Junk bonds fueling Minn. charters
Minnesota's charter school movement, which sparked a national rethinking of public schooling nearly two decades ago, has been infected by an out-of-control financing system fueled by junk bonds, insider fees and lax oversight.
To lure the investors they need for new buildings, some educators are abandoning the intimate campuses their founders envisioned and are building large schools that look more like the conventional institutions that some families are fleeing. Some charter school advocates say the build-your-own trend could undermine an education movement built on small class size and parental involvement. (StarTribune.com)An examination of the state's charter school finances by Minnesota 2020 came up with similar findings:
Seventeen years after the first charter school opened in Minnesota, this examination of fiscal year 2007 charter school financial audits shows that the vast majority of charter schools do not follow basic financial guidelines or, in some cases, state law.