Jerome Charter School Facing Financial Troubles
JEROME, Idaho (AP) — A charter school in south-central Idaho is drawing a $50,000 on a line of credit to cover summer expenses and plans on using state funds to pay it back. The Times-News reports that Heritage Academy in Jerome is facing multiple challenges managing its budget. Heritage Academy currently owes $140,000 from purchasing a school building. Officials have negotiated a payment plan, but have since depleted their reserve funds. School official agreed on Thursday to use a state payment slated for August to close out the line of credit.
State education officials are now requiring the school to file quarterly financial reports because of its financial instability. Unlike school districts, charter schools are barred from using voter-approved bonds to help cover the costs of running a school.