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  6.  | PFD Raffle for Education Raises Nearly $1 Million

PFD Raffle for Education Raises Nearly $1 Million

Apr 12, 2019 | Education, Government, News

JUNEAU—The numbers are in for the 2019 Alaska Permanent Fund Education Raffle. The program, in its first year, raised a grand total of $976,400, with 85 percent of the proceeds directly benefiting the state’s K-12 public education system.

The education raffle was created last year by Senator Click Bishop, R-Fairbanks, in House Bill 213. The program allows Alaskans to voluntarily contribute a portion of their PFD to support education and possibly win a cash prize when they submit their annual application for the Permanent Fund dividend.

“I am thrilled so many Alaskans participated in this fun, new way to support education,” said Sen. Bishop. “It’s a win-win for all Alaskans who will benefit from the larger investment in public education.”

Breakdown of the funds:

  1. The grand total of contributions was $976,400.
  2. $488,200 (50%) goes to the Department of Education and Early Development for distribution as grants to local school districts according to the average daily membership for each district.
  3. $244,100 (25%) goes to the education endowment fund.
  4. The remaining $244,100 (25%) goes to the raffle fund.
  5. 15% of the raffle fund is set aside for prizes according to the following distribution:
    1. 1st place wins $19,528 (8%)
    2. 2nd place wins $9,764 (4%)
    3. 3rd place wins $4,882 (2%)
    4. 4th place wins $2,441 (1%)
  6. The remaining balance in the raffle fund after prizes ($207,485) stays in the raffle fund to grow the prize amount in future years. The raffle fund is capped at $300 million and any amount above that is transferred to the education endowment fund.

Note: Numbers are subject to change based on eligibility of applicants.

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