URGENT UPDATE: Epic Charter Schools, Oklahoma’s largest charter school, has secured a $30 million private loan to meet payroll obligations for July as it grapples with significant financial turmoil. The Statewide Charter School Board (SCSB) convened on Monday, where they unanimously voted to initiate an audit of the school’s finances following alarming reports of instability.
During the meeting, SCSB’s Financial Compliance Officer, Skyler Lusnia, revealed that Epic’s leadership raised concerns about the school’s long-term financial viability back in May. “These concerns bring questions about the long-term financial stability of the school,” Lusnia stated, highlighting the urgent need for transparency regarding taxpayer funds.
Epic has faced severe financial challenges, leading to two rounds of mass layoffs and campus closures, as well as salary cuts for staff members. The impact has been profound, with Superintendent Bart Banfield resigning last month amid a wave of teacher resignations. The board’s chairman, Brian Shellem, emphasized the need for clarity on the situation, stating, “Our questions are, who knew what, when they knew it, and making sure they’re moving along.”
Epic’s reliance on the bridge loan comes as no revenues are generated in July, as students are not enrolled during this period. “They did get a bridge loan for the beginning of their fiscal year now because there’s no revenue coming into the school in July,” Shellem explained.
In response to the board’s decision to request an audit, Epic Charter Schools issued a statement expressing support for the SCSB’s actions. Interim Superintendent Justin Hunt stated, “Epic has been and remains committed to working closely with SCSB to ensure safeguards are in place to secure the long-term financial stability of the organization.”
The board plans to begin the audit process within the next one to two months, with a full report expected in another month or two. Shellem reiterated that the ultimate goal is to ensure taxpayer money is being used appropriately.
Additionally, the board announced the launch of an interactive report card for parents and the public, allowing them to track the progress of charter schools across the state. This new tool aims to enhance accountability and transparency in Oklahoma’s educational system.
As Epic Charter Schools navigates these turbulent waters, the future remains uncertain for the approximately 30,000 students and families relying on its services. The urgency of this situation cannot be overstated, as the community watches closely for the outcomes of the impending audit and the school’s financial recovery efforts.
Stay tuned for further developments on this critical story.
