanley L. Brainard Mike Minista Rachel A. Smart
Renee Wardlaw, BBNC’s Senior 67, Ferndale, WA 66, Manokotak, AK 36, Rexburg, ID
Director of Corporate Compliance
and Associate General Counsel, Kimora L. Buster Margaret R. Montfort Carl G. Smith
was featured in the January 2021 43, Wasilla, AK 92, Flagstaff, AZ 60, Anchorage, AK
edition of CEP Magazine!
Annie M. Christensen Alexandra M. Nanalook Tara J. M. Strongheart
CEP (Compliance and Ethics 77, Port Heiden, AK 66, Togiak, AK 31, Anchorage, AK
Professional) Magazine is an award-
winning publication that provides Robert D. Darrough Nida Nelson Marlene W. Swain
the latest insights on national and 84, Colville, WA 83, Anchorage, AK 70, King Salmon, AK
international compliance issues and
information for compliance, ethics, Bess Gardiner Jerry A. Olson Maureen M. Verzola
and auditing professionals. 92, Brownwood, TX 69, Palmer, AK 78, Seattle, WA
“Our executive team understands Nicholas R. Garner Sr. Rita A. Paul Nellie D. Whitted
that compliance is a crucial 39, Chignik Lake, AK 70, Holy Cross, AK 83, Orangevale, CA
component of any successful
business,” states Renee. Phyllis K. Gregory Sharilyn L. Pedersen Wassillie N. Whymn Sr.
64, Holy Cross, AK 49, Moses Lake, WA 84, Togiak, AK
Read the full article by visiting
www.compliancecosmos.org. Rosa Heyano Martha J. Pedersen Larissa M. Williams
95, Anchorage, AK 92, Anchorage, AK 29, Togiak, AK
6
FINANCIALS
Third Quarter Fiscal Year 2021
MD&A & Financials
This Management Discussion and Analysis presents information regarding BBNC’s financial activities and is
intended to be read along with the quarterly financial statements to provide insight into major factors influencing
BBNC’s financial performance. Certain eliminations of inter-company revenue and expense have been made in the
financial statements that are not reflected in this MD&A. The eliminations do not affect net income or earnings
before interest, taxes, depreciation, and amortization (EBITDA).
Through the third quarter of FY2021, BBNC earned combined EBIDTA of $94.5 million, an increase of $17.1 million
compared to the same period last year and $16.6 million above the current year budget.
Correspondingly, before expenses or benefits for income tax and non-controlling interest (i.e. “Operating Income”),
BBNC earned $62.6 million through the third quarter of FY2021, compared to earnings of $63.7 million during the
same period last year and FY2021’s budget of $49.1 million. BBNC’s net earnings for the same period totaled $44.6
million, a decrease of $1.0 million from last year, and $14.6 million more than the current year budget. As allowed
by generally accepted accounting principles, BBNC elected to amortize goodwill effective April 1, 2020. Through
December 31, 2020, $9.9 million has been recorded as an expense. Had this election not been made, the variance
between current year and prior year net income would have been positive $8.9 million.
In December, Bristol Bay Industrial Services, LLC sold certain North Slope assets and the tradename of Peak Oilfield
Service Company LLC resulting in a gain of $10.9 million after expenses of the sale. BBNC’s activities have had
varied impacts from the COVID-19 pandemic. Government Services and Construction have experienced growth in
revenues and income arising from the response of their customers to needs arising from the pandemic. Seafood
and Tourism have been negatively impacted. Tourism due to travel restrictions and Seafood due to reduced
demand for products. Industrial Services has been negatively impacted by two significant events: the drop in oil
prices and COVID-19 related work slowdowns. The liquid investment portfolio has yielded strong results as markets
were depressed at year-end March 31, 2020, and have rebounded since that date. As can be seen by the results
through December 31, 2020, BBNC is benefiting from holding a diverse portfolio of operating segments to achieve
EBITDA results more than prior year and budget despite COVID-19.
