Unclaimed Property
PACT
CollegeCounts 529 
Bond Division
Cash Management 
SAFE
Financial Literacy
State Checks and Tax Refunds
Alabama Trust Fund
Penny Trust Fund
Public Meeting Notices
Requests for Proposals
Reports

 

The Penny Trust Fund

The Penny Trust Fund is a permanent trust fund approved by the voters of Alabama to provide for public health initiatives and health-related public school programs. It is codified in the Code of Alabama, 1975, in Title 41, Chapter 15A. Contributions to the Penny Trust Fund are tax-deductible.  

Revenue Sources  

  • The Penny Trust Fund check-off on state income tax forms

  • Sales of the “Educator” or “Retired Educator” license plates and other specialty license plates, as approved by the Alabama Legislature

  • Individual donations mailed to: The Penny Trust Fund, Alabama State Treasurer’s Office, 600 Dexter Avenue, Room S-106, Montgomery, Alabama 36104. 

Distributions

The proceeds from the Penny Trust Fund which are dedicated for the promotion of the public health shall be transmitted by the Comptroller to the Department of Public Health for the Alabama Drug Assistance Program and other similar programs upon application of the State Health Officer and approval by the board. The proceeds from the Penny Trust Fund which are dedicated for the promotion of the public health of children in public schools shall be transmitted by the Comptroller to the State Board of Education upon application of the State Superintendent of Education and approval by the board. Revenues received by any school system from the Penny Trust Fund shall not replace or supplant any existing funds or programs from any other source.

As of September 30, 2014 a total of $439,419.41 has been distributed from the Penny Trust Fund.

Creation of the Penny Trust Fund

Amendment 512 of the Constitution of Alabama created the Penny Trust Fund. It states:

(a) There shall be established and maintained the "penny trust fund" within the state treasury to promote the public health and the public schools. Citizens may make voluntary donations to the penny trust fund. All donations and funds received shall be held in perpetual trust and shall not be subject to legislative appropriation or otherwise expended.

(b) Earnings, including accrued interest and dividends, shall be retained in the penny trust fund, not subject to appropriation until the state treasurer certifies that sufficient moneys exist in the Fund or until the fiscal year which begins in 2000, whichever comes first; then and afterward, only 90 percent of the prior fiscal year's earnings to be subject to appropriation. Capital gains taken on the sale of any securities shall revert to the principal of the penny trust fund.

(c) Funds in the penny trust fund are to be managed and invested by the state treasurer who may receive funds from any source not prohibited by law.

(d) Fifty percent of the earnings subject to appropriation shall be dedicated to the programs and projects which promote the public health, and 50 percent dedicated to the public schools.

(e) The legislature shall have power to implement this amendment by appropriate legislation.


Penny Trust Fund Board Meeting Agendas and Minutes*

June 23, 2011: Agenda

February 1, 2012: Agenda / Minutes

June 28, 2012: Agenda / Minutes

August 20, 2012: Agenda / Minutes

September 23, 2013: Agenda / Minutes

August 11, 2014: Agenda / Minutes

April 15, 2015: Agenda / Minutes

* Please note minutes posted beside a meeting date are always from the previous meeting. For example, minutes posted for June 28, 2012, are from the February 1 meeting, and minutes posted for the February 1, 2012, meeting are from the June 23, 2011, meeting.

 
 

About Young Boozer       Contact       Home       Alabama.gov