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Title : Will Huntsberry: A “Nonprofit” Charter Chain in California Reaps Huge Windfalls from Its Entwined Business Deals | Diane Ravitch's blog
link : Will Huntsberry: A “Nonprofit” Charter Chain in California Reaps Huge Windfalls from Its Entwined Business Deals | Diane Ravitch's blog
Will Huntsberry: A “Nonprofit” Charter Chain in California Reaps Huge Windfalls from Its Entwined Business Deals | Diane Ravitch's blog
Will Huntsberry: A “Nonprofit” Charter Chain in California Reaps Huge Windfalls from Its Entwined Business Deals | Diane Ravitch's blogWill Huntsberry: A “Nonprofit” Charter Chain in California Reaps Huge Windfalls from Its Entwined Business Deals
Will Huntsberry is the investigative reporter who untangled the $50-$80 million scam that led to the indictment of eleven people associated with a virtual charter chain in California (“Inside the Charter School Empire Prosecutors Say Scammed California for $80 Million”).
In his latest investigation, he details the complicated business dealings that are enriching the owners of a “nonprofit” chain of 60 charter schools across the state.
John Helgeson, a charter school executive, has a great deal for a public servant.
In 2007, he helped found Charter School Capital, a for-profit Oregon company that loans money to charter schools and buys school properties. In May 2015, he also started making $300,000 a year as an executive vice president at Learn4Life, a nonprofit network of more than 60 charter schools that serves roughly 45,000 students in California.
Charter School Capital lends money to Learn4Life schools and pockets the interest. While working at Learn4Life – which is funded almost entirely by California taxpayers – Helgeson maintained an ownership stake in Charter School Capital. In doing so, Helgeson discovered a way to collect not just one, but two paychecks from California’s cash-strapped public school system.
Learn4Life, which operates nine San Diego locations, serves a unique group of students. Many are at-risk and have dropped or failed out of traditional high schools. The schools are publicly funded and often located in strip-mall storefronts. Students usually come in to meet with a teacher once or twice a week and complete work packets.
Since 2014, Charter School Capital has loaned more than $6 million to two Learn4Life schools in San Diego alone. A charter school borrowing money from a for-profit lender is normal enough. To have a key employee who profits from both is not.
Just two months after Helgeson came on board at Learn4Life, the company increased its business with Charter School Capital. Charter School Capital purchased the 100,000 square-foot corporate headquarters of Learn4Life in July 2015 – making Charter School Capital the landlord of Learn4Life. Now CONTINUE READING: Will Huntsberry: A “Nonprofit” Charter Chain in California Reaps Huge Windfalls from Its Entwined Business Deals | Diane Ravitch's blog
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