BBNC generates earnings through investment in three BBNC owns subsidiary operating companies in five
distinct types of activities: distinct lines of business:
• Subsidiary operating companies • Construction
• A portfolio of public and private passive • Government Services
investments • Industrial Services
• Natural resource revenues • Seafood
• Tourism 7
FINANCIALS
FOLLOWING ARE THE RESULTS OF BBNC’S
MAJOR OPERATIONS BY THE TYPE OF ACTIVITY:
CONSTRUCTION 30, 2020) generated combined Tourism business line generated
The Construction line of business EBITDA of $38.9 million through combined EBITDA for a loss of $2.1
is comprised of three distinct the third quarter of FY2021, a million, a decrease of $4.4 million
company groups: the Bristol decrease of $3.4 million compared compared to the same period last
companies, the CCI companies to the same period last year and year and $5.2 million less the current
(excluding CCI Industrial Services) $1.3 million above the current year budget. Revenues through the
and the SpecPro Environmental year budget. As noted earlier, the third quarter of FY2021 totaled $5.5
Services (SES) companies. Through group’s EBITDA benefits from the million, 60.5% less than budget.
the third quarter of FY2021, sale of the Peak Oilfield Service FY2021 Tourism operations were
the Construction business line Company LLC assets resulting in significantly delayed and shortened
generated combined EBITDA of a $10.9 million gain. Revenues due to the COVID-19 pandemic.
$24.6 million, an increase of $6.7 through the third quarter of FY2021
million compared to the same totaled $606.2 million, 23.7% PORTFOLIO OF PUBLIC
period last year and $9.8 million less than last year. Total goodwill AND PRIVATE PASSIVE
above the current year budget. amortization for this group YTD is INVESTMENTS
Revenues through the third quarter $7.0 million. BBNC’s portfolios of marketable
of FY2021 totaled $527.0 million, securities and private passive
15.7% higher than last year. Total SEAFOOD alternative investments, valued at
goodwill amortization for this group The Seafood line of business consists $118.5 million in total, generated
year-to-date (YTD) is $1.0 million. of the holding company Bristol gains of 25.8% and 9.5%,
Bay Seafood Investments, LLC respectively. Earnings totaled
GOVERNMENT SERVICES (BBSI). BBSI was formed to oversee $14.4 million through the third
The Government Services line the activities of Bristol Bay Alaska quarter of FY2021. Fiscal year-to-
of business is comprised of one Seafoods, LLC (BBAS), in which BBSI date portfolio earnings were $4.6
managed group, the STS group. owns a 75% controlling interest, as million more than the current year
Through the third quarter of FY2021, well as future BBNC investment in budget and $5.8 million more than
the Government Services business the seafood industry. BBAS owns the same period last year. BBNC’s
line generated combined EBITDA Clipper Seafoods and Blue North investment policy provides for a
of $34.5 million, an increase of Fisheries which are operators in diversified portfolio of investments
$9.8 million compared to the same the cod longline Bering Sea Fishery. with allocations to publicly traded
period last year and $11.0 million BBSI combined EBITDA was $3.4 equities and fixed income securities,
above the current year budget. million through the third quarter of alternatives and cash. Unlike
Revenues through the third quarter FY2021, after considering BBNC’s equity and fixed income securities,
of FY2021 totaled $265.8 million, 75% ownership in BBAS, which alternative investments are often
18.2% higher than last year. Total is $5.2 million less than budget. illiquid and are not publicly traded.
goodwill amortization for this group Revenues through the third quarter
YTD is $1.9 million. of FY2021 were $42.1 million, 16.1% NATURAL RESOURCES
less than budget. Comparisons to The majority of the profits from
INDUSTRIAL SERVICES prior year are not meaningful as the natural resources are derived from
The Industrial Services line of business was acquired October 1, receipts from other regional Alaska
business consisting of the holding 2019. Native corporations pursuant to
company Bristol Bay Industrial, and the 7(i) revenue sharing provision
its subsidiary companies, Kakivik TOURISM of ANCSA. Natural Resources
Asset Management, CCI Industrial The Tourism line of business consists generated $1.2 million in earnings
Services, Alaska Directional, of the holding company Bristol Bay through the third quarter of FY2021,
Precision Compression (acquired Alaska Tourism, and its subsidiary a decrease of $1.5 million from the
April 1, 2020), PetroCard, Bristol companies Mission Lodge and same period last year, and $0.9
Alliance Fuels, and Cannon Katmailand, Inc. Lodges. Through million less than budget.
