Sunday, October 27, 2013

Still no progress on Spirit of Knowledge (with update)

No word of additional funding or credit, and this from this afternoon's emergency meeting:

(Kim Ring is the T&G reporter at the meeting.)

I've also gotten a few questions about what happens to assets if the school closed--the students have public school options, the teachers unfortunately lose their jobs, but what happens to the "stuff" of a school--and was directed to 603 CMR 1.13(8), which reads as follows:

(8) Upon the revocation, non-renewal, or voluntary return of a Commonwealth charter, title to all of the property of the charter school shall immediately vest in the Commonwealth, subject to the rights of any secured party holding a perfected security interest in the property of such charter school. Any funds remaining after the satisfaction of the charter school's obligations shall be deposited in the General Fund. 603 CMR 1.13(8) shall not apply to the extent the charter school or any other interested party demonstrates that charter school property was purchased solely by, or solely with funds paid to the school by, persons or entities other than the Commonwealth, in which case ownership of the property shall be transferred to such persons or entities, unless otherwise voted by the board of trustees.
Thus it largely goes to the state. The only thing I'm not clear on is if the bit about property "purchased solely by, or solely with funds paid to the school by,  persons or entities other than the Commonwealth" applies to the City of Worcester which, as it does for the Worcester Public Schools, has supplied approximately one-third of the funding of the school.
And thanks to those at the state for answering my email on a weekend!

UPDATE: Worcester Magazine's Walter Bird was also at the meeting. He has some additional information about finances, and he reports that the Board of Trustees is meeting Tuesday, and a vote regarding the school's future is expected at that time.

No comments: