From Wikipedia, the free encyclopedia The Alaska Permanent Fund ( APF ) is a constitutionally established permanent fund and sovereign wealth 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 . From February 1976 until April 1980, the Department of Revenue Treasury Division managed the state's Permanent Fund assets, until, in 1980, the Alaska State Legislature created the APFC. [ 4 ] As of 2019, the fund was worth approximately $64 billion that has been funded by oil and mining revenues and has paid out an average of approximately $1,600 annually per resident (adjusted to 2019 dollars). [ 5 ] The main use for the fund's revenue has been to pay out the Permanent Fund Dividend (PFD), which many authors portray as the only example of a basic income in practice.…