Construction (acquired November the third quarter of FY2021, the
8BRISTOL BAY NATIVE CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(unaudited)
ASSETS
DECEMBER 31, DECEMBER 31,
FY2021 FY2020
Current Assets
Cash and Cash Equivalents $ 87,802 39,958
Marketable Securities 51,387 46,134
Accounts Receivable 248,059 227,849
Inventories 17,402 15,490
Contract Assets 35,419 26,806
Prepaid Expenses and Refundable Taxes 1,394 1,173
TOTAL CURRENT ASSETS 441,463 357,408
Investment in Unconsolidated Affiliate 55,547 73,880
Other Assets 12,856 3,756
Property, Plant and Equipment, at Cost
Land 26,551 20,985
Building 68,899 60,879
Leasehold Improvements 34,117 28,151
Machinery and Equipment 244,954 252,677
374,522 362,692
Less Accumulated Depreciation–Fixed Assets 116,905 148,239
Net Property, Plant and Equipment 257,617 214,453
Intangible Assets, Net 210,175 214,032
Goodwill 136,681 64,687
TOTAL ASSETS $ 1,114,340 928,216
LIABILITIES & STOCKHOLDERS’ EQUITY
Current Liabilities
Notes Payable $ - 2,801
Accounts Payable 76,995 97,569
Accrued Liabilities 115,641 107,898
Contract Liabilities 43,272 23,911
Unclaimed Dividends 779 1,276
Current Maturities of Long-Term Debt 23,882 22,292
Income Tax Payable 22 -
TOTAL CURRENT LIABILITIES 260,591 255,746
Other Long-Term Liabilities 48,141 -
Long-Term Debt, Less Current Maturities 180,646 104,634
Deferred Tax Liability Long Term Portion 9,975 146
TOTAL LIABILITIES 499,353 360,527
Stockholders’ Equity
Class A Common Stock 29,571 29,571
Class B Common Stock 3,124 3,124
Accumulated Other Comprehensive Income (2,735) -
Retained Earnings 539,090 492,919
Total Stockholders’ Equity 569,050 525,614
Noncontrolling Interest 45,937 42,075
Total Stockholders’ Equity 614,987 567,689
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 1,114,340 928,216
9FINANCIALS
BRISTOL BAY NATIVE CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF EARNINGS
(unaudited)
QUARTER ENDED YEAR-TO-DATE ENDED
DECEMBER 31 DECEMBER 31
(in thousands) (in thousands)
FY2021 FY2020 FY2021 FY2020
Seafood $ 3,753 5,793 42,087 14,018
Industrial Services 74,106 80,492 592,400 794,604
Construction 46,440 54,616 491,936 420,703
Government Services 28,661 27,227 233,404 200,558
Tourism 246 122 5,513 12,444
Investment Earnings 218 1,033 14,581 8,814
Natural Resources 571 911 1,235 2,741
Other 2,303 (2,187) 4,873 3,268
156,298 168,007 1,386,030 1,457,149
Costs and Expenses
Cost of Seafood 3,873 5,412 38,904 12,532
Cost of Industrial Services 67,417 76,896 576,724 763,966
Cost of Construction 45,355 52,070 463,552 401,512
Cost of Government Services 25,908 24,423 206,345 176,703
Cost of Tourism 670 604 8,616 10,994
Cost of Investment Management 16 17 148 177
Corporate General and Administrative Expense 3,673 2,783 24,678 25,069
Interest Expense 370 386 3,793 1,951
Other 156 49 703 562
147,438 162,640 1,323,464 1,393,466
Earnings from Operations 8,860 5,366 62,566 63,683
Income Tax (benefit) Expense 2,140 1,262 14,892 15,237
Net Earnings 6,720 4,105 47,674 48,446
Less Income Attributable to Noncontrolling Interest (313) (328) (3,093) (2,833)
Net Earnings Attributable to Bristol Bay Native
$ 6,407 3,777 44,581 45,614
Corporation
EBITDA After NCI $ 12,279 7,280 94,518 77,407
10As has been said so many times, 2020 will go down in
BBNCEF BOARD history as a remarkable and difficult chapter. We must
acknowledge all those Americans who have died as a
OF DIRECTORS
result of COVID-19 and the many more people who
Marie Paul have fallen ill. As we begin to heal, we look forward
President to the coming year with eyes on a vaccine and the
Dan Cheyette hope that we will soon be together again.
Vice President
While this year has been difficult, I think it’s important
Patrick Patterson III
Treasurer to acknowledge the significant accomplishments
of our students. These are individuals like BBNCEF
Andria Agli scholarship recipient Naidene Baechler who
Secretary
graduated from University of Alaska Anchorage
Jason Metrokin (UAA) with a Master’s Degree in Social Work in May
Director 2020. Naidene served as the speaker for UAA’s
Jayme Selanoff graduate hooding ceremony. In April, the Arctic
Director Research Consortium of the United States named
Baechler as one of its three Arctic Indigenous
Michelle Ravenmoon
Director Scholars for 2020. Congratulations Naidene!
