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DC Public and Public Charter Schools
Reply to "Advice on Two River PCS"
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[quote=Anonymous][quote=Anonymous]https://www.tworiverspcs.org/wp-content/uploads/2024/12/Two-Rivers-Annual-Report-2023-2024.pdf There's a budget at the end of this annual report. It shows a loss of $1.5 million. For a school with total assets of $54 million but $39 million is facilities, that's not sustainable.[/quote] It is uglier than that. The way they account for expenses is opaque at best. They list an expense item as "rent" but I can't find their mortgages and liens. Near as I can tell that's included in "Senior Debt" totaling 43,740,678. So they are counting as assets the facilities but there's debt service due to the tune of $43m. That's about a $9 million cushion. With a 17% burn rate (which I expect to increase as Per Pupil funding hits keep coming and enrollment declines) the school has about 4 more years to do something drastic (e.g. close and sell 4th street) before it implode. P.S. If Kristina was still there she'd be blaming Covid and racism for the decline! [/quote]
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