Feynman School Closing

[Anonymous]

Naive question: if parents are paying tuition, why would the school run into so much financial trouble? Isn’t the math just adding up the costs of the things you’ll need for the year (salaries, rent, equipment, etc.) plus some cushion?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Again, wouldn’t tuition insurance cover this kind of situation?

Sadly — when we signed our enrollment contract, it did not come with an option for tuition insurance. I actually called and researched to see if I could purchase tuition insurance on my own. No go. The companies only offer policies for a school as a whole, not to individual families.

In case school admin is reading this — The enrollment contract does not protect the school in this situation. You are only entitled to keep the full tuition if parents withdraw mid year or kid is expelled. NOT applicable here.

While you are correct, a closure this sudden indicates that they are out of money and probably are unable to make their payroll, rent, etc to be able to continue operation, so you should prepare yourself for there being no money to return, or at least not enough to return in full.

I know. It’s just a terrible situation all around and we are prepared for this. But what is infuriating is that the school has not been at transparent about the financial situation. Yes, the fundraising pleas were direct and escalating, but they have never been transparent about revenues and outflows, the way other private schools are. Most parents accepted this because our kids were happy there, but at this point, I think parents are owed at least some answers and more information than we have received.

Absolutely! The school definitely owes you an explanation and information. I hope you get it soon.

This!

[Anonymous]

Anonymous wrote:Naive question: if parents are paying tuition, why would the school run into so much financial trouble? Isn’t the math just adding up the costs of the things you’ll need for the year (salaries, rent, equipment, etc.) plus some cushion?

I spoke with a friend who works at a private college recently. I presume that they have similar structures to private elementary and high schools. She told me that schools rely heavily on financing and that recently it has been much harder to secure financing for private schools from lenders. I don't know why but I assume it has something to do with the fact that a lot of schools are closing these days.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:1/2 year of public is an option. It's only a few months. Focus on next year.

+1

Could be better than hastily moving to another school for half a year. Plus, costly for those that already paid for the full year of tuition at Feynman. No easy answers here!

I am assuming schools with open spots are not that desirable...but could still be a good fit in some circumstances.

Well, public schools have to take you. That's a huge positive. Plus, you never know, it might be a good fit for your kid.

[Anonymous]

Anonymous wrote:Naive question: if parents are paying tuition, why would the school run into so much financial trouble? Isn’t the math just adding up the costs of the things you’ll need for the year (salaries, rent, equipment, etc.) plus some cushion?

from the letter sent to parents:

"Since last school year, we have worked tirelessly to raise the funds needed to address the financial shortfall caused by the expenses of our move and the financial aid commitments we made to families who relied on our program. These commitments were made to students we believed in—students who have flourished in our unique learning environment. Turning them away was never an option, as our mission has always been to provide access to those who need us most."

[Anonymous]

Anonymous wrote:Naive question: if parents are paying tuition, why would the school run into so much financial trouble? Isn’t the math just adding up the costs of the things you’ll need for the year (salaries, rent, equipment, etc.) plus some cushion?

Like anything else, this only works if an appropriate budget is set and adhered to. If you are spending more than you bring in, eventually it runs out.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Naive question: if parents are paying tuition, why would the school run into so much financial trouble? Isn’t the math just adding up the costs of the things you’ll need for the year (salaries, rent, equipment, etc.) plus some cushion?

from the letter sent to parents:

"Since last school year, we have worked tirelessly to raise the funds needed to address the financial shortfall caused by the expenses of our move and the financial aid commitments we made to families who relied on our program. These commitments were made to students we believed in—students who have flourished in our unique learning environment. Turning them away was never an option, as our mission has always been to provide access to those who need us most."

Obviously this administration does not have the necessary business sense. Still, this letter is heartbreaking

[Anonymous]

Anonymous wrote:

Anonymous wrote:Naive question: if parents are paying tuition, why would the school run into so much financial trouble? Isn’t the math just adding up the costs of the things you’ll need for the year (salaries, rent, equipment, etc.) plus some cushion?

I spoke with a friend who works at a private college recently. I presume that they have similar structures to private elementary and high schools. She told me that schools rely heavily on financing and that recently it has been much harder to secure financing for private schools from lenders. I don't know why but I assume it has something to do with the fact that a lot of schools are closing these days.

Good point!

[Anonymous]

Why did they have to move? And other private schools give financial aid to students, so that’s not the excuse. I actually find it sad that they are blaming financial aid for what sounds more like financial mismanagement.

[Anonymous]

Anonymous wrote:Why did they have to move? And other private schools give financial aid to students, so that’s not the excuse. I actually find it sad that they are blaming financial aid for what sounds more like financial mismanagement.

Well giving away more aid than you can afford is mismanagement.

[Anonymous]

Anonymous wrote:Why did they have to move? And other private schools give financial aid to students, so that’s not the excuse. I actually find it sad that they are blaming financial aid for what sounds more like financial mismanagement.

+1

[Anonymous]

Anonymous wrote:Why did they have to move? And other private schools give financial aid to students, so that’s not the excuse. I actually find it sad that they are blaming financial aid for what sounds more like financial mismanagement.

Yes, it makes no sense. Rather than tell a handful of students, we're sorry we can't afford to continue your aid, they screw over everyone and renege on their financial commitments to full pay families? And they knew the move was more expensive when they set they set tuition rates for the FY24/25 school year. The move happened in spring/summer 2023. So why wasn't that factored in? There's so much that does not make sense and some hard questions that need to be asked and answered.

[Anonymous]

Most schools rely on fundraising and financing for a portion of their budget. Our k-8 (well established, no financial concerns) said that tuition covered about 80-some percent (82? 83? Something like that) of its annual operating budget. This is common. But it only works if the school has a good handle on and reasonable expectations for what it can fundraise each year. A small school or one that knows it doesn’t have enough community support needs to adjust its budget so that tuition covers what it needs to cover.

[Anonymous]

I am puzzled why parents would enroll their kids in this school. Looking at private school review there aren’t even 100 students grades preschool through 8th. No grade has more than 10 students in the entire grade. Both kindergarten and first grades have only 8 students per grade.

https://www.privateschoolreview.com/feynman-school-profile

And for it being a “gifted” school they don’t even have a cut off for scores and have a vague definition of gifted so most likely they accept anyone.

In other cities school for gifted students actually has certain IQ scores they are looking for. Like Mirman school in LA they list an IQ of 138

[Anonymous]

They started that way with a strict IQ cutoff. There were not enough kids in this area believe it or not. They always struggled with enrollment, which was always puzzling to me. It’s very sad, our kid had great early years there.