JUNEAU – Contributions and cash prizes were up in the second year of the Alaska Permanent Fund Dividend Education Raffle. Built on donations made by Alaskans who applied for a 2020 PFD, the program brought in $983,300 – up from the previous year’s $976,400.
The first-place prize this year is $34,499.65. That’s up from last year’s winnings of $19,528 – an increase of $14,971 or 76.6 percent. When applying for a PFD, Alaskans have the choice to make donations in $100 increments that come out of their dividend. Every $100 buys one entry into the Education Raffle. Proceeds help boost support for K-12 public education.
The Education Raffle was the brain child of Senator Click Bishop, R-Fairbanks, who convinced legislators in 2018 to back legislation that lets Alaskans voluntarily contribute a part of their PFD to support education and have a shot at winning one of four cash prizes.
“I am both humbled and delighted that Alaskans continue to show support for something that helps education,” Sen. Bishop said. “Thanks to them, nearly a half-million dollars will go out to school districts in supplemental grants and nearly a quarter-million dollars will get socked away into the Education Endowment Fund. My hope is that the endowment will grow and grow and grow and become Alaska’s next big permanent fund. Only this one will be for our kids.”
PFD Education Raffle by the Numbers:
Total contributions: $983,300 – up from $976,400.
$491,650 (50 percent of the total) goes to the Alaska Department of Education and Early Development for distribution as grants to local school districts based on the average daily membership for each district. This is up from $488,200.
$245,825 (25 percent of the total) goes to the Education Endowment Fund – up from $244,100.
The remaining $245,825 (25 percent of the total) goes to the Education Raffle Fund.
Fifteen (15) percent of the raffle fund is doled out as four prizes based on the following distribution –
1st place: $34.499.65 (8%)
2nd place: $17,249.82 (4%)
3rd place: $8,624.91 (2%)
4th place: $4,312.46 (1%)
Total prizes: $64,686.84
After winnings are paid out, what’s left in the raffle fund stays there to grow and pay out even bigger prizes in the future. The raffle fund is capped at $300 million. Any amount above that is transferred to the Education Endowment Fund.
Raffle winners will be announced today at 2:00 p.m. The raffle-drawing will be available to view online after the event at the Governor’s media center website.
Alaska Senate Majority