Gross mismanagement of the financially bereft Bay City Academy, currently under supervision by the Michigan Treasury with an enhanced deficit elimination plan, just cost the charter school founded by convicted felon Steven Ingersoll its entire November 2017 Michigan state aid payment.
The Bay City Academy was docked $241,550.60 for failing to fully submit its Financial Information Database (FID) by the November 1st deadline.
Financial data districts are required to submit each year include: balance sheet, revenue, and expenditure data, along with additional data elements. This data is published on MISchoolData and within certain publications such as the Bulletins 1011 and 1014, and is also used for federal reporting purposes.
The report is required under the State Aid School act, which imposes a penalty for failure to submit by the statutory required date.
The Bay City Academy’s November 2017 payment record shows $0 for the month; October's payment was $244,797.
(An earlier version of this story said the penalty was due to the Bay City Academy's failure to submit a Special Education Actual Cost Report, which was later amended. An official in the Michigan Department of Education's Office of State Aid & School Finance confirmed the Bay City Academy's withheld state aid will be restored with its December 2017 payment.)
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The Bay City Academy was docked $241,550.60 for failing to fully submit its Financial Information Database (FID) by the November 1st deadline.
Financial data districts are required to submit each year include: balance sheet, revenue, and expenditure data, along with additional data elements. This data is published on MISchoolData and within certain publications such as the Bulletins 1011 and 1014, and is also used for federal reporting purposes.
The report is required under the State Aid School act, which imposes a penalty for failure to submit by the statutory required date.
The Bay City Academy’s November 2017 payment record shows $0 for the month; October's payment was $244,797.
(An earlier version of this story said the penalty was due to the Bay City Academy's failure to submit a Special Education Actual Cost Report, which was later amended. An official in the Michigan Department of Education's Office of State Aid & School Finance confirmed the Bay City Academy's withheld state aid will be restored with its December 2017 payment.)
