Next on the ARRA Agenda: the i3 fund.

Next on the ARRA Agenda: the i3 fund. AS STATES ARE PREPARING their applications for the Race to the Topfund, local education agencies (LEAs), consortia of schools, andnonprofit A corporation or an association that conducts business for the benefit of the general public without shareholders and without a profit motive.Nonprofits are also called not-for-profit corporations. Nonprofit corporations are created according to state law. partners of these groups are getting ready for the next bigcompetitive grant program from the Department of Education's pieceof the ARRA--the Investing in Innovation, or i3, fund--which willprovide dollars for projects that address one or more of the following:raising student achievement and closing achievement gaps, improvingteacher effectiveness, raising graduation rates, and reducing drop-outrates. In formally announcing the i3 fund in October, Secretary ArneDuncan Arne Duncan (born 11-6-1964) is an American education administrator and basketball player who is the current Chief Executive Officer of the Chicago Public Schools.Duncan attended the University of Chicago Laboratory Schools. outlined three separate grants the $650 million fund willprovide: * Development awards. Given to proven programs that are poised toexpand, these grants will top out at $50 million per award. * Validation awards. Up to $30 million will be given to successfulprograms that need further research in order to expand. * Scale-up awards. Recipients will receive up to $5 million peraward for new, promising ideas. Duncan also introduced a requirement that award recipients secureat least 20 percent matching funding from private sector sources. In aconference call with reporters on the same day the i3 fund wasannounced, Duncan explained that the DOE added the matching funds Noun 1. matching funds - funds that will be supplied in an amount matching the funds available from other sourcescash in hand, finances, funds, monetary resource, pecuniary resource - assets in the form of money requirement in order to ensure that recipients put together "abroad set of stakeholders StakeholdersAll parties that have an interest, financial or otherwise, in a firm-stockholders, creditors, bondholders, employees, customers, management, the community, and the government. that are going to support this effort afterthe federal funding runs out." The DOE plans to provide an application in early 2010 and obligateall funds by Sept. 30. Duncan noted in the conference call, however,that grant money will be disbursed over time. "These are multiyeargrants, and we'll basis," he said. "If someone isn'thitting their marks, we're prepared to stop funding them. And soall the money is not going out the door on day one." [ILLUSTRATION OMITTED]