The Bottomless Corruption of Charter Schools

Hey, corrupt Kentucky politicians! Looks like the charter school scam is an even bigger money tree than you thought. Better get that legislation pre-filed so you can jam it through the General Assembly come January and start counting your mountains of cash.

karoli at Crooks and Liars:

Cornerstone Schools Association had $12 million in assets on June 30, 2010, according to the 990 form filed. An affiliated non-profit called The New Common School Foundation had $15 million in assets at the end of 2010. The Cornerstone schools serve 1,500 children in the Detroit area, according to their website. The Detroit Public School system, by comparison, serves over 75,000 students.

Those statistics are supplied to illustrate this point: While it's noble that Cornerstone schools are educating pre-tested and admitted children whose families in some cases pay up to $3,000 per year for their education at the non-charter school, Detroit public schools are struggling to stay afloat, especially after Governor Snyder placed the system under the control of an Emergency Financial Manager who has unilaterally terminated teachers' union contracts and mandated class sizes of up to 60 students in some cases.

Cornerstone Schools are also Christian schools. If Michigan were to go the way Louisiana is going, for example, those schools could see a very large infusion of taxpayer money. You think maybe Clark Durant has some financial incentives to run for office? In case there's any doubt, let's have a look at how he's faring now.

SNIP

In review, a private foundation created by Clark Durant was unwound in 2006 only to be revived in 2008 by some wealthy donors who, in the span of three years, donated $1,832,000, of which $897,000 was paid directly to the President of the foundation, Clark Durant, and $294,000 paid to his daughter, Hope Loomis. $1.8 million in, and $1.2 million out with $352,000 in the bank at the end of 2010.

Oh, and one $20,000 scholarship. There are no reports that I can find of innovative creative ways to provide for sustainability and expansion of charter and/or independent Cornerstone schools.

But plenty of innovative and creative ways to stuff your pockets with that sweet taxpayer dough.