Terrence Shanigan In 2020, BBNCEF awarded 189 higher education scholarships to BBNC
Director shareholders. The vast majority of these students have stayed enrolled in
Dr. William Chythlook their academic institutions this year, and are continuing to work to fulfill their
Director dreams. Some students have elected to hit “pause” on their studies, which is
understandable. BBNCEF will be there to support those students when they are
ready to return.
BBNCEF STAFF
Aleesha Towns-Bain In addition to scholarships, BBNCEF supported 21 Cultural Heritage and
Executive Director Native Place Names Grants for an amazing array of cultural activities in 2020.
Communities, nonprofits and schools have adapted to deliver important
Angela Peacock
Deputy Director indigenous curriculum online. I want to say quyana to all our educators for their
hard work in supporting young learners in Bristol Bay and beyond. We recognize
Kay Larson-Blair your sacrifices and thank you for your service.
Program Officer
Megan Johnson Last, we’re around the corner from spring graduations. If you (or a loved one)
Program Assistant is a soon-to-be BBNCEF alumnus, please reach out to us with your graduation
Irene Fritze plans, and send us photographs of the big event. We’ll make sure to list you in
Office Administrator upcoming publications. We want to celebrate your accomplishment.
You can always reach me at (907) 265-7875 or atowns-bain@bbnc.net
Best wishes for 2021,
Aleesha Towns-Bain
BBNC Education
Foundation (BBNCEF) NEW CAREER FOCUSED VOCATIONAL
111 West 16th Ave.
Suite 400 EDUCATION (CFVE) PROGRAM!
Anchorage, AK 99501
The new CFVE program for BBNC shareholders will support in-depth training for
(907) 278-3602 specific career-focused and long-term employment goals, such as professional
bbncef@bbnc.net piloting, maritime, cosmetology licensing, and industry trades. The first
www.bbnc.net/bbncef appliation period is now open! The deadline to apply is Friday, April 2, 2021 at
5:00 p.m. Alaska time (there will be three deadlines per year). To apply, follow
the application instructions on the next page. 11APPLY ONLINE NOW FOR BBNCEF’S HIGHER EDUCATION AWARD
Now is the time to apply for a Higher Education scholarship award. Did you know that most students receive $2,250-
$5,750 to support their academic career? A new STREAMLINED application is available to all BBNC shareholders by
visiting mybbnc.net. The deadline is Friday, April 2, 2021 at 5:00 p.m. Alaska time.
To apply:
• Sign on to you myBBNC account at mybbnc.net
• Hover over the BENEFITS section and select BBNC Education Foundation
• Select Application Portal
• Complete your application by Friday, April 2, 2021 at 5:00 p.m. Alaska time
Need an account on myBBNC?
To register:
• Open your internet browser and go to mybbnc.net (do not enter “www”)
• Click “REGISTER” found under the “SIGN IN” button
• Complete the web form with your information, check the “I’m not a robot” button, and click “REGISTER”
Once your registration form is submitted, it will be reviewed by BBNC during regular business hours. Once
approved, you will receive a confirmation email and will be able to log in and access your profile in the portal.
For students under the age of 18, a parent/guardian can log in for you, and access the application. If you’re
having trouble getting registered or logging in, please visit the FAQ page or contact BBNC at 1-800-426-3602 or
shareholders@bbnc.net.
If you prefer, you can still apply with a paper application by emailing BBNCEF at bbncef@bbnc.net.
CULTURAL HERITAGE SPOTLIGHT
In 2020, the BBNCEF supported 18 Cultural Heritage and three Native Place Name projects in 14 communities. This
is also the first year that BBNCEF opened up eligibility to organizations outside of Bristol Bay. With 62% of BBNC
shareholders living outside of region, this change allows our program to reach more individuals. In the last quarter,
we awarded grants to:
Bristol Bay Borough School District – Skin Sewing The Native Village of Port Heiden – Ilnik Trip
Bristol Bay Heritage Land Trust – Waterfront Nondalton Tribal Council – Quk’Taz’un Outdoor
Wordscape: Dimond NN Cannery Scale Model Project Leadership Camp
Bristol Bay Native Association – Culture Kits for SAFE & Fear Free Environment LLC in King Salmon –
Dillingham, Manokotak, New Stuyahok, and Togiak Head SAFE
Starts
Samuel K. Fox Museum – Yuupciput (Our Yup’ik Way)
Chignik Lake Village Council – Fish Camp Catalog Phase
Cook Inlet Native Head Start – Apalluk Sticks Southwest Region School District – Yuraq Traditional
Dance & Grass Sewing at Aleknagik School, Yup’ik
Dillingham City School District – Fur Crafting Kits Dancing and Drumming at Chief Ivan Blunka School,
Yugtun elitnaurtua, ikayurnga (I’m learning Yup’ik, help
Ivanof Bay Tribe – Traditional Place Names in Ivanof Bay
me!) district wide, Traditional tool making and use in
Little Angels Childcare Academy – Luumacirpet: Our subsistence processing and Place Names Near Togiak at
Way of Life Togiak School, and Skin Sewing Beaver Mittens and Hats
at Twin Hills School
12QUYANA CORNER
THANK YOU 2020 INDIVIDUAL DONORS AND CONTRIBUTORS FOR GIVING!
