NY Seeks Money From Hedge Fund Managers For "Race to the Top Accountability"

Hedge fund managers don't want to pay their fair share of taxes and managed to keep the rate at 15% in the new Obama/GOP tax bill, but for some reason they're absolutely fine ponying up money to the state for Race to the Top management:

Months after winning $700 million in the federal Race to the Top competition, New York state's education department says it needs another $18 million, and is turning to foundations, hedge fund managers and other private donors for the money.

The $18 million will pay for systems, technology and research that will help ensure that the state spends the $700 million effectively, education department officials said. As part of its initiative, the state will use the bulk of the money to hire 13 fellows—experts in curriculum, student testing and teacher evaluation—to help implement the projects that were promised in federal application.

The Race to the Top competition was a nationwide contest by the Obama administration that offered states hundreds of millions of dollars in exchange for adopting certain education changes, such as holding teachers more accountable for student progress. New York made promises about tying teacher evaluations to student test scores, overhauling a lackluster statewide curriculum and developing a reliable state-test system.

"We need really superb expertise to make sure that the reforms are extremely well crafted and pragmatic at a time when we're facing cuts in public funding," said David Steiner, the state's education commissioner, in an interview.

He noted that the state's education department's funding has been cut by 30% in the past three years.

...

So far, potential donors have been receptive, Mr. Steiner said. "They understand that this is a very challenging moment for us and we have to move forward with our reforms. To develop this private-public partnership is a way to respond to a severe fiscal crisis."

The state has already raised $3.5 million for the program, which is being collected under the Regents Research Fund. The fund has in the past sought philanthropic support to improve public education, but its goal to raise $18 million over four years is its largest effort to date. In recent days it received a commitment for $1.5 million from the Leona M. & Harry B. Helmsley Charitable Trust. It has also received a $900,000 commitment from the Bill and Melinda Gates Foundation.

In addition, it received $1 million from the James S. & Merryl H. Tisch Philanthropic Fund; Ms. Tisch is the chancellor of the state Regents. The department already has hired four fellows.

Of the $18 million, $12 million is for the fellows and the associated costs, and $6 million for systems and technology.

Amazing - can't get them to pay an extra cent in tax, but they sure don't mind adding a dime or two the standardized test fund.