July 15, 2007 -- Public schools are cashing in.
The New York City school system netted about $80 million in private donations in Fiscal Year 2007.
About $34.2 million came in through the Fund for Public Schools, a non-profit organization and the biggest provider of private money to the $15 billion school system.
A variety of grants from non-profit groups accounted for the remaining $46 million, education officials said.
The Fund for Public Schools, which counts Caroline Kennedy as a board member and is chaired by Schools Chancellor Joel Klein, generated $11 million less in 2007 than it did the year before. But fund officials said that's because last year's tally was buttressed by an a single extraordinary gift - $15 million from The Carroll and Milton Petrie Foundation, according to fund CEO Stephanie Dua.
The fund, launched by the city in 1982, has experienced a resurgence in the last few years. In 2000, the fund took in $2.7 million. By 2004, the take was up to $55 million.
In the fiscal year that concluded June 30, the fund received over 700 gifts, including big donations from the Bill and Melinda Gates Foundation, The Michael and Susan Dell Foundation and The Broad Foundation.
It also accepted 577 donations of under $25,000 totaling $1.6 million.
Private donations are key to the system, according to Dua.
"The future of New York City depends heavily on our ability to educate our students to be productive, engaged citizens who are well-prepared for post-secondary education and the workforce of the 21st Century," Dua said. "We cannot deliver on this promise without involvement from all sectors."
