In response to the report from “In the Public Interest” about waste, fraud, and abuse of taxpayer dollars in California facilities funding, Laura Chapman responded that the state doesn’t care if it wastes money:
This shows why the state will do nothing about fraud, waste, abuse. This is current information about charter school financing in California.
Through the passage of Propositions 47, 55, and 1D, and most recently, Proposition 51, $1.4 billion has been made available to charter schools for construction of new facilities or rehabilitation of existing school district facilities.
The state-funded Charter School Facilities Program (CSFP) is jointly administered by the California School Finance Authority (CSFA) and the Office of Public School Construction (OPSC). CSFA directs the financial soundness review process for the CSFP and provides certification of financial soundness for purposes of Preliminary, Advance, and Final Apportionments.
The Charter School Facilities Program (CSFP) provides fixed rate, long-term debt to schools at underwriting terms that are set by the state – not the capital markets.
A $1.4 billion program, CSFP provides low-cost financing for charter school facilities; 50% grant, 50% loan. This money is used to finance the construction of new, permanent school facilities or rehabilitation of existing school district facilities for charter schools throughout the state.
Nobody cares about fraud waste and abuse.
A quick check at the Gates Foundation website shows $31 million invested in amping up charter school facilities in Los Angeles, 24 million in the state of Washington, and some recent funding to promote facilities financing in Boston–not much about $20,000–sent to Bellwether Education Partners , the go-to consultancy for all things for all charter schools.
from sarah http://ift.tt/2oS3CZY