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Thursday, May 1, 2014

CASHING IN...OR CASHING OUT? A Few (Im)Pertitent Questions From Miss Fortune

As tomorrow's scheduled public meeting of the Grand Traverse Academy's elephant-ignoring board gets closer, Miss Fortune has a few questions of her own. 



Although I'd love to be among the audience, my newsprint scarf would give me away! 

Here are a few of my questions:

1)  Is there a forensic audit planned to determine how much of the money Steven Ingersoll transferred from the Academy's account to his Smart Schools account still remains unreturned?

2)  Are the teachers, principal, school staffers still employees of Smart Schools Management, Inc.?

3)  Is there a formal, written agreement detailing the "repayment plan" the Academy agreed to with Smart Schools regarding the $2.3 million dollar "prepaid fee overcharge"?

4)  Once Ingersoll declined to repay the Academy for the overcharge, why didn't the board conduct its own investigation supervised by outside counsel to determine if Ingersoll's activities were actionable?

5)  What is the current status of the Smart Schools Management, Inc. employee 401(K) plan? Does Ingersoll still adminster the plan, and has it been determined if the "delinquent contributions" from 2012 were ever transferred? Have the problems continued?

6)  What "due diligence" was conducted prior to awarding a management contract to former board president, Mark Noss? The Grand Traverse Academy's charter agreement with Lake Superior State University requires an extensive vetting of a proposed education service provider, even for schools who "don't have the luxury of time". 

7)  What are the terms of the Academy's agreement with Mark Noss' Full Spectrum Management: term, fees, etc.?

8)  Does Smart Schools Management, Inc. still have control of the Academy's bank accounts?

9)  Does the Academy have a conflict of interest policy?

10) Does the Academy's accounting system still belong to an individual without significant oversight or review?

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