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GA HB1043
Bill
Status
Engrossed
3/9/2022
Primary Sponsor
Rick Jasperse
Click for details
AI Summary
- Creates the Georgia Endowment for Teaching Professionals as a private, nonprofit 501(c)(3) entity to fund endowments within the Technical College System of Georgia supporting outstanding teaching professionals in high-demand courses, subjects, and disciplines tied to economic development
- Establishes an 11-member board of trustees with 5 members appointed by the Governor (including the commissioners of the Technical College System and Economic Development), 3 by the President of the Senate, and 3 by the Speaker of the House, serving four-year terms without compensation
- Authorizes the board to appoint an advisory committee of up to 30 members, including at least two representatives from each congressional district, drawn from postsecondary institutions, business associations, and economic development organizations
- Requires minimum funding thresholds of $50,000 each from private donors and public sources before certain grant expenditures can begin; if these thresholds are not met by December 31, 2024, the endowment must discontinue by July 1, 2025 and return contributions to donors
- Mandates annual independent audits of all endowment funds and assets, and requires the board to submit an annual report in December to the Governor and General Assembly detailing activities, fund distributions, and verifiable metrics on the endowment's impact on education and economic development
Legislative Description
Georgia Endowment for Teaching Professionals; create
Last Action
Senate Tabled
4/1/2022
Committee Referrals
Higher Education3/11/2022
Higher Education1/27/2022
Full Bill Text
No bill text available