FAIRBANKS — More than 640,000 Alaskans will receive an $1,884 Permanent Fund dividend this year, more than double the 2013 payout of $900.

Alaska Gov. Sean Parnell made the announcement Wednesday morning. The dividend comes from Alaska oil royalties set aside into a special fund, which topped $50 billion this summer. Alaska officials transferred $1.2 billion of statutory net income to be used for the dividend payout, twice as much as in 2013. It is the 33rd dividend issued since the program began in 1982. That check was $1,000. The largest payout to date was $2,069 in 2008; the smallest was $331.29 in 1984. An Alaskan who has received every dividend will have collected $37,027.41. Over its lifespan, the fund has paid out $22 billion, Parnell said. 

More than 500 nonprofits also will benefit this year through the Pick.Click.Give program, the governor said. Under the program, Alaskans can donate part or all of their dividends to charity. This year, Alaskans gave $2.8 million. 

The amount is calculated on a five-year average of Permanent Fund investments. Most Alaskans who have lived in the state for more than one calendar year and plan to stay in the state are eligible for the check. Parnell noted that the oldest recipient this year is 109 years old. The youngest are 26 infants born on Dec. 31, 2013, the deadline for this year's payout.  

Alaskans with direct deposit will get the payout on Oct. 2. Paper checks will go into the mail on the same day. 

The Permanent Fund was created in 1979 as an amendment to the Alaska Constitution as a way to share the state's oil wealth. The fund's stock portfolio was estimated at $21 billion at the end of the fiscal year. 

The fund has recovered from a loss from the Great Recession, when it had a balance of $29.9 billion. By June 30, 2014, the fund had recovered and grown 71 percent to $51.2 billion.  

“I want to congratulate the staff and trustees of the Permanent Fund Corporation on meeting the financial challenges of the last 5 years and for building Alaskans’ fund into a legacy we can all be proud of. I also want to extend my thanks to the Department of Revenue staff who processed the many applications,” Parnell said in a news release.

Past numbers

Here are the annual Alaska Permanent Fund dividend payment amounts since the program’s inception in 1982.

2014: $1,884

2013: $900

2012: $878

2011: $1,174

2010: $1,281

2009: $1,305

2008: $2,069

2007: $1,654

2006: $1,106.96

2005: $845.76

2004: $919.84

2003: $1,107.56

2002: $1,540.76

2001: $1,850.28

2000: $1,963.86

1999: $1,769.84

1998: $1,540.88

1997: $1,296.54

1996: $1,130.68

1995: $990.30

1994: $983.90

1993: $949.46

1992: $915.84

1991: $931.34

1990: $952.63

1989: $873.16

1988: $826.93

1987: $708.19

1986: $556.26

1985: $404

1984: $331.29

1983: $386.15

1982: $1,000