Ninilchik Natives Association, Inc. was incorporated in November of 1972 following passage of the Alaska Native Claims Settlement Act (ANSCA) by Congress in 1971.

NNAI is owned by a total of 301 shareholders. The Corporation's shares are divided into two classes, essentially distinguishing between Native and non-Native shareholders.

Class A Common Stock is held by a total of 271 Native shareholders and Native descendents, representing 19,798 shares or (96.4%) of total stock issued. Class A Common Stockholders are entitled to received dividends and hold voting rights.

Class B Common Stock is held by 30 non-Native shareholders, most whom received shares through inheritance from Native shareholders. A total of 749 shares (3.6%) of total stock have been issued. Class B stockholders are entitled to dividends but do not retain voting rights.