The Post Secondary Education Amendment Act of 1998 which allows the Northern Marianas College to invest Land Grant Endowment Funds is expected to augment its financial resources.<\/p>\n
Close to $20,000 annual revenues will be realized from interest of its $500,000 investment in assisting the college finance some of it programs.<\/p>\n
“This is money which the college doesn’t have at this time. It will probably help NMC hire three part-time teachers or see the cost of a summer program,” said Rep. Karl T. Reyes, who estimated this annual income using a 3.5 percent interest rate.<\/p>\n
However, its board of trustees, who will oversee this endowment funding, can seek higher investment package for NMC.<\/p>\n
“The bill relieves the restrictive language in the original endowment statute which prevents NMC from investing,” said Rep. Heinz Hofschneider, who re-introduced the bill and was passed at the lower house last month.<\/p>\n
In addition, the bill gives NMC the authority to negotiate for loans and bonds provided such transactions will go through the Commonwealth Development Authority as required by law.<\/p>\n
In an earlier interview, NMC President Agnes McPhetres said this bill will provide funding for the School of Education to offer a baccalaureate program.<\/p>\n
The recent visit of the team from the Western Association of School and College supported its plans to pursue the four-year program but NMC will need this bill to show fiscal commitment from the CNMI government.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Post Secondary Education Amendment Act of 1998 which allows the Northern Marianas College to invest Land Grant Endowment Funds is expected to augment its financial resources.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-44897","post","type-post","status-publish","format-standard","hentry","category-local-news"],"_links":{"self":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/44897","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/comments?post=44897"}],"version-history":[{"count":0,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/44897\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/media?parent=44897"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/categories?post=44897"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/tags?post=44897"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}