NC S663

Appropriates $15,000,000 in nonrecurring funds from the General Fund to the Office of State Budget and Management for fiscal year 2021-2022 as an emergency reserve for the NC Promise Tuition Plan.

Reserve funds may be allocated to Elizabeth City State University, the University of North Carolina at Pembroke, or Western Carolina University if State appropriated "buy down" funds are insufficient and the Board of Governors determines an institution may incur unsustainable losses.

The Board of Governors allocates reserve funds to constituent institutions to meet financial obligations from the established tuition rate under the NC Promise Tuition Plan for the remainder of the fiscal year.

The Board of Governors must submit a report to the House Appropriations Committee on Education, Senate Appropriations Committee on Education/Higher Education, and the Fiscal Research Division within 30 days of any reserve allocation, including findings on reasons for losses and recommendations to prevent future allocations.

The act becomes effective July 1, 2021.