November 22, 2021 7:32 pm
Charter schools to create $3 million ‘fail’ fund
When the news broke in December 2019 that the American International School of Utah was under investigation for misappropriating nearly half a million dollars in state and federal education funds, it left a black eye on charter schools that hasn’t entirely healed.
Recently, advocates for charter schools came up with a kind of fix: a “Charter School Closure Reserve Account,” like an emergency rainy-day fund that would ensure that if a charter school closes with outstanding debts, they could be resolved right away.
How much reserve would be enough? They decided on a figure: $3 million.