S99 - Appropriations Act of 2018. (SL 2018-5)

Overview: Sec. 10A.3 of S.L. 2018-5 makes the following changes to the NC Principal Fellows Program (Program), administered by the North Carolina Principal Fellows Commission (Commission) in collaboration with the State Education Assistance Authority (SEAA), which provides two-year scholarship loans and extracurricular activities to recipients completing full-time programs in approved school administration programs:

• Repeals the prior authorizations for an institutional trust fund and university trust fund for the Program and creates the Principal Fellows Trust Fund (Trust Fund) for funds appropriated to or otherwise received by the Program.
• Requires monies in the Trust Fund to be used only for scholarship loans granted under the Program, administrative costs, and costs associated with Program operations in accordance with statute. The SEAA may use up to $800,000 from the Trust Fund each fiscal year for administrative costs, salary and benefits for the director of the Program, expenses of the Commission, and funds for program monitoring and evaluation and extracurricular enhancement activities for program recipients.

This section became effective July 1, 2018.