The Alaska Native Claims Settlement Act passed the United States Congress and was signed by President Nixon on December 18, 1971.  This Act settled land ownership disputes between the U.S. and State governments and the aboriginal owners.  Bering Straits Native Corporation (BSNC) was incorporated as a regional corporation pursuant to provisions of The Act.

BSNC is entitled to 127,759 acres of land and related subsurface rights and had received interim conveyance or patent to 67,054 acres as of March 31, 2002.  BSNC will also receive title to the subsurface estate of land selected by the village corporations in its region or approximately 2,050,000 acres of land.  As of March 31, 2002 BSNC had received interim conveyance or patent to 1,987,301 acres of subsurface estate with respect to land conveyed to village corporations.

A unique sharing provision in the Act provides that any net revenue derived from the subsurface estate or timber resources on regional lands is subject to redistribution among the other 12 regional corporations in Alaska.  The regional corporation originating the revenue is allowed to retain 30% of such net revenue and the remaining 70% is redistributed on a pro rata basis among the other 12 regional corporations, and each of those corporations redistribute portions to the village corporations in their region.

BSNC has as its shareholders any Alaskan Native having ties to the Bering Straits region as of December 18, 1971.  There were originally 6,333 shareholders, each receiving 100 shares in BSNC.  Shares, upon the death of a shareholder, are distributed to heirs of the shareholder, thus perpetuating the Corporations indefinitely.  Each year, an Annual Meeting of Shareholders is held in Nome to elect board members.  The Board members then elect their officers.

The structure of operations for BSNC includes Administration (stockholder and staff relations); Finance/Controller (accounting and daily operations); Land Department (manages all land assets); and the Bering Straits Foundation (shareholder welfare of spirit through education and cultural preservation).

BSNC operates a variety of business out of Nome as subsidiaries, the largest of which is Bering Straits Development Company owning real estate holdings in Nome, Unalakleet and Valdez and also operates a 68-room hotel in Nome.  Others in Nome are Stampede Ventures (automobile rental), Golden Glacier Inc. (gold mining operations), and Sound Quarry, Inc. (hard rock subsurface sales).  BSNC owns two businesses in Anchorage, Eagle Electric, LLC (electrical construction service), and Inuit Services, Inc. (a U.S. Small Business Administration 8 (a) company seeking federal contracts).
It is the intent of BSNC to gain enough profits from its businesses to distribute some of the profits through dividends to its shareholders and to provide employment opportunities for its shareholders.  The Mission Statement for BSNC is: “To improve the quality of life of our people through economic development while protecting our land, and preserving our culture and heritage.”