Bill Summaries: S344 (2015-2016 Session)

  • Summary date: Mar 19 2015 - View summary

    Enacts new GS 115C-472.17 concerning the administration of the North Carolina Education Endowment Fund (Fund). Sets out the purpose and intent of the Fund. Establishes the nine member North Carolina Education Endowment Committee (Committee) to oversee the Fund. Sets out Committee membership and conditions on membership appointment. Requires the Lieutenant Governor to serve as chair, and the Superintendent of Public Instruction to serve as an exoffico member and Committee secretary. Sets out provisions governing terms, filling of vacancies, and meeting frequency. Sets out the Committee's six duties, including monitoring and oversight of the Fund, including investment of the Fund's revenues so as to maximize returns on the Fund while taking appropriate measures to ensure the viability of the Fund, making annual recommendations to the General Assembly about appropriations to and from the Fund, and receiving and soliciting proposals from local school administrative units and charter schools for uses of the Fund for teacher compensation related directly to improving student academic outcomes in cooperation with the nonprofit corporation that the Committee enters into a cooperative agreement with under the statute.

    Requires the Committee to enter into a cooperative agreement with a nonprofit to administer the provisions of new GS 115C-472.18. Sets out provisions that the nonprofit must adhere to, including specifying the composition of the nonprofit's board. Sets limitations on the amount of state funds that may be used for the annual salary of any one officer or employee of the nonprofit entering into a cooperative agreement with the Committee. Sets out laws governing the nonprofit. Provides that an officer, employee, or member of a a governing board of a nonprofit entering into a cooperative agreement with the Commission is not a state employee and not entitled to state funded employee benefits.

    Enacts new GS 115C-472.18 setting out the procedure for handling appropriation request. Requires the nonprofit, by August 15 of each year, to submit a request to each local school administrative unit and charter school in the state for nominations of teachers for appropriations or bonuses or supplemental pay from the Fund, and for requests for recruitment funds. Sets out deadlines for submitting nominations, sets limitations on the number of nominations, and describes the nomination and request format. Sets out reporting requirements for the nonprofit and sets out requirements for the Commission to review the report and make recommendations for appropriations from the Fund to specified legislative committees. 

    Enacts new GS 115C-472.19 requiring matching local funds for appropriations from the Fund. Sets out the amount of matching funds required based on whether the unit or school is located in a tier 1, tier 2, or tier 3 county.

    Enacts GS 115C-472.20 setting out requirements for the manner in which the payments from the Fund are distributed.