NYSUT Media Relations article
Rolling in dough: Charters holding nearly $400 million in cash, audits show, reports:
“ALBANY, N.Y. March 21, 2017 — Despite perpetual cries of poverty, New York’s charter schools are flush with cash, holding at least $394.6 million in reserves in their bank accounts — a sum that has ballooned by nearly $122 million in just two years, an analysis by New York State United Teachers showed today.
NYSUT’s new analysis of financial documents show that cash held by charters swelled from $272.9 million in June 2013 to $394.6 million in June 2015. In addition, audits filed by charter management with their authorizers in late 2016 — the latest available — also reveal the charters examined have $451.1 million in unrestricted net assets, which could be used to fund student programs and, more pointedly, pay rent on school facilities. . .
The biggest hoarder of cash is the Roosevelt Children’s Academy Charter School on Long Island with $23.1 million. The Riverhead Charter School on Long Island held $10.1 million in cash in June 2015, while the Academic Leadership Charter School in the Bronx had $10.2 million in cash. In the greater Buffalo area, charter schools are holding more than $41 million in cash, while Albany’s charters have $9.9 million in cash reserves.
Eva Moskowitz’ Success Academy Charter Schools-NYC reported $4.4 million in cash — but siphoned away 15 percent of its own schools’ revenues — or $18.3 million — for corporate “management fees.””
While public and charter schools demand billions of taxpayer’s money for education our children still do not receive even an adequate education. The elites are lining their pockets with education dollars that support the mis-education of our children.
In both public and charter schools our children are being forced to adhere to an artificial norm whose intent is to create sub-groups of students that the public is convinced require special funding in order to be properly educated when, in fact, not even the so-called normal students are receiving and adequate education.
Our current dehumanizing system of education perpetuates the ignorance necessary for the continued control and complacency of the American people towards legislation and government spending.
We are paying dearly for the enslavement of our children.
Join the Movement to Save Our Children!