GETTING PERSONAL: Gates Foundation Invests In Charter Schools - WSJ.com:
"New York (Dow Jones)--Even the country's richest foundation is looking for a way to conserve assets while using them to fulfill its charitable mission.
The Bill & Melinda Gates Foundation on Wednesday announced it is making $30 million in bond guarantees to high-performing charter schools in Houston. It is part of a new two-year, $400 million push in so-called program-related investments, which can consist of direct loans, equity investments, bond guarantees and other non-traditional forms of financial support.
The first bond guarantees are going to the Knowledge Is Power Program, or KIPP, to help its schools in Houston secure funding in tax-exempt bonds. The financing is aimed at expanding student enrollment from 4,500 in 15 schools to 21,000 students in 42 schools in the next decade. It is the first time a private foundation has backed charter school facility bonds at this scale.
Charter schools, which are publicly funded and typically employ nonunion teachers, are granted more freedom by states in curriculum and hiring but often receive nearly 40% less public funding than conventional district public schools, according to the Center for Education Reform, a Washington advocacy nonprofit."
"New York (Dow Jones)--Even the country's richest foundation is looking for a way to conserve assets while using them to fulfill its charitable mission.
The Bill & Melinda Gates Foundation on Wednesday announced it is making $30 million in bond guarantees to high-performing charter schools in Houston. It is part of a new two-year, $400 million push in so-called program-related investments, which can consist of direct loans, equity investments, bond guarantees and other non-traditional forms of financial support.
The first bond guarantees are going to the Knowledge Is Power Program, or KIPP, to help its schools in Houston secure funding in tax-exempt bonds. The financing is aimed at expanding student enrollment from 4,500 in 15 schools to 21,000 students in 42 schools in the next decade. It is the first time a private foundation has backed charter school facility bonds at this scale.
Charter schools, which are publicly funded and typically employ nonunion teachers, are granted more freedom by states in curriculum and hiring but often receive nearly 40% less public funding than conventional district public schools, according to the Center for Education Reform, a Washington advocacy nonprofit."
