New Kentucky fund will support education innovation across the state

This from the Herald-Leader:

A non-profit fund is being launched to provide financial support for innovative school programs aimed at increasing the number of Kentucky students graduating from high school ready for college or careers.

The private Fund for Transforming Education in Kentucky would distribute money on two levels, according to an announcement Monday. It would financially support large educational programs with potential statewide impact, but also underwrite local projects developed by school districts or teachers to improve instruction and student achievement.

The fund will get started by helping the state education department administer two recent educational grants from the Bill and Melinda Gates Foundation worth almost $3 million. But it also will solicit private foundations and other organizations nationwide to help support its activities, said Paducah businessman Billy Harper, chairman of the new fund.

The idea is patterned after the Colorado Oegacy Foundation, which was formed to support education innovation about five years ago.

The fund's board of directors includes a mix of governmental, business and education leaders: Lt. Gov. Jerry Abramson, Kentucky Chamber of Commerce CEO David Adkisson, former University of Kentucky president Lee Todd, United Way of the Bluegrass chairman Bill Farmer and Kentucky Education Commissioner Terry Holliday.

Holliday said the formation of the new Kentucky fund is an indication that private organizations will have to take an increasingly active role in financially supporting education because Kentucky, like many other states, is strapped for educational funding.