(a) The Alaska higher education investment fund is established as a separate fund in the state treasury for the purpose of making grants awarded under Alaska Stat. § 14.43.400 – 14.43.420 by appropriation to the account established under Alaska Stat. § 14.43.915 (a), making scholarship payments to qualified postsecondary institutions for students under Alaska Stat. § 14.43.810 – 14.43.849 by appropriation to the account established under Alaska Stat. § 14.43.915 (b), and funding agreements for medical education under Alaska Stat. § 14.42.033. Money in the fund does not lapse. The fund consists of
Terms Used In Alaska Statutes 37.14.750
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.
Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
state: means the State of Alaska unless applied to the different parts of the United States and in the latter case it includes the District of Columbia and the territories. See Alaska Statutes 01.10.060
(1) money appropriated to the fund;(2) income earned on investment of fund assets;(3) donations to the fund; and(4) money redeposited under Alaska Stat. § 14.43.915 (c).(b) The legislature may appropriate any amount to the fund established in (a) of this section. Nothing in this section creates a dedicated fund.(c) As soon as is practicable after July 1 of each year, the commissioner of revenue shall determine the market value of the fund established in this section on June 30 for the immediately preceding fiscal year. The commissioner shall identify seven percent of that amount as available for appropriation as follows:
(1) one-third for the grant account established under AS 14.43.915(a), from which the Alaska Commission on Postsecondary Education may award grants; and(2) two-thirds for the scholarship account established under AS 14.43.915(b), from which the Alaska Commission on Postsecondary Education may award scholarships.(d) In this section, unless the context requires otherwise, “fund” means the Alaska higher education investment fund established in (a) of this section.
