S105 - 2021 Appropriations Act. (SL 2021-180)

Overview: Section 8A.4 of S.L. 2021-180 adjusts the structure of the State Education Assistance Authority (SEAA) and administratively houses the SEAA within The University of North Carolina System Office (System Office) for organizational, staffing, and budgetary purposes. The SEAA will exercise its statutory powers independently from the System Office and the Board of Governors of The University of North Carolina (BOG).

The membership of the SEAA board of directors is adjusted to reflect the following:

• The BOG appoints three members: (i) one who has expertise in secondary or higher education, (ii) one who is a chief financial officer or chief administrative officer from a nonpublic school enrolling students who receive K-12 scholarship funds, and (iii) one who has expertise in finance.
• The Governor appoints four members: (i) one who has expertise in finance, (ii) one who has expertise in secondary or higher education, (iii) one who is a member of the public with an interest in higher education, and (iv) one who is a chief financial officer from a private college or university, as recommended by the North Carolina Independent Colleges and Universities, Inc.
• The chief financial officer of The University of North Carolina.
• The chief financial officer of the North Carolina Community College System.

Additionally, an executive director is to be appointed by the President of The University of North Carolina to be the SEAA's principal executive officer. The executive director is responsible to the President and acts as secretary to the board of directors.

To reflect the adjustment in the structure of the SEAA, various budget codes must be changed and will be reflected in the base budget for the 2023-2025 fiscal biennium.

The budget code changes became effective July 1, 2021. The remainder of this section became effective November 18, 2021.