PCSB meeting tonight: Eagle Academy Financial CAP
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Anonymous
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https://www.livebinders.com/b/3598829
Tonight's board meeting is a vote on Eagle Academy's corrective action plan. Basically the school has a big decline in enrollment, and finances falling apart accordingly, plus some compliance violations. There is new leadership so the PCSB is clearly hoping the situation can be turned around, but the threat of closure is very clear. |
Anonymous
| Also-- this may be the first of schools faltering as they run out of COVID funds, but it won't be the last. |
Anonymous
| This meeting is actually interesting, they're talking pretty candidly about how it got to this point. |
Anonymous
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Upshot: the CAP was approved. But after a long and interesting discussion and some very concerned and critical PCSB members. Time will tell whether Eagle will succeed and whether it will attract enough students to be economically viable. Or whether the PCSB will make excuses and pass them along yet again-- this school has been troubled for years.
Seems like their real estate holdings could make them a decent rescue merger target so maybe that will happen. In any case, it was an interesting discussion. |
Anonymous
| Does this affect both campuses? |
Anonymous
I believe so, yes. I think the only way they can right the ship is to drastically reduce expenses, and that may mean one of the campuses is offloaded. |
Anonymous
| I hear they will be taken over soon. |
Anonymous
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Friendship is proposing to take over Eagle Academy:
https://dcpcsb.org/notice-petition-amend-charter-asset-acquisition-eagle-academy-pcs-enrollment-ceiling-increase |
Anonymous
Zero surprise about that, they've done this move before. I hope it helps. |
Anonymous
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What does this mean? They can't be talking about closing the school in August......
https://dcpcsb.org/special-board-meeting-august-2024-legal-advice "Deliberate upon and obtain legal advice regarding closure and potential asset acquisition of Eagle Academy Public Charter School" They know school starts in three weeks, right? Like, what are parents supposed to do? |
Anonymous
I believe Friendship is going to continue to operate the school. It's a "closure" of Eagle and an "opening" of a Friendship campus, but Friendship has done this before and I think it should be manageable. |
Anonymous
Many parents might be relieved that a more stable school operator is taking over the school. |
Anonymous
| hmm. i bet they were sooo concerned at this pt and time all of a sudden so they could take over the real estate holdings as security/satisfaction for missing funds/shortfall |
Anonymous
But DCPS owns one of the buildings, right? |
Anonymous
| no idea, in any case prob want to sell to developers |