The North Carolina House Oversight and Reform Select Committee has called NCI CEO Bennet Waters to testify about the use of $500 million in taxpayer funds by the nonprofit organization. NCI was created in 2018 to fund research projects at UNC-system universities aimed at commercialization. The hearing, scheduled for July 9, will focus on NCI’s legislative reporting, use of funds, and compliance with state requirements. Board member Art Pope requested an investigation into NCI’s accounting practices earlier this year, leading to concerns about the treatment of private donations. Critics argue against using taxpayer money to support unproven organizations in the research and development space. The House Oversight Committee is seeking transparency and accountability from NCI, as the organization is set to receive a second round of $250 million in state funds. Lawmakers approved the initial $500 million despite concerns from critics, and now the committee is questioning NCI’s decision-making process for selecting projects and potential political favoritism. Co-chairs of the committee, Reps. Jake Johnson, R-Polk, and Harry Warren, R-Rowan, will lead the hearing to address these growing concerns. Details for the hearing can be found on the House Oversight and Reform Committee webpage.
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