AK SB178

Establishes the Alaska Operating Endowment Fund as a separate state endowment fund to which appropriations may be made.

Designates the Department of Revenue to manage and invest the fund using the same powers, duties, and regulations applied to the Alaska Permanent Fund Corporation.

Requires the Department of Revenue to annually calculate four percent of the fund's three-year average month-end market value as available for legislative appropriation for any public purpose.

Specifies that fund money does not lapse and that income is retained in the fund, with annual financial reports required on investment revenue and expenditures.

Clarifies that the fund does not create a dedicated fund or dedicate state revenue; takes effect July 1, 2012.