The Grand Traverse Academy Board has approved a two-year deficit elimination plan for the public school academy rocked by the federal fraud indictment of its “faux-lanthropist” founder, Steven J. Ingersoll.
The Academy started fiscal year 2013-2014 with a positive general fund balance ($782,714) before ending the year with a negative fund balance (-$365,129).
And whose backs will bear the weight of those cuts?
If you guessed “for-profit management company”, the evidence indicates you'd be wrong.
And the two-year plan, shown below, does not take into account any federal “claw-back” of the $704,000 Steven Ingersoll is alleged to have repaid the Grand Traverse Academy's coffers from a Chemical Bank construction line of credit loan.
Just think what might have happened if the Traverse City Record-Eagle had stopped its ceaseless anti-TCAPS “tyrades” just long enough to focus on this monster story.
Doesn't matter...I've already done the job for them!