North Carolina Education Lottery gives $99m to state
RALEIGH, N.C – Yesterday it was announced that the North Carolina Education Lottery had transferred $99.4 million to the State Education Lottery Fund to support various education projects all over the state.
Since the North Carolina Education Lottery was launched in early 2006 it has contributed $1.65 billion to education projects in North Carolina. Total sales have reached nearly $5.25 billion in the four and a half years since the lottery was launched, which means that the lottery has donated over a quarter of its total sales revenue to state education.
The transfer of $99.4 million was made yesterday afternoon and was made up of over $97 million of net revenues, while the remaining $2 million came from unclaimed prize money.
Alice Garland, acting director of the lottery said in the press release, “Our mission is to raise money for education so we’re always pleased to transfer our net proceeds to the State Education Fund. These proceeds, added to the money paid out to our prize winners and what our retailers earn for selling lottery tickets, means that 95 cents of every dollar spent on the lottery stays in North Carolina.”
The Lottery Act in North Carolina states that of all proceeds received from the NCEL 50 per cent goes to teachers salaries from Kindergarten to Grade 3 and the More at Four program, 40 per cent is used to fund school construction and the remaining 10 per cent is allocated to college scholarships throughout the state.
To find out where exactly the money from the lottery goes in the education system click here
Published: October 27, 2010