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Financial Mishandling at Charter School Leads to New Oversight

Charter schools have often been considered the preferred alternative to what often seems like a broken public education system. Recent allegations of fraud, corruption, and mishandling of funds have tarnished their reputation. However, after Tuesday's school board meeting, new regulations have been implemented by the Los Angeles Unified school board to more directly oversee charter schools.

These new regulations allow the board to shut down schools more easily if charter schools miss academic benchmarks or mishandle any public funds. While this removes some of the autonomy that California law allows charter schools, the move was approved unanimously by the Los Angeles Unified school board.

 This comes on the heels of NEW Academy Canoga Park's former principal Edward Fiszer allegedly mishandling $2.7 million in public funds, including over a million dollars that was used in speculation on the financial markets, according to a report filed by the San Fernando Sun In the wake of this, Fiszer has been terminated from his post as principal. Criminal charges have been filed against him in this matter.

With this revelation, Superintendent Cortines is requiring that the NEW Academy restructure its board of directors to include financially experienced members, implement all recommendations provided by the board, and to submit a framework for fiscal oversight and responsibility in the next 45 days.

Despite these regulations, it is not the goal of the community to cut down on the number of charter schools. Instead, the new oversight will allow for better management of funds and more transparency in the financial workings of all charter schools throughout the area.

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By

LA Urban Education Examiner

John Mack Freeman is a freelance writer based out of Los Angeles, California. He has a lifelong passion for education and effective education...

Comments

  • Concerned parent 1 year ago
    Report Abuse

    Exactly what are these new oversights? Based on my research on Charter schools they can work if the curriculum, financials and "Agenda" of the management company are ethical and sincere. Unfortunately, Charter schools can be a lucrative proposition if these schools who only care about money are left unchecked. Here is what I propose:

    1) That the owner and operators (board, principals) be American citizens. Since they are handling public funds, there is no safeguards for a non-citizens skipping out of the USA with funds. There should be a capitation on the amount of non-profits - foundations/institutes over a charter school.

    2) That all owner operators are bonded and the bookkeeping / accounting systems be given to a third party accounting organization that is approved by the State charter school and education departments. No school should be allowed to do their OWN bookkeeping, it is not working we must keep the honest people free from temptations of embezzlement. Audits done regularly but without a "schedule" the state should have auditors that can frequently review the "books" with an online secured linked in system.

    3) The percentage of teachers who are non-credentialed cannot be higher than the credentialed teachers. As you know, the Gulen schools have a large amount of uncredentialed teachers. We have many who make fake claims of being "scholars" yet have no advanced degree or study beyond an undergraduate degree. Charters should have to sign an ethics statement on making false selling claims of "waiting list" "European scholars for teachers" "improved grades" "voted the #1 charter school in the state" Limitations on what they can spend $$ for marketing and public relations. We have too many schools spending more money on promotion of Turkey, "extra curricular activities" and Turkish Olympiads -------->and very little on new textbooks and lab equipment.

    Ever dollar spent on construction, "extra curricular" activitites, HB-1 Visas, Turkish Olympiads, Trips to Turkey, etc., is more money spent away from our children's education.
    Do your RESEARCH BEFORE you put your child in any school, especially a charter school.
    http://www.charterschoolwatchdog.com
    http://www.charterschoolscandals.blogspot.com

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