So, imagine starting a company (company 1). That company then forms a second company (company 2) which in turn applies for, and receives potentially millions in public funds, solicits donations from individuals and companies, and often provides sub par services.
They then hire another company (company 3) as a"management company" that has in actuality been opened by company 1 as well. The "management company/company 3"will then build and rent property and supplies to company 2, and make the "original company/company 1" quite wealthy.
If the "business" fails, Company 1 will walk away with no repercussions, and be left with a lot of assets to sell.
Further, they will be free to repeat the whole scenario over and over and over.
What ever will that business be you ask? Take a guess...
WTSP- Charter School Profits Grow for Investors Through Real Estate Deals
To paraphrase, Charter schools are funded by tax payers, and managed by private companies which are typically for-profit enterprises, or pay money to for profit entities. Further, they often operate out of privately-owned facilities built with public money, but when or if the school closes/fails, that same tax payer funded property does not revert back to the tax paying public.
In the following, www.myflorida.com/ Windsor Prep auditor report you can see an example of how much money can be made on the property lease. Specifically read pages 25-28 of the document. While I am not saying they are engaging in anything illegal or unscrupulous, I am saying it's an awful lot of money that Newpoint Education Partners will be making, and all for operating "F" Schools like Windsor Prep Academy. $7million to lease the property...that way if the school fails, the property is not owned by the school itself, so therefor does not have to revert back to the public. Nice loophole, huh?
(I find it interesting too that when I Google The Educational Support Company, Midpoint Education, and Windsor Education I don't actually find all that much info out. But they all do share that common connection to NewPoint Education Partners)
www.theledger.com/ Bad Charter Schools Cost Us Money
http://www.corporationwiki.com/Florida/Bonifay/midwest-education-partners-llc/101472345.aspx
http://www.wysk.com/index/florida/bonifay/4eu7t4p/midwest-education-partners-llc/officers
"..The School contracts with Midwest Education Partners, LLC, a Florida limited liability company, for most of its functions. Midwest Education Partners, LLC, a Florida limited liability company ("MEP") d/b/a Cambridge Education Partners is the sole member of Marshall High School and is the entity with which the School’s board interacts regarding day-to-day operations (See Note 6)" from https://ohioauditor.gov/auditsearch/Reports/2015/Marshall_High_School_14-Butler.pdf
http://www.wysk.com/search/doEntitySearch.cfm?q=Newpoint%20Education%20Partners
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