By Carol Burris
Buckeye Preparatory Academy opened its doors in September 2014, promising “rigorous academic standards” for the 117 students who enrolled. It was started by the for-profit management charter company the Cambridge Education Group, founded by Marcus May. In 2017, three years after Buckeye opened, Cambridge tried to sever all ties with May, who was indicted and later convicted of racketeering and fraud in connection with the charter schools he ran. Buckeye never received a grade from the Ohio Department of Education better than an F during its four-year existence. At the end of 2017, Buckeye Prep was more than $1 million in debt.
That enormous deficit, which equaled nearly all of the tax dollars the school took in, was due, in large part, to the astronomical management costs charged by Cambridge.
According to the 2018 audit, the for-profit took 18 percent of all revenue received by the charter to manage the school. Cambridge also collected $93,398 in overhead fees, pulling a total of $383,505 from the $1.26 million in operating aid that the school received. As debt accrued, Cambridge was charging the school 5 percent interest on money the school owed.
