}

Thursday, August 17, 2017

TAKEOVER: Bay City Academy Begins New School Year Under Financial Cloud; Ballooning Budget Deficit Triggers Michigan Department Of Treasury Supervision.



BREAKING NEWS: A Michigan Department of Education (MDE) official confirmed in an email this afternoon the MDE has transferred financial oversight of the Bay City Academy, (the Bay City, Michigan, charter school rode hard by founder Steven Ingersoll and put up wet), to the Michigan Department of Treasury.

Scoring a 2017 deficit that shot up by a shocking $250,000 over the previous year, the Bay City Academy is now shouldering a deficit that, based on a percentage of its revenues, swelled to over 45%. 

In 2016, it was 35%.

A school district is put under the oversight of the Department of Treasury if it maintains a deficit for five years, and the MDE official confirmed in his email the Bay City Academy's deficit elimination plan would not resolve the deficit. 

The Bay City Academy began FY 2017 with a deficit and ended the fiscal year with an increased deficit.

More details as they become available.

2 comments:

  1. Deficit grows, but the management company (Lynch and CPA friend) continue to rake in big salaries and management fees. Sad and sick. Get your children out of that school.

    ReplyDelete
  2. Bet the quick-books are deleted....
    DELETE DELETE DELETE!!!!

    ReplyDelete