Legislature Approves Update Alaska Children's Trust - Fairclough's HB 190
Fairclough’s HB 190 institutes percent-of-market-value approach to ACT
Sunday, April 18, 2010, Juneau, Alaska – Legislation enhancing the ability of the Alaska Children’s Trust (ACT) Board of Directors to invest in programs aimed at preventing child abuse in Alaska is heading to the governor. The Alaska State Senate tonight unanimously passed House Bill 190, which also passed the House April 9. Representative Anna Fairclough, R-Eagle River, sponsored the bill, and says it provides a more predictable funding stream, record of donations and ensures donor intent. “We had a well-meaning program that simply wasn’t able to meet its intended goal of private fundraising and to support programs that impact the incidence of child abuse and neglect in Alaska,” Fairclough said. “HB 190 provides those fixes, and is the product of a lot of cooperation and work between my office, the public, ACT, the Friends of the Alaska Children’s Trust Board, state departments and legislative committees. I thank them all, and believe this is the right step to take to get the Trust to a place where it was always envisioned.” HB 190 keeps the seven-member board, including: the governor or his designee; the commissioner of health and social services or his designee; and the commissioner of education and early development or his designee. The commissioner of revenue will continue to manage the Trust’s principal, but changes the management to an endowment approach, using a rolling three-year average of five percent of the market value of the Trust. The board will award grants from the newly created grant account, and have the opportunity to partner with non-profits for grant-making and fundraising to support its mission. HB 190 now heads to the governor for signature.