(a) The net income account is established in the Alaska heritage endowment fund. The net income account of the fund consists of

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Terms Used In Alaska Statutes 37.14.510

  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
(1) money and other assets given by persons to the fund whose placement in the principal of the fund is not required by Alaska Stat. § 37.14.500(2); and
(2) amounts earned on the investment of gifts, bequests, and contributions of cash or other assets whose placement in the principal of the fund is required under Alaska Stat. § 37.14.500(2).
(b) The legislature may appropriate from the net income account to the principal of the fund under Alaska Stat. § 37.14.500(1).
(c) The net income of the fund shall be determined by the commissioner of revenue in accordance with investment accounting principles and in a manner that preserves the distinction between principal and income.
(d) Unless otherwise provided by the act making an appropriation under (b) of this section, an amount appropriated to the net income account under (b) of this section does not lapse.
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