The Bronx Academy of Promise Charter School’s founders have close financial ties to a non-profit, Urban Youth Alliance, whose board shares members with the charter school’s board. For several years, the Bronx Academy of Promise was managed by a for-profit management company, Imagine Schools, Inc., which charged the charter school $358,388 in management fees, about 12 percent of its total expenses. Imagine also loaned the school $1.44 million to begin its operations – at 12 percent interest. This financial arrangement was “on the table” – known to and approved by – the Board of Regents when it granted the school its charter. Records show that a lawsuit was filed over the school’s decision to terminate its relationship with Imagine Schools. The school has had difficulty recovering important financial records from its management company.
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Bronx Academy of Promise Charter School
A $2 BILLION DECISION: THE CASE FOR REFORMING NEW YORK’S CHARTER SCHOOL LAW, April 2010, New York State United Teachers