(a) The dividend raffle fund is established as an account in the general fund. The commissioner shall manage the fund. Interest and other income received on money in the fund shall be separately accounted for and shall be appropriated to the fund. The fund consists of donations appropriated to the fund under (c) of this section. The commissioner shall use the dividend raffle fund, without further appropriation, to pay for prizes as set out in (d) of this section and may use up to two percent of the balance of the fund but not more than $500,000 from the fund each fiscal year to pay the cost of administering the fund and for promotion and advertisement of the fund. When the balance of the dividend raffle fund exceeds $300,000,000 at the end of a fiscal year, the commissioner shall transfer the amount above $300,000,000 to the education endowment fund established in AS 43.23.220. Money donated to the fund does not lapse.
Terms Used In Alaska Statutes 43.23.230
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
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.
person: includes a corporation, company, partnership, firm, association, organization, business trust, or society, as well as a natural person. See Alaska Statutes 01.10.060
(b) Notwithstanding Alaska Stat. § 43.23.200, the department shall provide on the Alaska permanent fund dividend application an option for an applicant who is 18 years of age or older to direct that all or a portion of the applicant’s dividend payment be donated for educational purposes and to enter the permanent fund dividend raffle as provided in (c) of this section. A donation under this section may be $100 or more, in increments of $100, up to the total amount of the permanent fund dividend that the applicant is entitled to receive.(c) Of the donations received in a year under (b) of this section, the legislature shall appropriate 25 percent to the education endowment fund established in AS 43.23.220 and shall appropriate 25 percent to the dividend raffle fund. The legislature shall appropriate the remaining 50 percent of the donations received under (b) of this section to the Department of Education and Early Development for distribution as supplemental grants to school districts according to the average daily membership for each district adjusted under Alaska Stat. § 14.17.410 (b)(1)(A) – (D).(d) At the beginning of each year, the commissioner shall conduct a public drawing to award prizes from the dividend raffle fund. Each $100 donation as provided in (b) of this section entitles a person to one entry into the raffle. The prizes for the raffle shall be as follows:
(1) the first name drawn receives an amount equal to eight percent of the balance of the dividend raffle fund;(2) the second name drawn receives an amount equal to four percent of the balance of the dividend raffle fund;(3) the third name drawn receives an amount equal to two percent of the balance of the dividend raffle fund; and(4) the fourth name drawn receives an amount equal to one percent of the balance of the dividend raffle fund.(e) Nothing in this section creates a dedicated fund.
