Here's something to ponder as you wait for your itty-bitty $600 stimulus check: the two-man charter school management company co-founded on April 10, 2015 by Brian Lynch and Michael Randel scored a PPP Loan in April 2020. Mitten Educational Management was founded to assume control of the Bay City Academy and sister school, Mancelona's North Central Academy, in the wake of former manager Steven Ingersoll's criminal tax fraud crash.
Detail shown below (gleaned from a comprehensive database reporting on the Treasury Department's Paycheck Protection Program loan program) reveals Mitten Educational Management received approval for a $368,800 loan in April 2020.
The management firm run by Lynch, son-in-law of disgraced charter school management hump, Mark Noss (currently embroiled in a messy business bankruptcy) qualified for the loan by claiming $1.77 million in "Mitten Educational Management payroll expenses". Those expenses are directly attributed to Bay City Academy/North Central Academy staffers, who are legally considered employees of the management company, and not the individual charter school.
In addition to Lynch's firm receiving a management fee of nearly $320,000 for the 2019/2020 fiscal year, Lynch was paid an $83,050 compensation package for his gig as the Bay City Academy's Superintendent.
Paycheck Protection Program (PPP) borrowers may be eligible for loan forgiveness if the funds were used for eligible payroll costs, payments on business mortgage interest payment, rent, or utilities during either the 8- or 24-week period after disbursement. A borrower can apply for forgiveness once it has used all loan proceeds for which the borrower is requesting forgiveness.
The Bay City Academy's most recent annual balance sheet, for the fiscal year ending June 30, 2020, shows the school is nearly -$800,000 in the hole... a lingering hangover of Steven Ingersoll's plundering the school's coffers of nearly $1.4 million.
Who ever said crime doesn't pay?
