Arne Duncan’s surprise announcement to leave his post as secretary of education in December is generating headlines and driving lots of commentary, but an crucial story lost in the media clutter occurred 3 days just before he gave notice. Fulton Science Academy Middle College ‘s charter expires soon after Thursday, Might 31, as the school continues its quest to reopen in the fall as a private school open to all students Pre-K through 8th grade in Georgia. Fulton Science Academy Middle College lost its appeal to the state Board of Education for a charter this morning, so the college will be closed in July. The school’s governance and financial stability have been named into question, specifically relating to the issuance of $19 million in bonds and the construction function on a new school campus.
Fulton Science Academy Middle College has spent $five.78 million to get land and start building of a new campus that its students seem unlikely to ever occupy. The state Board of Education will get a recommendation to deny the school’s charter petition at its May 10 meeting. This level of uncertainty more than the charter renewal is much more reflective of a ‘BB-‘ rating.
Lou Erste, Charter Schools Division director for the Georgia Department of Education, says the information in the Could 4 letter wasn’t adequate to modify the recommendation for denial. With neighborhood options exhausted, FSA applied to the state Department of Education (GDOE) in December to become a state charter school starting with the 2012-2013 college year.
The school bought the land just before the state authorized the website, and started building just before a web site program and developing design and style have been even submitted for approval, all of which the state stated had been needed. ALPHARETTA, Ga. — The fate of the Fulton Science Academy Middle School will most likely not be determined by the end of the present college year, leaving parents, students and school staff in a state of flux for at least three a lot more months.
The indecision over the plans for FSA also impacts regional middle schools, which are searching at two enrollment projections for subsequent school year: 1 with FSA students returning, and 1 without. The downgrade to ‘BB-‘ reflects Fitch’s heightened concerns regarding Fulton Science Academy Middle School’s (FSAMS) potential to successfully handle the charter renewal approach a basic credit characteristic of investment grade ratings in this sector.