Introduction to the Crisis
Chicago Public Schools is helping the struggling Aspira charter school network make its immediate payroll, but the privately run, publicly financed operator still needs more cash to remain open through the school year.
The Current Situation
Aspira CEO Edgar Lopez told WBEZ and the Chicago Sun-Times on Tuesday that CPS is providing a $760,000 advance — which he says the network will be required to pay back — to cover Aspira’s next two payroll periods. He previously told the district that he didn’t have enough money to pay his employees this Friday.
Background on the Issue
CPS officials didn’t immediately comment. The district’s assist comes after CPS sent a letter last week accusing the network of “a failure of governance” and “a lack of financial proficiency necessary” to run a school. The district rejected the $5 million bailout requested by Aspira to ensure it remains open through June.
Impact on the Schools
The charter network runs two high schools — Aspira Business and Finance High School and Aspira Early College High School — both in Avondale on the Northwest side. Together, they have about 570 students. Aspira also runs a third school, an alternative school that re-enrolls dropouts, through Youth Connection Charter School.
Student and Staff Concerns
Damian Ascencio, a sophomore at Aspira Business and Finance, said he chose the school because it’s in his neighborhood and he heard it was a good place to learn. After finding out last week that the school was in financial straits, he and his classmates have been openly talking about where they might land next.
Causes of Financial Troubles
Lopez, the CEO, has blamed CPS funding and enrollment policies for the network’s financial troubles. Aspira’s financial health has been impacted by declining enrollment, a district-wide trend that has impacted other charter operators. Charter schools get money from CPS for each student they enroll. ASPIRA enrolled fewer students than the charter operator expected this fall, resulting in $1.5 million less funding than planned, Lopez said.
Efforts to Save the School
But CPS officials have taken the charter to task for budgeting based on “unrealistic” enrollment projections. The charter has tried to save money by laying off employees and closing its middle school, but those savings haven’t materialized. Anthony Bates, who works closely with students as a mentor at Aspira Business through the city’s Chicago Youth Service Corps program, didn’t know the school was facing financial collapse.
Conclusion
The situation at Aspira highlights the challenges faced by charter schools in maintaining financial stability, especially when enrollment numbers fluctuate. While the assistance from CPS will help Aspira meet its immediate payroll, the long-term financial health of the network remains uncertain. The impact on students and staff underscores the need for sustainable funding models and effective governance to ensure the continuity of educational services.
FAQs
- Q: What is the current financial situation of Aspira charter school network?
A: Aspira is facing financial difficulties and was assisted by CPS with a $760,000 advance to cover its next two payroll periods. - Q: Why is Aspira facing financial troubles?
A: Aspira’s financial health has been impacted by declining enrollment and what CPS officials describe as “unrealistic” enrollment projections. - Q: How many students are affected by Aspira’s financial situation?
A: Approximately 570 students attend Aspira’s two high schools. - Q: What are the potential consequences if Aspira does not receive further financial assistance?
A: Without additional help, Aspira may struggle to remain open through the school year, potentially disrupting the education of its students.