You can donate to BBNCEF online by going to www.bbncef.org and selecting DONATE. You can make a single gift,
or sign up for a recurring donation.
These generous gifts make it possible for BBNC shareholder students to reach and attain their education and
training goals. In each and every way that you contribute, we thank you for all you do to support students and
cultural heritage in Bristol Bay.
GOLD LEVEL Cindy Mittlestadt & Mark Roberta Quintavell Penny Gage
($4000+)
Huber Michelle Ravenmoon Melinda Gardiner
Scott & Clara Torrison
Marie Paul Robin & Judy Samuelsen Serena Green
IVORY LEVEL Casey & Victor Sifsof Jr. Mike Sanders Jessica Haley
($2,000-$2,999) Aleesha Towns-Bain Adam & Mim Tosh Ingrid Hansen
Jason & Shannon Renee Wardlaw Kimberly Williams Lisa Huffman
Metrokin Kelly Wood Seanna Huffman
SILVER SALMON LEVEL
Edward Pacelli Richard Woodson Jan Ilutsik
($200-$599)
Peter Van Tuyn Eric & Carol Wren Mishelle Johnson
Sherrill Braman
Kristy West Kimberly Zobel Bobette Kramer
Tony Brothers
JADE LEVEL Tianna Carlson Anonymous (5) Jeff Lisonbee
($1000-$1999) William Chythlook Alexandra McKay
RED SALMON LEVEL
Andria Agli Carol Davidson Ethel Nelson
($50-$199)
Peter Andrew & Rose Nelda Dodge Katya Nicholson
Everette & Shannon
Fisher Justin & Carmell Kristopher Nicholson
Anderson
Martha Anelon Engebretson Heather Nudlash
Naidene Baechler
Daniel Cheyette & Rachel April Ferguson Mickela Olsen
Shyanne Beatty
Gernat Ben & Irene Fritze Angela Peacock
Laura Butcher
Joseph Chythlook Adrian Furman Joclyn Reamey
Heather Cannon
William Gornto Steven Gosuk Jr. Tami Roehl
Martin Cary
Nancy Schierhorn Carolyn Harding Michelle Snyder
Robyn Chaney
Ryan & Lisa York Diane Kaplan Sara Stewart
Karl Clark
Anonymous Stephanie Kotarski Sonya Stewart
Shannon Clouse
KING SALMON LEVEL Melvin Monsen Jr. Jeannette Cornell Natalie Tuday
($600-$999) Duncan Morrison Craig & Patti Decker Kala & Travis Wilson
Romina Bentz Carrie Paton Molly Dischner Anonymous (2)
Inez Bielefeld Mariano & Kristy Peters Julia Fine
Denise Coopchiak Sara Peterson Tiarna Fischler
Francisca Demoski Russell Phelps Michelle Fletcher
13PRESORTED
STANDARD
U.S. POSTAGE
PAID
ANCHORAGE, AK
PERMIT NO. 238
111 W. 16th Ave., Suite 400
Anchorage, AK 99501
SAVE THE DATE FOR THE NEQA DERBY
The Neqa Derby on the Nushagak River is scheduled to take place
June 18-20, 2021. We are cautiously optimistic that we will be able to
safely gather for our signature fundraising event to benefit BBNCEF.
The derby features three days of healthy competition on the
Nushagak during king salmon season and is open to the public.
Official derby rules will be posted at www.neqaderby.net no later
than Saturday, May 1, 2021.
Derby tickets will also be on sale on Saturday, May 1, 2021. Tickets
may be purchased by contacting BBNCEF at bbncef@bbnc.net or
(907) 278-3602. Sponsorship opportunities are also available.You can also read
