Daily Archives: July 29, 2013

Is News Journal editors protecting the New Moyer charter ?

Moyer school officials working to avoid closing; Officials recently rejected two changes to charter Written by Matthew Albright The News Journal

As state education officials work to bring The New Moyer Academy charter school in Wilmington out of violation of its charter, school leaders say they’re making significant strides and arguing that concerns about its teaching and finances are being blown out of proportion.

“Moyer is no longer a school that is limping along,” said Keith Stephenson, a former Moyer principal and current vice president with K12 Inc., the management company responsible for turning the school around. “This is a school that is walking on our own two feet. And if you give us time, we’ll be sprinting soon.”

If Moyer can’t meet it’s approved charter application’s enrollment projections and needed to request a modification to lower it’s required enrollment then I say, Moyer is limping along. Remember when the New Moyer application was presented it was sold by Moyer as obtainable objectives.

As concerns to finances, Moyer last posted monthly financial report was for February 2013 and at best should reflect June 30, 2013!

Moyer has about 210 students enrolled for next year, school officials say, less than the 385 called for in its charter. The revised charter calls for 225 students.

And let’ see the preliminary fy2014 budget based on actual enrollment numbers! If Moyer wasn’t limping it would have met the approved charter enrollment number of 385

State financial monitors say Moyer can stay afloat with its current enrollment, but only with the infusion of financial support and staff from K12.

K12 is providing several staffers in the school’s front office, and has already staked more than $1 million there. State board members said they worry about what would happen if K12 pulled out.

“All K12 would need to do is not want to lose money anymore on this school,” said board member Pat Heffernan. “What happens then?”

Moyer officials say the school is on solid financial footing.

“If K12 pulled out today, this school would survive,” Curry said. “Yes, they’re providing some positions for us. But we would simply use the money we’re paying them right now to fund those positions.

K12 is Wall street listed for profit company and are obligated to it’s stockholders and odds are Governor Markell might be a stockholder. Why wasn’t the contract between the state and K12 made public when the state put K12 in charged? Heffernan needs to call for a state audit of Moyer to provided a real financial picture.

Did you see this from the “chairman’s report to the board on January 22, 2013 “He also advised that the building is in foreclosure, a legal issue. As soon as the foreclosure is complete we will submit an offer to purchase the building. K12 has agreed to finance the mortgage at a rate of 5.2% for 20 years. However if we terminate their contract for another management company the loan becomes payable within 30 days”.

Another part of Moyer’s financial puzzle is the ownership of its building on East 17th Street in the Eastlake neighborhood. The school is leasing the property from The Reinvestment Fund, a Philadelphia-based community development organization. The lease expires at the end of September, and Moyer’s board plans to purchase the building before then.

Did someone forget to mention the sheriff sale on 07/09/13? “AFTER SHERIFF SALE LIST 07/09/13 page 1MTG-(Attorney)-RHODUNDA & WILLIAMS LLP-(Plaintiff)-THE REINVESTMENT FUND 13-004642 7(Defendant) REINVESTMENT II LLCAddress 610 & 611 E. 17TH STREET WILMINGTON 19802 2602940027 & 2602940028(Sold to)  RHODUNDA & WILLIAMS  LLP $1,300,000.00”

Will the real owner please stand up! 

“There are too many ifs for me right now,” said state board President Teri Quinn Gray. “Until I see something in black and white saying they own the building, I can’t support this.”

Ask for a copy of the deed and get a top to bottom state audit! 

“Moyer has been unable to submit a curriculum that is aligned to our standards and expecations,” Murphy said.

Moyer officials say they simply need more time to work with the state to figure out what the remaining problems are.

Moyer needs to be on formal review !