Friday, December 21, 2012
The bank needs to sell the Fulton Science Academy property where a new school was to be built so it can recover the investment of bondholders.
A lawsuit against Fulton Science Academy is a step in the foreclosure process on school property that will allow Wells Fargo to recover the investment of bondholders, according to the bank and the school's attorney. "Wells Fargo acts as a trustee for publicly held bonds and has a responsibility to recover the investment of the bondholders. Wells Fargo is following the appropriate legal procedures to foreclose on this property," said Jamie Dexter in a statement issued by Wells Fargo. The property is on Fanfare Way in Alpharetta, which is next to the west side of GA 400. Only the middle school organization was the target of the lawsuit, Dexter said. Fulton Sunshine Academy and Fulton Science Academy High School were named in the suit because…
Thursday, December 20, 2012
The bank claims the schools are in default on an $18.9 million loan.
Three schools are being sued in federal court by Wells Fargo over an $18.9 million loan default. Fulton Science Academy, Fulton Sunshine Academy and Fulton Educational Services (which operates Fulton Science Academy High), are named in the civil suit filed in U.S. District Court on Dec. 17, the Atlanta Business Chronicle reported. On. Nov. 1, 2011, the defendants entered an agreement that appointed New York Mellon as trustee of bonds to finance a project to buy land and build a new school. On March 30 2012, Wells Fargo took over as trustee. A real estate deed was used to secure the debt. "Defendants have failed to meet their repayment obligations for those funds under the terms of the Note. The Note has been accelerated with payment in …
Tuesday, December 11, 2012
The public charter school's own board can request a hearing to be held Dec. 18, but the ultimate decision on the charter rests with the Georgia Department of Education.
The Fulton County Board of Education today, Dec. 11, approved a recommendation to start the process to close Fulton Science Academy High School at the end of the school year. Superintendent Robert Avossa first made the recommendation to terminate the school's charter at a school board work session on Dec. 4. Avossa based his recommendation on what staff reports call "a history of insufficient governance capacity and poor decision-making on the part of the school’s governance board." An independent audit released to the school board on Dec. 4 was said to show the Fulton School System has had concerns with the school throughout its seven-year history. The audit also found similar management issues to those discovered with the June 2012 audit…
Tuesday, October 16, 2012
North Fulton mother says she found local control was critical after finding problems while her son attended Fulton Science Academy.
- OPINION
-
Tuesday, October 16, 2012
Georgia is in the midst of an intense debate over a proposed charter school amendment that will be on the ballot in November. Whatever your position, you need to read my story. The polls predict this amendment will pass with flying colors, thanks to a misleading ballot question and a majority of funding from outside the state. If this amendment passes, politics and corporations will shape our schools. Groups with multi-faceted objectives are lining up to grab their market share. If a state controlled charter school comes to town, you will have no recourse if there is a problem. Why Local Control is Critical The problems I encountered at Fulton Science Academy were not anticipated by our local and state board of education or by educators …
Thursday, June 28, 2012
The charter middle school's board of governors took issue with the school system's report.
Fulton Science Academy Middle School effectively won't exist after Saturday, when its charter with the Fulton County School System expires. But its board of governors responded today, June 28, to an audit report's findings with its own investigative report. GlassRatner, a national specialty advisory services firm headquartered in Atlanta, performed an investigation into the audit report written by IAG Forensics, and it took issue with much of the report. "Many of the alleged findings in the IAG Report are flawed, unsupported and inaccurate and the IAG Report failed to make factual findings based on actual data and evidence," the report's summary said. GlassRatner's report said the inaccuracies stem from: a. Inappropriate reliance on …
Wednesday, June 27, 2012
Fulton Science Academy's Angela Lassetter says Wells Fargo's demand is in attorneys' hands now. A payment agreement, new investor or selling the land for the proposed building are some possible solutions.
UPDATE June 28, 5:30 p.m.: Fulton Science Academy Board of Governors member Angela Lassetter said today the schools can pay back the $18.9 million in bonds. Lassetter spoke about FSA's future as a private school, a school system audit report and her school's investigation and response to that report in an interview this afternoon. Wells Fargo Bank, the bond investor, sent out a "Notice of Acceleration" on June 25 by certified mail to the Development Authority and the three schools involved: Fulton Science Academy (middle school), Fulton Sunshine Academy (elementary school) and Fulton Educational Services (Fulton Science Academy High School). The bank's notice, sent by Virginia Anne Housum, a vice president for Wells Fargo, said the …
Thursday, June 14, 2012
Student names were listed on an audit report that some parents say violate privacy laws.
Parents of children who attended Fulton Science Academy Middle School are crying foul over the Fulton School System's release of student names in an audit report about the school. At least one parent has reportedly sent a complaint to the U.S. Department of Education, asking for an investigation into alleged violations of the Family Educational Rights and Privacy Act. Also Ava Chun, whose son attended the school, sent an email to state legislators and media outlets saying the school system and its superintendent broke privacy laws. "Informing you that Fulton County Superintendent Dr. Avossa and Fulton County School board members broke the privacy law in specifically mentioning student names in its FAULTY UNTRUE audit report," she wrote. …
Thursday, June 7, 2012
The Fulton charter school issued a press release that promises a full response after its governing board has time to study the document.
Fulton Science Academy Middle School's principal, Kenan Sener, issued a press release on behalf of the school saying a recent audit by the Fulton School System was full of inaccuracies. Click here for Fulton County School's full audit and financial report. "Needless to say, FSA is distressed by the School System’s consultant’s incomplete and inaccurate report. We do intend to provide a more formal response to the School System, after we have had a chance to review and analyze the report in more detail," the release states. "We intend to provide a more formal response to the School System on the major issues in the near future," the release also states. The school is now working on converting to a private, preK-8th grade school once its …
Tuesday, June 5, 2012
An audit prepared for the Fulton School System shows conflicts of interest, lack of safety procedures for students on international rips, immigration issues and poor bookkeeping.
An audit of Fulton Science Academy Middle School raised enough questions that the Fulton Superintendent of Schools is planning audits of its sister schools, Fulton Sunshine Academy in Roswell and Fulton Science Academy High School. Superintendent Robert Avossa presented the audit report to the Fulton School Board today, June 5, telling board members this summer they need to discuss how to proceed with relations among all county charter schools. Read the entire report to the school system, and the letter of introduction from the superintendent to the school board. Avossa said in his presentation and a letter to the board that the audit of the school–which remains a Fulton charter school until June 30, 2012–raises several concerns, including…
Tuesday, May 29, 2012
The school's charter ends this week as it shifts from a public middle school to a private Pre-K through 8th grade school charging $8,500 annual tuition.
Fulton Science Academy Middle School's charter expires after Thursday, May 31, as the school continues its quest to reopen in the fall as a private school open to all Georgia students, Pre-K through 8th grade. "In answer to the Governor's plea to have a science and math education in North Fulton County, FSA will remain open," said Tom Deeb, a school supporter. According to Deeb, more than 130 student applications have been received since the school announced plans to go private. During the recently school year, approximately 500 students were enrolled. The school will begin to send out acceptance letters today, March 29, which will include enrollment information. Private enrollment begins Wednesday, May 30, according to the Fulton Science …
Character ed
9:36 pm on Saturday, February 9, 2013
So, the school owed Wells Fargo $9.9 million? The property was sold on the courthouse steps for $3.2 million to TruGlobe, a Turkish owned and operated business. No connection? If FSA wants to be a public charter school, transparency and honesty are required. I hope the new state Charter Schools Commission is aware of this!! (and are not being swayed by free trips to Turkey or campaign … more ›