$35 Million Worth of Pencils and Notebooks

Even in New York, $35 million buys a whole lot of pencils, notebooks, backpacks and uniforms. That's the amount billionaire George Soros has pledged to help New York kids get ready for the new school year.

According to a PR Newswire press release, Soros is backing "Back To School New York," which is "a collaborative effort involving the State of New York and the US Department of Health and Human Services, [which] will provide $200 per child to the families of the more than 850,000 children receiving public assistance or food stamps in New York State."

Soros' cash gift will be administered by New York's State Office of Temporary and Disability Assistance, which is responsible for running programs that benefit low-income families. According to the release, the "State will receive an additional $140 million in funding through the federal Temporary Assistance for Needy Families emergency contingency fund," a fund that targets needy families.

That's big money, and it's nice to see when so many low-income families are in need.

Speaking at an event in Harlem to announce the gift, Soros commented that "when I was a student after World War II, I had no money. I received financial help, and I remember how important that was to my education."

The money will be distributed to families via the "Electronic Benefit Transfer" or EBT card system. That's the same system used to distribute food stamps. "Recipients can use their EBT card to withdraw the funds through an ATM, or to pay for items at retail locations where the cards are accepted," according to the release.

Photo courtesy of World Economic Forum, via Flickr