Raleigh, NC -- The North Carolina Senate today passed legislation creating the North Carolina Education Endowment, a concept designed and championed by Lieutenant Governor Dan Forest as a way to supplement teacher pay statewide.
Forest joined Sen. Jerry Tillman in early May to unveil the legislation and it was subsequently rolled into the full Senate budget bill that has now passed the Senate and is headed to the North Carolina House of Representatives for consideration.
The bill would create an Endowment Fund that will be used to supplement teacher pay via public and private sector funds.
The North Carolina Education Endowment Fund Creates Three New Revenue Streams to Sustainably Supplement Teacher Pay:
- Providing citizens and corporations the opportunity to contribute funds to the endowment via a line on their tax forms, either by contributing from their income tax refunds or by making additional contributions separate from their tax bill.
- Allowing the public to simultaneously fund the endowment while showing their support for our teachers by purchasing “I Support Teachers” specialty license plates.
- Creating a vehicle for corporations and individuals to make tax-deductible donations to the Education Endowment.
These three funding streams are only the beginning. Our goal is to use the bill as framework through which we can invest other funds with the goal of increasing teacher compensation for our high-performing teachers. The long-term intent of the endowment is that it would become self-sustaining.