Some People Won Some Money With the PFD Education Raffle - P.O.W. Report

Thursday, January 30, 2020

Some People Won Some Money With the PFD Education Raffle

January 28, 2020 (Juneau, AK) – Today, Alaska Governor Mike Dunleavy joined Mike Barnhill, Acting Commissioner of the Alaska Department of Revenue, and Dr. Michael Johnson, Commissioner of the Alaska Department of Education and Early Development, at the first drawing of the PFD Education Raffle at Harborview Elementary School.

Senator Click Bishop, Senator Mia Costello, Education Commissioner Michael Johnson, Governor Mike Dunleavy, and Acting Revenue Commissioner Mike Barnhill are pictured at the first annual PFD Education Raffle drawing.

“I am inspired to see so many Alaskans supporting our children’s educational futures in a new and exciting way. In this first year of the PFD Education Raffle, more than $652,000 of additional funding will be focused solely toward providing educational opportunities for our children,” said Governor Mike Dunleavy. “I’d like to thank the work of the legislature, and Senator Bishop for his leadership in enacting House Bill 213. I look forward to seeing how this raffle will better our children’s futures.”

“I want to thank the Governor for inviting me to witness the first drawing of the PFD Education Raffle. I am thrilled so many Alaskans participated in this fun, new way to support education. It’s a win-win for everyone. A few lucky Alaskans will receive a cash prize, and all Alaska’s children will benefit from the larger investment in public education,” said Senator Click Bishop.

“The Department of Revenue remains thankful for the enactment of HB 213. With this important legislation we converted the Public School Trust to an endowment fund, which took full advantage of the markets in 2019, and increased its balance by over $100 million last year,” said Mike Barnhill, Acting Commissioner of the Alaska Department of Revenue. “The icing on the cake for HB 213 was the PFD Education Raffle--which raised several hundred thousand dollars in additional funds for education.”

“We are fortunate to live in a state that advocates for education,” said Alaska Education Commissioner Dr. Michael Johnson. “This drawing is a demonstration of the support our public schools receive from the Governor, Legislature, and our fellow Alaskans. As a result of the state’s support for education through this raffle, just under half-a-million dollars will be granted to local school districts. Another nearly quarter million dollars will fund future education projects in communities across the state. Thank you to everyone who participated in this year’s raffle. Your contributions are a direct investment in Alaska’s youth.”

The 2019 PFD Education Raffle winners are as follows:

1st place: James Johnson--$17,396
2nd place: Joshua Foster--$8,698
3rd place: Dantasia James--$4,349
4th place: Laura Hayes--$2,174.50

House Bill 213 established the PFD Education Raffle in 2018, allowing Alaskans to donate money from their PFD to public education in $100 increments per entry. In the first year of existence the Education Raffle had 8,698 contributions, totaling $869,800. As prescribed by law, 50% is allocated to supplemental education grants, 25% is allocated to the Education Endowment Fund, and 25% is allocated to the raffle fund. Of the raffle fund, first prize is 8% of the raffle fund; second prize is 4%; third prize is 2%; fourth prize is 1%; and the remaining 85% of the raffle fund will grow the fund for future year prize money.

What is the Education Raffle?

Anyone 18 years old or older, filing a PFD online application for themselves, will be provided an option to choose to donate money from his or her PFD to public education. Donations are made in $100 increments. For every $100, you buy 1 entry into the Education Raffle. For $200, you get 2 entries; for $500, you get 5 entries; up to the point where the final $100 increment is available. Example: A dividend of $1,722 will allow you to purchase 17 entries.The remaining $22 will be paid to you. Each entry goes into a drawing to be drawn by the Revenue Commissioner, or designee.

How are the prizes paid out?

Four prizes are paid out annually. First prize is 8% of the raffle fund. Second prize is 4%; third prize is 2%; fourth prize is 1%. The remaining 85% of the fund will grow the fund for future year prize money.

What is an example of a winning entry?
If the Education Raffle has, in its first year of existence, 5,100 contributions, it will end up with a total of $510,000 to be disbursed. This means that $255,000 will go directly to public education that year, $127,500 will go into a fund for future education support, and $127,500 will go into the “Education Raffle” as prize money.

First prize will receive $10,200
Second prize will receive $5,100
Third prize will receive $2,550
Fourth prize will receive $1,275

The remaining amount of $108,375 will stay in the raffle fund for the following year, increasing the prize money each year.

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