That headline, from a January 22, 2016 Bay City Times article, sure looks like a crazy statement this morning.
The only thing the deficit elimination plan “wiped out” was more taxpayer money!
The Bay City, Michigan, charter school founded by convicted felon Steven Ingersoll opens for business this morning in just one building in Bay City and another in Mancelona, Michigan, the home of the North Central Academy.
Although an official “Affidavit of Posting”, the notice of a pending mortgage sale, was posted on the main entrance door located on 9th St. by Daniel Gillman of the Bay County Sheriff's department on July 12, 2016—a rosy image of the shuttered building still appears on the Bay City Academy's Facebook page. The image at right above, shot by yours truly back in January, reveals how the building looks today.
And, unless you read this blog, you'd never know the Bay City charter school slid further down the slipper slope of financial ruin.
Nothing in the Bay City Times, even though the school's board voted to approve an enhanced deficit elimination plan during it's August 29 meeting.
As of June 30, 2015, the Bay City Academy's liabilities exceeded its current assets by $1,374,477, and the General Fund had a deficit fund balance of -$1,374,477.
However, instead of proactively notifying the Michigan Department of Education as required, the BCA board concealed the truth until it was discovered in November 2015 when its audit was reviewed by the MDE.
“Coloring outside the lines” worked for founder Steven Ingersoll...until it didn't.
Based on $3,015,076 projected FYE June 30, 2017 revenue, the foundering Bay City Academy's -$1,366,699 current deficit represents 45.33% of that revenue.
Hold onto your lunch money, kids.