In FY2019, BBNC established the BBNC Settlement Trust
to provide a variety of benefits to shareholders, Alaska
Natives and descendants of Natives. The overall purpose
of this trust is to promote the health, education and wel-
fare of its beneficiaries and preserve the heritage and
culture of Natives. The Trust’s initial programs include
establishing a memorial fund to defray funeral expenses
of a shareholder and providing quarterly distributions to
beneficiaries. The BBNC Settlement Trust paid $20.20 per
share to its beneficiaries in FY2019.
The Corporation’s operations allow BBNC to provide
meaningful career opportunities for its shareholders.
During FY2019, BBNC had a total of 227 shareholder
employees. Total shareholder wages paid in FY2019
were $16.4 million. The Corporation continues to focus
on expanding opportunities for shareholder employment.
CRITICAL ACCOUNTING ESTIMATES
The Corporation’s consolidated financial statements are
prepared in accordance with U.S. generally accepted
accounting principles. Significant accounting policies are
discussed in note 1 Nature of Operations and Summary of
Significant Accounting Policies accompanying the consoli-
dated financial statements of this report. In connection with
the preparation of the financial statements, management
is required to make assumptions and estimates about
future events, and apply judgments that affect the report-
ed amounts of assets, liabilities, revenues, expenses and
related disclosures. Amounts recognized in the financial
statements from such estimates are based on numerous
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BBNC FY2019 ANNUAL REPORT
assumptions involving varying and potentially significant
degrees of judgment and uncertainty. Actual results may
differ from management’s assumptions and estimates.
Areas in which accounting estimates could be different
from the final results include accounts receivable, esti-
mates of total contract costs for fixed price contracts, the
fair value of investments, impairment of long-live assets,
intangibles and goodwill, and the tax valuation of oil and
gas rights, and deferred tax assets among others.