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Ky Lottery passes $2 billion mark in scholarships, grants handed out over 14 years
Reported by: Associated Press
Reported: Monday, October 14, 2013 9:00 AM EDT
Kentucky Lottery officials say the organization has surpassed the $2 billion mark in scholarships and grants handed out over the last 14 years.
By law, 55 percent of lottery revenue funds the need-based College Access Program and Kentucky Tuition Grants, while the remaining 45 percent goes to the Kentucky Educational Excellence Scholarship program.
Unclaimed prize money goes into the KEES Reserve Fund to help maintain the program's financial stability.
The first $3 million in Kentucky Lottery proceeds each year go to the University of Kentucky's "Read To Achieve" program and the Collaborative Center for Literacy Development, with a total of $42 million going to these programs since 2000.