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The Alaska Permanent Fund ( APF) is a constitutionally established permanent fund managed by a state-owned corporation, the Alaska Permanent Fund Corporation ( APFC ). [1] It was established in Alaska in 1976 [2] by Article 9, Section 15 of the Alaska State Constitution [3] under Governor Jay Hammond and Attorney General Avrum Gross.
The Alaska Permanent Fund is a legislatively controlled appropriation established in 1976 to manage a surplus in state petroleum revenues from the recently constructed Trans-Alaska Pipeline System. From its initial principal of $734,000, the fund has grown to $40 billion as a result of oil royalties and capital investment programs. [26]
Jay Sterner Hammond (July 21, 1922 – August 2, 2005) was an American politician of the Republican Party, who served as the fourth governor of Alaska from 1974 to 1982. Hammond was born in Troy, New York and served as a Marine Corps fighter pilot in World War II with the Black Sheep Squadron. In 1946, he moved to Alaska where he worked as a ...
Alaska is the largest U.S. state by area, comprising more total area than the following three largest states of Texas, California, and Montana combined, and is the sixth-largest subnational division in the world. It is the third-least populous and most sparsely populated U.S. state, but is, with a population of 736,081 as of 2020, the continent ...
But instead of dangling cash incentives to potential residents out of state, Alaska instead provides those already within its borders with a yearly sum from its Permanent Fund Dividend, or PFD.
In 1976, the state's constitution was amended to establish the Alaska Permanent Fund, in which a quarter of all mineral lease proceeds is invested. Income from the fund is used to pay annual dividends to all residents who qualify, to increase the fund's principal as a hedge against inflation, and to provide funds for the state legislature.
Put simply, a permanent fund may be used to generate and disburse money to those entitled to receive payments by qualification or agreement, as in the case of Alaska citizens or residents that satisfy the rules for payment from their permanent fund from State oil revenues. It was first introduced through GASB Statement 34. The name of the fund ...
On October 3, 2014, following an investigation by the Alaska Department of Revenue, a Juneau grand jury indicted the Browns with 60 counts of first-degree unsworn falsification regarding Permanent Fund Dividend forms for their residency and first- and second-degree theft that took place between 2009 and 2012. [19]