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For-Profit NYC Charter skims 30% of budget in "management fees"

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Hannah Bell Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-02-10 01:33 AM
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For-Profit NYC Charter skims 30% of budget in "management fees"
Teachers at New York's Merrick Academy charter school are ticked off. The charter school, operated by the for-profit Victory Schools, Inc, is sending over a million per year to the profiteers at Victory, which obviously cuts into their salaries and robs children of educational opportunities (in this case, that means heating systems, a gym, and certainly other necessities). Sure - Victory uses some of this million-dollar slush fund to pay the bills, etc, but they also keep a hefty chunk for themselves. Here are a few quotes from an article from the Queens Chronicle:

1) But according to James Stovall, chief administrative officer for Victory, the teachers have received their full salaries plus an annual 3 to 5 percent raise for the last seven years. It was only when they decided to join the United Federation of Teachers that their pay became stagnant, which he said the law allows while union members are in the process of negotiating a contract. Once the negotiations are completed, raises can resume and may even be retroactive...


3) The teachers also claim that they consistently receive threats to their days off, job security and paychecks and that the children must go without essential services and supplies —classrooms do not have heat, there is no gymnasium and teachers are forced to Xerox existing textbooks, rather than order additional copies.


According to their most recent 990 form, Victory took in $1,744,897 for their "management." The school's total expenses were roughly $5.7 million. The public - including teachers - must learn that for-profit schemes are bound to fail in public education. It doesn't improve the teaching profession, doesn't provide children with a quality education - but it certainly lines the pockets of Victory.

http://www.schoolsmatter.info/
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Kurska Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-02-10 01:34 AM
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1. 30% isn't skimming, it is looting n/t
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snagglepuss Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-02-10 01:37 AM
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2. Exactly nt
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Wounded Bear Donating Member (665 posts) Send PM | Profile | Ignore Sat Jan-02-10 02:10 AM
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3. It's actually about par for the course in any for-profit enterprise....
It's what the corporatists expect, and usually get.
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