Twin City Development Foundation is donating $400,000 to Winston-Salem/Forsyth County Schools amid the district’s budget crisis.
Winston-Salem City Council Member Robert Clark, who is also the nonprofit’s board chair, presented the news at a Board of Education meeting Tuesday night.
“We urge others to join us in supporting the school system during this critical time," he said. "Together, we can protect the future of our children and the vitality of our region.”
Clark said the funds were specifically earmarked to help the district pay down its debt, which currently totals more than $37 million.
Interim Superintendent Catty Moore thanked the foundation for its generosity.
"I hope our community folks that are able to, follow suit," Moore said. "Our public schools are the bedrock of our communities. They are financial engines. They are the piece in our community that ensures that we are a vibrant, thriving place to live, work and play."
The donation comes shortly after Forsyth County Commissioners approved a conditional debt forgiveness plan for the district tied to how much money the school system can raise in private donations.
District officials say they’re considering other cost-saving measures to repay debt, which may include further staff reductions and furloughs.