Permanent Common School Fund Profit Sharing

Referendum 48 requires that 20 percent of any annual net profits generated from the operation of the Exhibition Center be deposited into the State of Washington Permanent Common School Fund for public school improvements.

Past contributions to the Common School Fund were:

2002 - $116,360

2003 - $137,580

2004 - $126,697

2005 - $150,057

2006 - $276,434

2007 - $220,469

Contributions to Washington Public Schools from Qwest Field Event Center Passes A Million Dollars

Six Years of Revenue Going Directly to the State’s Common School Fund

OLYMPIA, WA--- A symbolic check for $1,027,598 to the Washington Permanent Common School Fund was formally presented to Governor Chris Gregoire on September 17, 2007 by representatives of the Washington State Public Stadium Authority (PSA) and First and Goal Inc. (FGI). “This represents the cumulative six year return on investment by Washington’s citizens for public school kids across our state,” said PSA chair, Lorraine Hine.

“The success of the Qwest Field Event Center is making Washington school kids winners every year,” Gov. Gregoire said in accepting the check. The Common School Fund dollars are earmarked for public schools across the state.

This contribution reflects six years of revenue from the Qwest Field Event Center. Referendum 48, approved by voters in 1997, mandated that 20 percent of the Event Center’s profits go to the permanent school fund. With this year’s revenue, that amount has now passed the one million dollar mark.

Hine was joined by PSA co-chair Fred Mendoza along with First and Goal’s, senior vice president and CFO Martha Fuller. Fuller said, “We are delighted to present this check as an example of our ongoing commitment to helping students across the state. We are very proud of Qwest Field and Qwest Field Event Center and the public/private partnership it represents. Reaching this Common School Fund contribution milestone is another great outcome of that partnership.”

Mendoza added that “the PSA takes its role of overseeing the public’s investment in Qwest Field and Qwest Field Event Center very seriously and this check is just one example of that commitment to public stewardship.”

“The entire FGI team is committed to the continuing success of the Qwest Field Event Center as a location for not just the home our major consumer shows and a venue for entertainment, but also a source of funding to support our public schools for many years to come,” Fuller added.