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History and Current Information
on the North
Carolina Agricultural Foundation Inc. and the
"Nickels for Know-How" Program
Click here for "Nickels" Referendum results
Click here
for "Nickels" budget information
The North Carolina
Agricultural Foundation, Inc. was incorporated on November 24, 1944
in Raleigh, NC as a means of supporting agricultural research, extension,
and teaching activities in the College
of Agriculture and Life Sciences at NC
State University. Some of the names associated with the creation on
the Foundation were: L. Y. Ballentine (President), A. G. Floyd
(Secretary), R. J. Reynolds, W. H. Belk, T. B. Upchurch, Clarence Poe,
W. Kerr Scott, Harry B. Caldwell, Thomas J. Pearsall, and J. M. Broughton.
CURRENT AG FOUNDATION INFORMATION
The Foundation is currently directed by a 148 member Board
of Directors. There is a representative from every county in North
Carolina and 48 agribusiness members. Mr. Hester Vernon, a farmer
representing Caswell County, is President, and Mr. Dan Warren, with
J.A. Waarren & Company, is Vice President.
AG FOUNDATION FINANCIAL HISTORY
Over the past 13 years, assets in the Ag
Foundation have grown from $5.0 million in 1988 to over $31.5 million
in 2000. At the same time, total revenues (contributions, "Nickels" income,
investment income and other income) have grown from $1.36 million in 1988
to $11.25 million in 2000. In addition to support from "Nickels," the Ag
Foundation receives support from private individuals (alumni and friends),
corporations, and commodity and other organizations including philanthropic
foundations. These donors support a variety of efforts in the College
of Agriculture and Life Sciences, including student scholarships and
fellowships, faculty support and professorships, and specific research
and/or extension activities in the College. The increase in private support
over the past 13 years reflects the confidence and affinity supporters
have for the College. In today's climate of decreasing federal and state
support, these private dollars are more important to the College's support
of agriculture in North Carolina than at any time in our history. This
funding provides the College with a competitive edge that is invaluable.
"NICKELS FOR KNOW-HOW" HISTORY
The "Nickels for Know-How" program
was created on November 19, 1951 as a $.05 voluntary collection on every
ton of feed and fertilizer produced in North Carolina. It was stated in
the first minutes of the Foundation
that "Nickels" was not to serve as a substitute, but rather as a supplement,
to state appropriations for agricultural programs in the College.
In the first full year of the "Nickels" program, ending August 31, 1952,
$105,368.37 was collected through the program. In today's dollars, that
$105,368.37 would be equivalent to $657,149 for one nickel and $1,971,447
under the current two nickels collected by the NC
Department of Agriculture and Consumer Services.
"NICKELS FOR KNOW-HOW" REFERENDUM
Every six years since 1951 there has been a state-wide referendum on
"Nickels," as required by state law. The "Nickels" referendum has always
passed by an average 90% favorable vote. "Nickels" is a voluntary program;
however, there has never been a refund of "Nickels" contributions since
it was created in 1951.
1999 "NICKELS" REFERENDUM
A referendum for "Nickels" was held on November 4, 1999. At that time, all of the producers or users of feed or fertilizer in North Carolina again voted as to whether to continue the "Nickels" program. The referendum passed with an 88% favorable vote.
There had been a feeling for some time that the self assessment should
be three to five nickels per ton on feed and fertilizer, rather than two
nickels. The
Agricultural Foundation Board gave its support to the increase in 1997,
and the proposed increase was discussed in area meetings of farmers in
1998. Farm organization and commodity leaders were active in the legislative
process that led to the authorization of the third nickel beginning January
1, 2001.
"NICKELS FOR KNOW-HOW" REVENUES
Over the past five years, contributions to "Nickels" have been as follows:
Year
Total "Nickels" Support
1994
$608,328.44
1995
$638,926.43
1996
$657,242.80
1997
$704,710.43
1998
$797,766.43
1999
$738,449.52
2000
$718,913.35
Selected 2000-2001 Projects funded by "Nickels for Know-How" Support
Keith Oakley, Executive Director of Development, CALS Foundations
and Development Office
Box 7645
NC State
Raleigh NC 27695-7645
919-515-9262
keith_oakley@ncsu.edu
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