AK SB78

Creates an education endowment fund and dividend raffle fund as separate accounts in the general fund, funded through donations from permanent fund dividends and raffle proceeds.

Allows Alaskans 18 years or older to donate $100 or more of their permanent fund dividend for educational purposes and automatic entry into an annual raffle drawing with prizes ranging from 1-8 percent of the raffle fund balance.

Directs that of all donations received annually, 25 percent goes to the education endowment fund, 25 percent to the raffle fund, and 50 percent directly to school districts as supplemental grants based on average daily membership.

When the education endowment fund's average market value exceeds $1 billion, the commissioner transfers 4.5 percent annually to the Department of Education for school district grants; when the raffle fund exceeds $300 million, excess amounts transfer to the endowment fund.

Excludes the permanent fund dividend raffle from Alaska's definition of "gambling" and establishes the Department of Revenue as fund manager with fiduciary duties; takes effect January 1, 2019.