Oil patch bits: Calista Corp. allocates remaining CARES Act funds

Petroleum News

As reported on calistacorp.com Jan. 18, Calista Corp. has coordinated the remaining CARES Act tribal relief funds to provide meaningful impact to shareholders in the YK Region - through food security, ice roads - and to those experiencing homelessness.

In August 2021, Calista received $12.2 million in CARES Act funding, about 2% of the funds were set aside for Alaska Native corporations, and they had to dedicate the use of these funds by the end of December 2021. The board directed up to $11.4 million - or 93% - to be available for direct financial assistance to shareholders. The board also directed $10,000 to purchase fish for distribution to lower Yukon River communities experiencing a salmon disaster.

Each shareholder who applied and qualified for Calista CARES Act financial assistance by the Nov. 30 deadline received a $325 distribution. Nearly 80% of shareholders applied and qualified by the deadline.

The board directed Calista staff to determine an appropriate way to spend any CARES Act funds remaining after the financial assistance program ended, meeting strict U.S. Treasury requirements for the use of these funds. As a result, this winter, Calista entered into agreements with nonprofits for the following projects: $17,000 for holiday food distribution for residents in Bethel and surrounding villages via Bethel Community Services Foundation; $1.6 million for extensive food security program via BCSF; $185,000 for Kuskokwim ice road via the Native Village of Napaimute; $500,000 to support purchase of the Sockeye Inn in Anchorage to help those experiencing homelessness, via the Rasmuson Foundation.

“Our mission has always been to provide Shareholders with benefits and opportunities. CARES funding has allowed us to provide some additional support to our Shareholders during this ongoing pandemic,” said Andrew Guy, Calista Corp. president/CEO.

For more information visit www.calistacorp.com.